Renewable energy surges, driven by solar boom and high

The world is set to add a record amount of renewable electricity capacity this year as governments and consumers seek to offset high energy prices and take advantage of a boom in solar power, according to a new report yesterday.

The International Energy Agency said high fossil fuel prices — resulting from Russia’s attack on Ukraine — and concerns about energy security had boosted the rollout of solar and wind power installations, which are expected to reach 440 gigawatts in 2023.

That’s about a third more than the world added the previous year, taking the global installed capacity to 4,500 GW, roughly the combined total power output of the United States and China, the Paris-based agency said.

“The global energy crisis has shown renewables are critical for making energy supplies not just cleaner but also more secure and affordable,” said Fatih Birol, the IEA’s executive director.

“Governments are responding with efforts to deploy them faster,” he said.

About two-thirds of this year’s increase in renewable power capacity will come from photovoltaic, with both large-scale solar farms and consumer rooftop installations seeing significant growth.

IEA said manufacturing capacity for PV components was also surging, especially in China.