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Renewables ‘Set to Soar’ with 440 GW of New Installations in 2023: IEA
Renewable energy is “set to soar” to a record 440 gigawatts of new capacity this year, an eye-popping 107-GW increase over last year, with solar accounting for two-thirds of the total, the International Energy Agency reports in its annual Renewable Energy Market Update released June 1.
The new installations will exceed the total power capacity of Germany and Spain combined, IEA Executive Director Fatih Birol said in a release. In an “accelerated” scenario, new renewables could hit 550 GW (550 billion watts), the IEA projects.
“Solar and wind are leading the rapid expansion of the new global energy economy,” Birol declared. “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.”
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