05 Jun 2023
Electricity generated by the sun and wind is set to soar to global record levels this year amid surging solar production and high fuel prices, a report published Thursday by the International Energy Agency forecasts.The IEA's Renewable Energy Market Update Outlook for 2023 and 2024 notes that "the global energy crisis and policy momentum are driving robust growth in solar photovoltaic (PV) and wind power."
Global additions of solar PV and wind are set to increase 107 gigawatts to over 440GW this year, and growth will likely continue next year to reach a total renewable energy capacity of 4.5 terawatts—the equivalent of the total combined electricity output of the United States and China.
"Solar and wind are leading the rapid expansion of the new global energy economy. This year, the world is set to add a record-breaking amount of renewables to electricity systems—more than the total power capacity of Germany and Spain combined," IEA Executive Director Fatih Birol said in a statement.
"The global energy crisis has shown renewables are critical for making energy supplies not just cleaner but also more secure and affordable—and governments are responding with efforts to deploy them faster," Birol added. "But achieving stronger growth means addressing some key challenges. Policies need to adapt to changing market conditions, and we need to upgrade and expand power grids to ensure we can take full advantage of solar and wind's huge potential."Meanwhile, the paper notes that "following two consecutive years of decline, onshore wind capacity additions are on course to rebound by 70% in 2023 to 107 GW, an all-time record amount."
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