Renewables capacity to reach 4,500GW in 2024

This is equal to the total power output of China and the US.

Global renewable energy is expected to rise by a third in 2023 and reach 4,500 gigawatts (GW) in 2024, driven mainly by solar and wind capacity additions, according to the International Energy Agency (IEA).

In a report, the IEA said renewable additions will increase by 107 GW, “the largest increase ever, to more than 440 GW in 2023.”

“Solar and wind are leading the rapid expansion of the new global energy economy. This year, the world is set to add a record-breaking amount of renewables to electricity systems – more than the total power capacity of Germany and Spain combined,” said IEA Executive Director Fatih Birol. 

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The rise in renewable energy capacity is driven by the increasing policy momentum, more expensive fossil fuel prices, and energy security concerns, the report read.

It added that solar power additions will account for two-thirds of the addition of renewable this year and will continue growing in 2024.

Meanwhile, wind energy will rebound by almost 70% year-on-year in 2023 following sluggish growth due to the completion of projects that were stalled by the pandemic restrictions in China and supply chain issues in Europe and the US.

The sector’s growth in 2024, however, will depend on the government's actions if they will provide greater policy support to address permitting and auction design challenges.