Daily Management Review

IEA expects the largest increase in renewable energy capacity in the world's history


The International Energy Agency (IEA) predicts that the global rise in new renewable energy capacity in 2023 will be the greatest ever, with more growth anticipated in 2024.

The IEA stated in its Renewable Energy Market Update report that "against the backdrop of the global energy crisis, solar and wind farms will provide the largest annual increase in new renewable capacity in history."

According to the organization, active growth of solar and wind generation is being prompted by high fossil fuel prices and worries about energy security. The result is that this year's new capacity additions will surpass 440 GW, which is "the largest increase on record." The IEA predicts a 340 GW global growth in new renewable power by 2022.

Two-thirds of the growth expected in 2023 will come from solar photovoltaic systems, according to the analysis. At the same time, due to the completion of projects in China that were delayed because of the COVID-19 outbreak, the expansion of wind-based capacity will be close to 70% more than it was last year.

source: iea.org