The world is aiming for a record renewable energy capacity this year as governments and consumers alike seek to offset high fuel prices and take advantage of the boom in solar power.
The International Energy Agency (IEA) said that the high prices of fossil fuels – a product of the Russian invasion of Ukraine – and fears for energy security caused the multiplication of solar and wind energy installations, which are expected to reach a capacity of 440 gigawatts in 2023.
It is a third more than what was added last year and brings global installed capacity to 4,500 gigawatts, roughly the total power output produced by the United States and China, the Paris-based agency reported.
“The global energy crisis has shown that renewables are crucial, not only to make the energy supply cleaner, but also more secure and accessible,” said IEA Executive Director Fatih Birol.
“Governments are responding with efforts to install them more quickly,” he added. Incentives from the Joe Biden administration to install renewable energy generators have already led to a significant increase in the United States.
About two-thirds of the increase in renewable energy capacity this year will come from photovoltaics (PV), with both large-scale solar farms and consumer rooftop installations proliferating significantly.
The IEA said manufacturing capacity for PV components is also increasing, particularly in China.
But Birol cautioned that power grids need to be upgraded and expanded, given the intermittent nature of solar and wind power, which requires a fundamentally different approach from grid operators compared to existing coal, gas or nuclear.
Experts say the goal of the Paris accords, to limit temperature rise since pre-industrial times to 1.5 degrees Celsius (2.7 Fahrenheit), requires cutting emissions in half by 2030 and to “net zero.” by the middle of the century.
The International Renewable Energy Agency (IRENA) has called for a further increase in investment in solar and wind power. Countries will discuss an international goal for renewable energy development at this year’s UN climate conference in Dubai.
