The International Energy Agency (IEA), in its latest report, suggested that the global renewable energy capacity generated from solar, wind, and other renewables could exceed 300GW in 2022, mainly driven by large-scale solar. The combined generation capacity will register a record high, expected to be over 8% more than last year.

The report further stated that Solar PV is predicted to account for 60% of the global renewable generation capacity this year, with a projected commissioning of 190GW, and is further expected to reach almost 200GW by 2023.

Dr. Fatih Birol, Executive Director – IEA was quoted as saying, “Energy market developments in recent months – especially in Europe – have proven once again the essential role of renewables in improving energy security, in addition to their well-established effectiveness at reducing emissions.”

While the predictions painted quite a bright picture for the renewable energy industry, and the solar sector in particular, the IEA report also stated that “Ultimately, the forecast of renewable markets for 2023 and beyond will depend on whether new and stronger policies will be introduced and implemented in the next six months.”

You can read the original story here: PV Magazine Australia – Solar shines bright as world eyes record renewables growth