The amount of newly added renewable energy capacity in the world is expected to grow by one-third this year, said a report by the International Energy Agency (IEA). The total added capacity is likely to increase by a record 107 gigawatts from 2022 to cross 440 gigawatts, thanks to a strong deployment of solar and wind power generation systems, the report added.
Growth in renewables has been accelerating in Europe due to the energy crisis, with the Ukraine war worsening global inflation, raising the prices of crude oil and other commodities. New policy measures are also driving significant growth in the United States and India over the next two years. On the other hand, China is likely to consolidate its leading position by accounting for almost 55 percent of global additions of renewable power capacity in 2023 and 2024, the IEA said.
In 2023, solar additions will account for two-thirds of the increase in renewable power capacity, while wind power additions are projected to rise sharply by nearly 70 percent from 2022 after slow growth in the last two years. Faster growth in wind power additions, completion of projects delayed by COVID-19 restrictions in China, and supply chain disruptions in Europe and the United States are other reasons for growth.