Renewable energy to rise owing to solar power, high fuel prices: Report
The world is on track to add a record amount of renewable energy capacity this year as consumers and governments look to offset high energy prices and benefit from a boom in solar power, a study released on Thursday said.
According to the International Energy Agency (IEA), the rollout of solar and wind power installations, which are anticipated to reach 440 gigawatts in 2023, has been boosted by high fossil fuel prices and worries about energy security as a result of Russia’s war on Ukraine.
This amounts to about a third more than what was added globally the year before, bringing the total installed capacity to 4,500 GW, or roughly the combined total power output of China and the United States, the study said.
