IEA: Renewable energy generation at record high

IEA: Renewable energy generation at record high

The International Energy Agency (IEA) report shows that governments are adopting tougher policies on fossil fuels, coupled with energy security concerns, driving more clean energy project deployments and record growth in renewable energy generation capacity this year.

IEA predicts that this year, the global renewable energy generation capacity of 440 GW, compared with the previous year more than 107 GW, higher than 1 / 3, a record high.

Next year, global renewable energy generation capacity is expected to rise to 4,500 GW, equivalent to the combined capacity of China and the United States.

The IEA said in its renewable energy market report that two-thirds of the new renewable energy generation capacity this year came from photovoltaics, with large photovoltaic plants and residential rooftop solar panels showing significant growth.

“Solar and wind are leading the rapid growth of the global new energy economy,” IEA Executive Officer Fatih Birol said in a statement.

“This year, the world is on track to add a record amount of new renewable energy generation capacity, which will exceed the combined capacity of Germany and Spain,” Birol said.

Europe’s rapid renewable energy growth has been largely touched by the war in Ukraine. new policy measures will also help the United States and India significantly increase renewable energy generation capacity, the IEA said.

China will continue to consolidate its leadership in the sector, adding 55 percent of the world’s renewable energy capacity this year and next.

Photovoltaic power will account for two-thirds of new renewable generation capacity this year and is expected to continue to grow in 2024. High electricity prices are driving rapid growth in demand for small rooftop solar panels, the report added.

After a two-year slump, new wind power capacity will grow by 70 percent in 2023. the IEA believes that the growth is mainly due to project completions, the cause of which is mainly affected by the epidemic in China and supply chain issues in the U.S. and EU.