Global Renewable Energy Capacity to Experience Record Growth, Exceeding 440 GW in 2023, Says IEA
According to the International Energy Agency (IEA), global renewable energy capacity is poised for a remarkable surge, with an unprecedented increase of 107 gigawatts (GW) expected in 2023.
This surge represents the largest absolute increase ever recorded, pushing the total capacity to over 440 GW. The IEA report also predicts continued growth in the following year, projecting the world’s total renewable electricity capacity to reach 4,500 gigawatts (GW), equivalent to the combined power output of China and the United States.
IEA Forecasts $2.8 Trillion Global Energy Investments in 2023, With Electric Vehicles Garnering $1.7 Trillion
According to previous data released by the International Energy Agency (IEA), global energy investments are projected to reach $2.8 trillion in 2023.
Notably, clean energy technologies, including electric vehicles, are expected to secure $1.7 trillion of these investments. IEA Executive Director Fatih Birol highlighted the pivotal role of solar and wind energy in driving the rapid expansion of the global energy economy. Birol further emphasized that this year is poised to witness a groundbreaking surge in renewable energy additions to electricity systems worldwide.
