A report published on Thursday estimates that the world's capacity to generate electricity from renewable sources is set to increase threefold this year in the face of rising fossil fuel prices and concerns about energy security.

According to the International Energy Agency, these factors are "driven by a strong deployment of solar photovoltaic and wind energy".

In the report, the agency led by Fatih Birol anticipates that this year's growth should continue into next year, bringing the world's renewable energy production capacity to 4,500 gigawatts (GW). This figure is "equivalent to the total electricity production of China and the United States combined", reads the publication.

In this context, global renewable energy capacity is expected to increase by 107 gigawatts (GW), the largest absolute increase ever, to more than 440 GW in 2023. This dynamic expansion is taking place in the world's main markets, however, the IEA highlights the role of China, which is consolidating its leadership position and is expected to account for almost 55% of global renewable energy capacity additions in 2023 and 2024.

"Solar and wind power are leading the rapid expansion of the new global energy economy. This year, the world is expected to add a record amount of renewable energy to electricity systems - more than the total energy capacity of Germany and Spain combined," says the IEA's executive director.

Meanwhile, solar photovoltaic additions will account for two-thirds of the increase in renewable energy production capacity this year and should continue to grow in 2024, according to the report, quoted by Eco.

Wind power is expected to grow by 70% in 2023, compared to the previous year, due to the completion of the construction of projects that were put on hold because of the Covid-19 pandemic.