Renewable energy capacity is expected to increase by a third this year, equivalent to 107 GW, due to growing policy measures, high fossil fuel prices, and energy security concerns, according to the International Energy Agency (IEA).
The IEA's latest Renewable Energy Market Update reveals that this year's projected 107 GW increase will be the largest ever, bringing global renewable capacity to more than 440 GW by 2023.
Solar PV will account for two-thirds of this year's increase, and rooftop solar PV will continue to grow due to high electricity costs. The report also highlights the growth of wind energy generation.
