According to the latest update from the International Energy Agency (IEA), global additions of renewable power capacity are projected to rise by a third this year.
In 2023, global renewable capacity additions are poised to skyrocket by a staggering 107GW, marking the largest absolute increase ever recorded.
This surge will push the total renewable capacity to over 440GW, reflecting a remarkable growth trajectory in the renewable energy sector.
The IEA’s report highlights that solar PV and wind power will lead the largest annual increase in new capacity ever recorded.
Solar PV alone is expected to account for two-thirds of this year’s rise in renewable power capacity.
IEA Executive Director Fatih Birol said: “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.
“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.
“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.”