Solar leads the way as renewables boom – IEA report

According to the IEA’s June 2023 Renewable Energy Market Update, this record growth in renewables has been driven by higher fossil fuel prices, energy security concerns, and major policy programmes. In the US, the Inflation Reduction Act has provided renewable energy with a strong investment framework, while the EU’s proposed Net-Zero Industry Act will look to do likewise on this side of the Atlantic. Meanwhile, China is set to account for almost 55 per cent of additional global renewable power capacity in both 2023 and 2024.

Solar PV will account for two-thirds of this year’s increase in renewables and the IEA expects solar to keep growing in 2024. As well as large-scale solar PV plants, rooftop systems have grown significantly too, as households seek to reduce both bills and carbon emissions. Manufacturing capacity for solar PV production is expected to more than double to 1000GW by 2024 and is on track to meet the IEA’s Net Zero Emissions by 2050 Scenario.