net-zero.vision
Receive every month a list of newly covered startups in our newsletter
Discover NEW cleantech startups every month
Discover NEW cleantech startups every month
According to the latest information from the International Energy Agency (IEA), global renewable energy capacity is expected to increase by almost one-third this year. This trend is driven by increasing political momentum, rising prices of fossil fuels, and concerns about energy security, favoring the widespread adoption of photovoltaic and wind energy.
The growth is expected to continue next year, with worldwide total renewable electricity capacity reaching 4,500 gigawatts (GW), equivalent to the combined electricity production of China and the USA. This forecast comes from the IEA's latest update on the renewable energy market, released on June 1.
By 2023, the world is expected to witness a record surge in renewable energies being integrated into electricity systems. Global renewable capacity is projected to increase by 107 gigawatts (GW), the largest absolute increase ever recorded, reaching over 440 GW in 2023. This dynamic expansion is occurring across the world's major markets.
Europe is taking a forefront position in responding to the energy crisis by accelerating its growth in renewable energies. New policy measures are also contributing to significant increases in the United States and India over the next two years. Meanwhile, China is expanding its leadership position and is expected to account for almost 55% of the global addition to renewable energy capacity in 2023 and 2024.
Fatih Birol, Executive Director of the IEA, stated, "Solar and wind energy are leading the rapid expansion of the new global energy economy. This year, the world is expected to add a record amount of renewable energy to electricity systems, surpassing even the total electricity capacity of Germany and Spain combined. The global energy crisis has demonstrated that renewable energies are crucial not only for making energy supply cleaner but also safer and more affordable. Governments are responding by striving to deploy them faster. However, to achieve greater growth, some significant challenges must be addressed. Policies need to adapt to market developments, and we must modernize and expand electricity grids to fully harness the enormous potential of solar and wind energy."
Two-thirds of the growth in renewable energies are attributed to solar power. According to the report, solar photovoltaic installations will account for two-thirds of this year's increase in renewable energy capacity and are expected to continue rising.