Global renewable energy capacity is expected to grow by 440 gigawatts this year. It is the largest growth ever, energy agency IEA reports Thursday. The acceleration of growth is partly due to subsidies, high prices for fossil energy and the fact that Russia has turned off the gas tap.
The IEA estimates that by the end of this year, global solar and wind capacity will reach 4,500 gigawatts. That is as much as the total energy capacity of the United States and China combined.
In India, China and the US, among others, a lot of new capacity is being added, just like in Europe, which has to do with less availability of Russian energy. Renewable energy is seen as an important replacement.
The strongest growth is in China. That country accounts for more than half of new renewable energy projects, both this year and next year.
The use of solar panels in particular is on the rise. Of the sustainable capacity that will be added worldwide this year, two thirds will come from solar energy. The cause is, among other things, the high price of electricity, which means that many consumers install solar panels on their roof to save money.
Wind energy is a little slower
The production of solar panels is also going well, according to IEA. The worldwide possibilities to have solar panels made are expected to grow so fast in the coming years that by 2030 there will be enough to achieve sustainable goals.
This does not apply to wind energy. It is true that many wind turbines will be installed this year, but when building wind turbines, manufacturers encounter high purchase prices and logistical problems. IEA advises governments to allocate extra money for this, so that the production of wind turbines remains profitable.
2023-06-01 10:19:22
#Solar #wind #energy #growing #faster #worldwide #Economy
