The amount of newly added renewable energy capacity in the world is expected to grow by one-third this year, driven by energy security concerns following Russia's invasion of Ukraine, a recent report by the International Energy Agency showed.
Total added renewable energy capacity is likely to increase by record 107 gigawatts from 2022 to more than 440 gigawatts, led by the strong deployment of solar and wind power generation systems, reflecting robust demand for an alternative to fossil fuels.
Growth in renewables has been accelerating in Europe in response to the energy crisis, with the Ukraine war that began in February last year exacerbating global inflation, sending crude oil and other commodity prices surging.
New policy measures are also helping drive significant increases in the United States and India over the next two years, while China is likely to consolidate its leading position by accounting for almost 55 percent of global additions of renewable power capacity in both 2023 and the following year, the IEA said.
In 2023, solar additions will account for two-thirds of the increase in renewable power capacity, while wind power additions are projected to rise sharply by nearly 70 percent from the previous year after sluggish growth in the past two years.
The IEA attributed the faster growth in wind power additions to the completion of projects that had been delayed by COVID-19 restrictions in China and by supply chain disruptions in Europe and the United States.
"The global energy crisis has shown renewables are critical for making energy supplies not just cleaner but also more secure and affordable," IEA Executive Director Fatih Birol said in a press release on June 1.
Total renewables capacity is expected to continue rising through next year to 4,500 gigawatts, equivalent to the power output of China and the United States combined, the Paris-based agency said.
A separate IEA report said that global investments in clean energy technologies this year are expected to significantly outpace spending on fossil fuels, led by renewables and electric vehicles.
Of the $2.8 trillion set to be invested in energy in 2023, more than $1.7 trillion will go to clean energy options including renewables and nuclear power, while slightly over $1 trillion is intended for coal, gas and oil, the report released last month said.
