The International Energy Agency (IEA) predicts that the global capacity added from renewable energy will increase by a third this year, suggesting that strong government policies and concerns about energy security will lead to the expansion of clean energy.
The agency stated that China alone is expected to be responsible for approximately 55 percent of the global increases in renewable energy capabilities in 2023 and 2024.
The Energy Agency said in its updated report on the renewable energy market, Thursday, that the global capacity added from renewable energy is set to jump by 107 gigawatts, the largest addition ever, to reach 440 gigawatts in 2023.
And it is likely that the total electricity produced from renewable sources globally will rise to 4,500 gigawatts, equivalent to the total energy production in China and the United States combined, during the next year.
“Solar and wind energy 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 a record capacity of renewable energy sources to its electricity systems – more than the total energy capacity of Germany and Spain combined,” he added.
Reuters said that the promotion of renewable energy is at the forefront of European efforts to address the energy crisis in the wake of the Ukraine war. The new measures will also lead to significant capacity increases in the United States and India over the next two years.
She explained that the additions of solar photovoltaic energy will account for two-thirds of the increase this year, and it is expected to continue to grow in 2024, noting that the rise in electricity prices is driving the fastest growth in the deployment of solar photovoltaic panels on roofs.
“The increase in wind power is expected to grow by nearly 70 percent in 2023 year-on-year, given the completion of projects delayed by coronavirus-related restrictions in China and supply chain problems in the United States and Europe,” she added.
The report pointed out that growth in 2024 will depend on whether governments can provide greater policy support to meet the challenges, in terms of issuing permits and tender specifications for raising capacity.
Although the competitiveness of wind and solar photovoltaic has improved since last year, participation in tenders for renewable energy fell by a record 16 percent in 2022.
2023-06-01 12:41:53
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