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Renewable electricity capacity additions broke another record in 2021 and biofuels demand almost recovered to pre-Covid levels, despite the continuation of logistical challenges and increasing prices. However, Russia’s invasion of Ukraine is resulting in an unprecedented global energy crisis. Renewable energy has great potential to reduce prices and dependence on fossil fuels in short and long term. However, how rapidly renewables can substitute fossil fuels hinges on several uncertainties and will depend on many factors. Our Renewable Energy Market Update forecasts new global renewable power capacity additions and biofuel demand for 2022 and 2023. It also discusses key uncertainties and policy-related implications that may affect projections for 2023 and beyond.