Accelerating renewable energy deployment in Europe since 2021 has mitigated the economic impact of the energy crisis. While permitting has become a key policy focus in Europe to accelerate the deployment of large-scale wind and solar PV and early benefits are starting to be visible, the proposed policy changes are expected to have limited impact on the deployment of renewables in 20 compared with other drivers, such as installations of small-scale residential and commercial solar PV.ĮU electricity consumers are set to save an estimated EUR 100 billion during the 2021-2023 period thanks to newly installed solar PV and wind capacity. The upside for utility- scale onshore wind and solar PV projects mostly depends on the pace of permitting, construction and timely grid connection of projects under development.Įuropean countries introduced more policy and regulatory changes to ease permitting in the last 18 months than over the entire previous decade. This is mainly due to a more rapid deployment of residential and commercial PV installations, assuming a faster implementation of recent policies and incentives. Global renewable capacity additions could reach 550 GW in 2024 in our accelerated case, almost 20% higher than in the main forecast. Overall, cumulative world renewable capacity is forecast to reach over 4 500 GW at the end of 2024, equal to the total power capacity of China and the United States combined. The situation in Europe is expected to improve once new legislation is implemented. While China’s wind energy additions will continue to increase in 2024, they are set to be more than offset by undersubscription of auctions and pending permitting delays in Europe. In contrast, without rapid policy implementation, global onshore wind additions in 2024 are expected to fall by around 5% from 2023 levels. Declining module prices, greater uptake of distributed solar PV systems and a policy push for large-scale deployment are driving higher annual solar additions in all major markets – including China, the European Union, the United States and India.
Solar PV additions will continue to increase in 2024 while challenges remain for wind expansion. Led by solar PV, renewable power growth is surging – driven by the global energy crisis and policy momentum On the other hand, offshore wind growth is not expected to match the record expansion it achieved two years ago due to the low volume of projects under construction outside of China. Faster expansion is also expected in Europe and the United States as a result of supply chain challenges pushing project commissioning from 2022 into 2023. This is mainly due to the commissioning of delayed projects in China following last year’s Covid-19 restrictions. These smaller distributed PV applications are on track to account for half of this year’s overall deployment of solar PV – larger than the total deployment of onshore wind over the same period.įollowing two consecutive years of decline, onshore wind capacity additions are on course to rebound by 70% in 2023 to 107 GW, an all-time record amount. This shifting focus created a favourable environment for solar PV, especially for residential and commercial systems that can be rapidly installed to meet growing demand for renewable energy. In response to higher electricity prices caused by the global energy crisis, policy makers in many countries, particularly in Europe, have actively sought alternatives to imported fossil fuels that can improve energy security. Solar PV capacity, including both large utility-scale and small distributed systems, accounts for two-thirds of this year’s projected increase in global renewable capacity. These factors are outweighing rising interest rates, higher investment costs and persistent supply chain challenges. This unprecedented growth is being driven by expanding policy support, growing energy security concerns and improving competitiveness against fossil fuel alternatives. This is equivalent of more than the entire installed power capacity of Germany and Spain combined. Global renewable capacity additions are set to soar by 107 gigawatts (GW), the largest absolute increase ever, to more than 440 GW in 2023.
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