The International Energy Agency (IEA) has released an updated market report on the prospects of the renewable energy market in 2023 and 2024.
The report states that by 2023, the global installed capacity of new renewable energy will skyrocket from 107 GW to over 440 GW, the largest absolute increase in history. By 2023, solar energy will continue to be the main source of global renewable energy capacity expansion, accounting for 65% of the new capacity, reaching 286 GW, with distributed generation applications accounting for nearly half of the new capacity.
Compared to its forecast in December 2021, the agency has increased its forecast for renewable energy installed capacity growth by 38% in 2023 and 2024.
By 2024, power purchase agreements (PPAs) and commercial factories are expected to account for 22% of Europe's new energy installations. Enterprise power purchase agreements led by Spain, Sweden, Germany, the Netherlands, and Denmark will account for the majority of unused project shares. According to the International Energy Agency, the UK, Italy and Poland may also have some projects without subsidies.
