APAC renewables capacity to grow by 430 GW up to 2028

The installations will be led by India which is expected to deploy 205 GW during the period.

The renewables capacity in Asia Pacific will grow by nearly 430 gigawatts (GW) from 2023 to 2028, growing by 73% from 2022, led by India.

In a report, the International Energy Agency said India will contribute to half of the total renewables growth in the region, followed by the members of the Association of Southeast Asian Nations which will account for 14%, and Japan by 11%.

“By 2028, annual Asia-Pacific renewable energy capacity growth is expected to almost double from 2022 level, but its contribution to global expansion remains the same,” the report said.

It added that its forecast is “mostly unchanged,” noting that the downward revisions for Korea and Australia were offset by the positive outlook for India and Japan.

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The IEA expects India to install 205 GW from 2023 to 2028, doubling its 2022 installed capacity, and becoming the third-largest market for renewables globally.

Japan, meanwhile, will see its renewables capacity boosted by the projects awarded under the previous feed-in tariff and the recently launched feed-in-premium mechanism.

IEA also said that solar installations will account for two-thirds of the growth, the majority of which will be from utility-scale deployments.