IEA Report Shows Growth of Renewable Energy on Pace to Shatter Records This Year

"Solar and wind are leading the rapid expansion of the new global energy economy," said IEA chief Fatih Birol, who added that"achieving stronger growth means addressing some key challenges."Electricity generated by the sun and wind is set to soar to global record levels this year amid surging solar production and high fuel prices, a report published Thursday by the International Energy Agency forecasts.

"Solar and wind are leading the rapid expansion of the new global energy economy.

Meanwhile, the paper notes that"following two consecutive years of decline, onshore wind capacity additions are on course to rebound by 70% in 2023 to 107 GW, an all-time record amount."This is mainly due to the commissioning of delayed projects in China following last year's Covid-19 restrictions. Faster expansion is also expected in Europe and the United States as a result of supply chain challenges pushing project commissioning from 2022 into 2023.

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