Renewable Energy 2023: Photovoltaics to Account for Two-Thirds of Growth, According to IEA Report

Photovoltaics will account for 2/3 of renewable energy growth by 2023

(Rinnovabili.it) – “This year, the world will add a record amount of renewable energy to electric systems. More than the total energy capacity of Germany and Spain combined.” With these words Fatih Birolexecutive director of theInternational Energy Agency (IEA), this morning presented the new report on the market of renewable energy 2023.

The document updates the assessments presented in December 2022 in June of this year. And returns a decidedly positive picture for the sector. Indeed, the IEA foresees a new impetus for the green energy, supported by political and energy security concerns. All in all, on balance, the rationale for renewables far outweighs the challenges of the moment, including higher investment costs and kinks in the supply chain. IEA estimates imagine a worldwide addition of over 440 GW electricalfor a cumulative total of 4.500 GW, which is the electrical horsepower of China and the United States combined. And in 2024 the GW added next year could even be 550 (accelerated scenario).

New record for wind power, but photovoltaic dominates

In this context, i new photovoltaic systems which alone account for two-thirds of the estimated increase for this year. And which should also act as a powerful lever in 2024. At the basis of the success, the drop in the prices of photovoltaic modules, a greater diffusion of distributed systems and the renewed political push from which all the main markets are benefiting, including China, the European Union, the United States and India. less bright theonshore wind. Despite the fundamental contribution to renewable energy 2023 (the additions onshore are expected to increase by 70% this year to a record 107 GW) the sector will pull the brakes the following year. The big problem here is Europe, with subdued auctions and constant authorized delays. An inertia which, if not resolved, risks nullifying the planned increases in the rest of the world.

Renewable electricity 2023, what happens in Europe?

Overall, the Old Continent is relying more on green energy as an energy security tool. Projected growth of renewable energy 2023 in terms of clean electricity, bioenergy boilers, heat pumps, solar thermal and geothermal technologies could replace almost 8 billion cubic meters of EU’s annual building gas consumption in 2023 and beyond 17 billion cubic meters in 2024. This would make a significant contribution to meeting the growing demand for fossil fuels should colder winters and warmer summers occur during 2023-2024.

The IEA also estimates that European consumers will save around €100 billion over the period 2021-2023 thanks to newly installed PV and wind capacity. Without the renewable capacity increases of recent years, the average wholesale price of electricity in the EU in 2022 would have been 8% higher, hurting households, businesses and public budgets.

Laws Who the report on renewable energies 2023