The world will set a new record for renewable power capacity this year, led by solar energy in China and Europe, but growth may lose steam in 2023, the International Energy Agency (IEA) said in a report today, May 11.
A record 295 gigawatts of new renewable power capacity was added in 2021 despite supply chain bottlenecks, construction delays and high raw material prices.
An additional 320 gigawatts is likely to be installed this year, equivalent to the entire electricity demand of Germany or the European Union's (EU) total electricity generation from natural gas.
Solar energy will account for 60% of renewable power growth this year, ahead of wind and hydropower.
The additional renewables capacity commissioned for 2022 and 2023 has the potential to significantly reduce the EU's dependence on Russian gas in the power sector.
"Energy market developments in recent months -- especially in Europe -- have proven once again the essential role of renewables in improving energy security, in addition to their well-established effectiveness at reducing emissions," IEA Executive Director Fatih Birol noted.
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