The International Energy Agency (IEA) has released its updated version of the Renewable Energy Market Update Outlook for 2023 and 2024, with the latest data, analysis, and forecasts regarding renewable power capacity additions globally and in major markets. The report explores the impact of the energy crisis on renewable energy deployment in the EU, energy affordability, and the latest trends in the United States, China, and India.

Among the key findings:

1. Unprecedented growth in renewable power capacity: a surge in global renewable power capacity additions by 107 gigawatts (GW) in 2023
2. Solar PV Leading the way: PV capacity, including both utility-scale and small distributed systems, accounts for two-thirds of the projected increase in global renewable capacity for 2023
3. Natural gas demand in EU buildings set to decline: by 2024, the increase in renewable energy will displace almost 8 billion cubic meters (bcm) of gas consumption annually.
4. Outlook for 2024: continued growth in solar PV additions in 2024, thanks to declining module prices, increased adoption of distributed systems, and policy support for large-scale deployment.

Read the findings on the report on IEA website.