Renewable Energy continues to make significant strides in meeting the world’s power demands, while reducing carbon emissions. According to the IEA, the proportion of renewable energy sources accounted for 28.7% of the global electricity generation in 2021. Based on forecasts, this share is projected to rise to 38% by 2027.
In parallel, there has been strong growth in the certification of renewable energy which also shows enormous potential. According to Industry Today, this substantial expansion can be attributed to the swift progress in renewable energy infrastructure, particularly in nations like India and China, where GCC operates.
The first two quarters of 2022 at GCC have shown remarkable progress. The number of I-RECs issued by GCC in the first half of this year were over 106 million, which is a growth of 17.9% compared to the previous year. The total capacity of the facilities registered for the first half of 2022 was an impressive 27, 773MW as compared to the same period in 2021, which recorded 19, 524MW, a 29.7% increase.
The most prevalent technology types over the years at GCC have consistently been wind, solar, and hydropower. Facility registrations last year followed this same trend, and wind power emerged as the frontrunner with 439 facilities. This was closely followed by hydroelectricity with 406 facilities. Solar energy boasted 402 registered facilities.
When we consider the capacity of these facilities, the data revealed fascinating insights. Wind Power accounted for 4,370 MW of the total capacity registered at GCC, constituting approximately 15.37% of the total capacity registered. Hydroelectric plants took the lead, representing a significant portion with 16,558 MW, which was equivalent to 59.62% of the cumulative capacity. While the number of solar facilities registered at GCC surpassed those of hydropower, it is important to note that hydropower plants generally possess significantly higher capacity. As a result, hydropower claimed a larger capacity in the overall registered facilities. Solar energy contributed 6,533 MW and represented 23. 52% of the cumulative capacity. Finally, Geothermal energy contributed 120 MW or 0.43% towards the overall capacity.
Analysing the number of facilities registered by geographic regions, 714 facilities from East Asia and the Pacific region were registered with GCC, accounting for 56.44 % of the total. 529 facilities from South Asia were registered with GCC and contributed 41.82% towards the total facilities registered. Latin America and Caribbean registered 15 facilities, representing 1.19% of the total, and Sub-Saharan Africa registered 6 facilities.
This substantial growth further demonstrates the accelerating pace of certification undertaken by GCC globally and points towards a positive outlook for the end of the year.