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Renewable energy generation 2022 12 17 03 42 26 utcSummary

  • We expect to see 58 GW growth in the combined wind and solar market in Europe and 32 GW in the US in 2023.
  • Global commercial CCS capacity that is operational or under development is set to grow by 44% this year to 244 million tonnes per annum.
  • Hydrogen is still in its infancy, with most projects being in the development stage rather than the construction phase.
  • Global battery demand for EVs doubled between 2020 and 2021 to roughly 0.3 TWh/year, and we expect that this number will grow to 0.6 TWh/year in 2023.
  • In 2023, we expect metal prices to stay elevated, despite some relief from their highest levels, due to the ongoing war and an uncertain economic environment in China, which dominates the world’s EV battery production.