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International Energy Agency said on Thursday that global capacity addition from renewable energy is expected to increase by a third this year, as aggressive government policies and concerns about energy security will drive the expansion of clean energy.
According to Reuters, in its updated report on the renewable energy market, the agency stated that the global capacity added from renewable energy is set to jump by 107 gigawatts, which is the largest addition ever, to reach 440 gigawatts in 2023.
Next year, the total electricity produced from renewable sources globally is expected to rise to 4,500 gigawatts, equivalent to the total energy production of China and the United States combined.
“Solar and wind energy are driving the rapid expansion of the new global energy economy,” said Fatih Birol, Executive Director of the International Energy Agency.
“This year, the world is set to add a record capacity of renewable energy sources to its electricity systems – equal to more than the total energy capacity of Germany and Spain combined,” he added.
The promotion of renewable energy is at the forefront of European efforts to address the energy crisis in the wake of the Ukraine war. The new measures will also lead to significant increases in production capacity in the United States and India over the next two years
The International Energy Agency stated that China alone is expected to be responsible for approximately 55 percent of the global increases in renewable energy capabilities in 2023 and 2024.
Solar PV additions will account for two-thirds of the increase this year, and it is expected to continue to grow in 2024. The report indicated that high electricity prices are driving the fastest growth in the deployment of solar PV panels on roofs.
The increase in wind power is expected to grow by nearly 70 percent in 2023 on an annual basis, given the completion of projects that have been delayed by coronavirus-related restrictions in China and because of supply chain problems in the United States and Europe.
The report pointed out that growth in 2024 will depend on whether governments can provide greater support for policies to meet challenges, in terms of issuing permits and tender specifications for raising capacity.
Despite the improvement in the competitiveness of wind energy and solar photovoltaic energy since last year, participation in renewable energy bids declined at a record rate of 16 percent in 2022.
There is also a need for more investment in modernizing networks to introduce larger quantities of renewable energy sources into energy systems.