The amount of newly added renewable energy capacity in the world is expected to grow by one-third this year, driven by energy security concerns following Russia's invasion of Ukraine, a recent report by the International Energy Agency showed.
Total added renewable energy capacity is likely to increase by a record 107 gigawatts from 2022 to more than 440 gigawatts, led by the strong deployment of solar and wind power generation systems, reflecting robust demand for an alternative to fossil fuels.
Growth in renewables has been accelerating in Europe in response to the energy crisis, with the Ukraine war that began in February last year exacerbating global inflation, sending crude oil and other commodity prices surging.