According to the International agency’s new report, the world is set to achieve new records in renewable energy capacity by 2023. The solar energy capacity will touch its highest mark led by China and Europe, the report highlighted.
IEA highlighted that in the year 2021 a record 295 gigawatts of renewable power capacity was added globally despite the challenges in the supply chain and the high cost of raw materials. It is expected that 320 gigawatts of power capacity will be installed this year which is “equivalent to the total electricity demand of Germany or the European Union's total electricity generation from natural gas”.
The report added that Solar energy’s contribution will be the highest accounting for 60 percent and the rest by the wind and hydropower of the total renewable power growth in 2022. "The additional renewables capacity commissioned for 2022 and 2023 has the potential to significantly reduce the European Union's dependence on Russian gas in the power sector," the IEA added.