The International Energy Agency (IEA) has released a new recent market report update regarding the outlook for renewable energy in 2023 and 2024.
Global renewable capacity additions are set to soar by 107 GW to more than 440 GW in 2023 – the largest absolute increase ever, according to IEA’s report. Solar will remain the primary driver of global renewable capacity expansion in 2023, accounting for 65% of growth or 286 GW, with distributed generation applications accounting for almost half of the expansion.
“Lower module prices, greater distributed PV system uptake and a policy push for large-scale deployment trigger higher annual additions in all major markets including China, the European Union, the United States, and India,” said the IEA.
