Global renewable energy capacity expects to grow by 440 GW in 2023 – IEA report

The International Energy Agency (IEA) said on Thursday that global renewable energy capacity additions are set to soar by 107 gigawatts (GW), the largest absolute increase ever, to more than 440 GW in 2023, increasing by a third.

The report added that the growth is set to continue next year with the world’s total renewable electricity capacity rising to 4500 gigawatts (GW), equal to the total power output of China and the United States combined.

IEA data previously revealed that global energy investments are expected to record $2.8 trillion in 2023, with clean energy technologies such as electric vehicles acquiring $1.7 trillion of those investments.

“Solar and wind are leading the rapid expansion of the new global energy economy. This year, the world is set to add a record-breaking amount of renewables to electricity systems…,” said IEA Executive Director Fatih Birol.