IEA expects record build-out of renewable energy capacity

Global renewable energy capacity is expected to increase by a record amount this year, growing by a third. Solar power capacity is expected to see particularly strong growth, especially in China. The International Energy Agency (IEA) said this in a report published today.

“Global renewable capacity additions are expected to surge by a third this year, driven by growing policy support, rising fossil fuel prices and concerns about energy security,” the IEA said.

The agency also expects capacity growth to continue next year. Total renewable capacity is expected to reach 4500 gigawatts next year, equivalent to the combined capacity of China and the United States.

According to the report, China is behind most of the increase. In 2022, the expansion of renewable energy sources in the country already accounted for almost half of global capacity additions. China’s share is expected to rise to 55 percent by 2024.

Two thirds of the expected expansion in generation facilities for so-called green electricity in 2023 will come from solar power. According to the IEA, this trend will continue in 2024. “The development of large-scale solar power systems is going hand in hand with the growth of smaller systems,” experts say. With electricity prices higher, consumers are trying to cut their bills by installing small rooftop solar systems.