Renewable power capacity additions are projected to reach record-breaking levels this year, driven by wind and solar photovoltaic (PV) energy sources, according to a report by the International Energy Agency (IEA).
Rising concerns over energy security and fossil fuel prices have led to significant growth in wind power and solar PV deployment. The IEA anticipates that the world will add a staggering amount of renewables to electricity systems this year, surpassing the combined power capacity of Germany and Spain. By 2024, global renewable electricity capacity is expected to soar to 4,500 gigawatts (GW), equivalent to the total power production of China and the U.S. combined.
Solar PV is set to contribute two-thirds of the increase in renewable power capacity this year, driven by the expansion of both small-scale and large-scale systems. Meanwhile, wind power is expected to grow by nearly 70 percent annually in 2023, with China leading the way. However, the report highlights the need to address challenges in wind turbine supply chains and provide policy support to sustain growth. The IEA emphasizes the importance of policy adaptations, grid upgrades, and continued investment in renewables to fully capitalize on the potential of solar and wind energy. In Europe, the increased deployment of renewables has led to cost savings for consumers and reduced dependence on natural gas, with several countries projected to exceed 40 percent of their annual electricity generation from solar PV and wind power.
Source: ecowatch.com