In a new report on the renewable energy market, published on 1 June, the International Energy Agency (IEA) states that new solar photovoltaic and wind power capacity installed has saved EU electricity consumers €100 billion over the 2021-2023 period by replacing more expensive fossil fuel generation.
In Europe, forecasts for the increase in renewable capacity have been revised upwards by 40% compared with the period preceding Russia’s invasion of Ukraine.
“This growth is due to high electricity prices, which have made small solar photovoltaic systems on roofs more financially attractive, and to increased political support in the main European markets, particularly Germany, Italy and the Netherlands”, the report explains.
Globally, renewable capacity additions are set to increase by 107 gigawatts, the largest absolute increase ever recorded, to reach more than 440 GW in 2023. This increase can therefore be explained by the rise in fossil fuel prices, concerns about energy security and a political push for an energy transition.
“Renewable energies are at the forefront of Europe’s response to the energy crisis, which is accelerating their growth in this region”, says the IEA. “New policy measures are also contributing to significant increases in the US and India over the next 2 years”.
China remains the leading country, accounting for nearly 55% of global renewable energy capacity additions in 2023 and 2024.
Total renewable electricity generation capacity is expected to reach 4,500 gigawatts worldwide next year, equivalent to the total electricity generation of China and the United States combined.
To see the IEA report: https://aeur.eu/f/78e (Original version in French by Pauline Denys)