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2023: Record Breaking Renewables Growth

A new report from the International Energy Agency (IEA) shows that renewable power capacity additions are set to rise by a third globally this year, with wind and solar leading the way - making it the largest yearly increase ever.


Wind turbine in a field of sunflowers.

According to the report, concerns about energy security and increased fossil fuel prices have driven strong wind power and solar deployment.


“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,” said IEA Executive Director Fatih Birol.


The striking growth is predicted to continue into 2024, with total global renewable electricity capacity soaring to 4,500 gigawatts - the equivalent of the combined total power production of China and the U.S., the report said.


This year and next, China is expected to be responsible for nearly 55 percent of the additions to renewable energy capacity worldwide.


The report added that by next year several European countries, including Ireland, Spain and Germany, will see their combined share of solar and wind rise to make up more than 40 percent of their yearly total electricity generation.

 
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