In its updated renewables market report, the agency said global capacity added from renewables is expected to jump by 107 gigawatts, the largest addition ever, to reach 440 gigawatts in 2023.
Next year, the total electricity produced from renewable sources worldwide is expected to reach 4,500 gigawatts, equivalent to the total energy production of China and the United States combined.
“Solar and wind power are driving the rapid expansion of the new global energy economy,” said Fatih Birol, executive director of the International Energy Agency.
“This year, the world is set to add record renewable energy source capacity to its electricity systems – more than the total energy capacity of Germany and Spain combined,” he added.
The promotion of renewable energies is at the forefront of European efforts to tackle the energy crisis following the war in Ukraine. The new measures will also lead to significant capacity increases in the United States and India over the next two years.
According to the International Energy Agency, China alone is expected to be responsible for nearly 55% of global increases in renewable energy capacity in 2023 and 2024.
Solar photovoltaic panel additions will account for two-thirds of the increase this year and are expected to continue growing in 2024. The report says rising electricity prices are driving the fastest growth in solar PV deployment. photovoltaic solar panels on the roofs.
The increase in wind energy is expected to grow by nearly 70% in 2023 year-over-year due to the completion of projects delayed by coronavirus restrictions in China and due to supply chain problems. supply in the United States and Europe.
The report pointed out that growth in 2024 will depend on governments being able to provide greater political support to address the challenges, in terms of licensing and tender specifications to increase capacity.
Although the competitiveness of wind and solar PV has improved since last year, participation in renewable energy tenders has fallen by a record 16% in 2022.
It is also necessary to invest more in the modernization of the networks in order to introduce greater quantities of renewable energy sources into the electricity systems.
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