Global renewable energy initiatives have been making groundbreaking records in the energy industry. The International Energy Agency (IEA) has uncovered a projection that global renewable energy capacity will increase by 33% this year. This surge and growing prominence of renewables are driven by policy momentum, rising fossil fuel prices, and future energy security concerns.
According to the IEA’s latest “Renewable Energy Market Update,” this upward momentum is set to continue into next year, with an anticipated total renewable power capacity reaching 4,500 gigawatts (GW). This capacity mirrors the combined power output of China and the United States, which highlights the shift towards sustainable energy poised from global demand along with political and environmental pressure. In 2023, a historic addition of 107 GW in renewable capacity is expected to be reached which will be the largest ever recorded. This will propel the world’s total renewable power capacity beyond 440 GW by the end of the year, with continuous penetration and expansion across markets globally.
Europe is responding to the energy crisis by accelerating its renewable energy initiatives, while the United States and India are poised for significant growth. However, China leads the way and is predicted to account for nearly 55% of all global renewable energy capacity additions in 2023 and 2024.
Solar is anticipated to make a large significance to the global energy expansion. Solar photovoltaic (PV) systems are expected to contribute two-thirds of this year’s growth, with manufacturing predicted to nearly double to 1,000 GW by 2024. Wind is expected to rebound with an almost 70% year-on-year growth in 2023. For sustained growth in 2024, continuous government policy is vital, especially in permitting processes and economic support, along with newer tech such as software and equipment to expedite projects and increase efficiency.
The IEA’s report showcases the global impact of renewables in major markets, with solar and wind leading the transformation. The pressure and urgency to adapt policies, invest in power grids, and harness renewable potential is now more evident than ever. As the world transforms to cleaner energy and tech, it highlights the need to move towards a greener and more sustainable future.