Global renewable energy capacity to grow faster than ever in 2023: IEA

The International Energy Agency (IEA) said in a report published today, June 1, that solar photovoltaic (PV) and wind power will drive the largest absolute annual increase ever in global renewable energy capacity.

The agency expects global capacity added from renewable energy to grow by about 107 gigawatts (GW) to 440 GW this year, marking a record hike. This is as fossil fuel prices rise on energy security concerns.

In the report, IEA Executive Director Fatih Birol noted that solar and wind powers are leading the rapid expansion in the new global energy economy. He predicted the world to add record-breaking volumes of renewables to global power systems.

He pointed out that the global energy crisis has shown that renewables are necessary not only to make the energy supply cleaner but also to be more secure and affordable.

Governments are responding with their efforts to deploy renewable energy faster. However, achieving stronger growth means addressing some key challenges, as policies need to adapt to changing market conditions, Birol said.