The wind power industry on Monday projected growth to rapidly accelerate this year, with incentives and policy changes in key nations helping to overcome factors that led to a slowdown in 2022.
“The twin challenges of secure energy supplies and climate targets will propel wind power into a new phase of extraordinary growth,” the council said in its report.
The wind power market stalled in 2022 because of government policies that encouraged “race to the bottom” pricing, and because of inflation, higher logistics costs and inefficientrules, the council said. The industry added about 78 gigawatts of wind capacity globally in 2022 — down 17% from 2021, but still the third-best year ever for new capacity.
This year, the industry will reach a historic milestone — 1 terawatt, or 1,000 gigawatts, of wind energy installed worldwide, the council said. The 2-terawatt milestone should come in 2030 if policymakers strengthen supply chains to meet demand and address permitting and other bottlenecks, the council added.
“2023 will mark the start of a decisive turnaround,” Council CEO Ben Backwell wrote in the report. “Governments of all the major industrialized nations have enacted policies that will result in a significant acceleration of deployment.” The council pointed to incentives for renewable energy development in the Inflation Reduction Act in the United States, and policies in Europe and China that further expand the role of renewables. Vietnam and the Philippines are enacting new plans for wind,
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