The world is set for a massive expansion of renewable power over the next few years, with almost 3 700 GW of new capacity added globally in the 2023-2028 period, according to the International Energy Agency forecast. Technology-wise, solar and wind will account for 95% of the added capacity, but which nations are driving growth?
The chart takes a closer look at the IEAs breakdown of renewable additions by countries and regions. Although I was expecting to see China among key drivers, I found it remarkable that China is set to account for as much as almost 60% of all new global capacity to 2028. This is almost 4X more than the EU-nations combined and 5X more than the US.
Given this, China is not only the epicenter of renewable expansion, but will thus also be “critical in reaching the global goal of tripling renewables”, the IEA said.
- International Energy Agency, Renewables 2023