IEA Expects Record Increase in Renewable Energy Sources This Year

The International Energy Agency (IEA) said that the potential for renewable energy sources will increase at record growth this year, at a time when high fossil fuel prices and concerns related to the energy sector fuel the deployment of solar and wind energy systems.

According to Agence France-Presse (AFP), the International Energy Agency said in an updated report on the sector that it expects the additional global potential to increase by 107 gigawatts to reach 440 gigawatts in 2023.

"The world is heading to add a record amount of renewable energy sources to the electrical systems, more than the total energy potential of Germany and Spain combined," said Fatih Birol, Executive Director of the agency, in a statement.

The total renewable energy potential in the world is expected to rise to 4,500 gigawatts next year, equivalent to the energy output of China and the United States combined, according to the agency.

China will solidify its position as a major driver of growth in the sector, contributing to 55 percent of global additions this year and next.

The International Energy Agency said it raised its forecast for renewable capacity additions in Europe by 40 percent at a time when countries are stepping up efforts to seek alternatives to natural gas after Russia's invasion of Ukraine.