Renewable energy capacity is set to grow by one-third in 2023, driven in large part by the big push into solar and wind power by China, the International Energy Agency forecast.
In the largest annual expansion to date, the IEA estimated renewable capacity to increase by 107GW to 440GW — equivalent to the total installed power capacity of Germany and Spain.
A combination of government support, energy security concerns and renewables’ increased competitiveness against fossil fuels was behind the forecast surge, the IEA said, outweighing the challenges posed by rising interest rates, higher investment costs and supply chain challenges.
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