IEA report: In 2023, global photovoltaics will be 420GW!

Photovoltaic installed capacity will grow by 85% year-on-year in 2023, outpacing any other renewable energy technology, according to the conclusions of two reports released this week by the International Energy Agency (IEA). The deployment of clean energy has curbed the growth of carbon emissions.

Two reports, the Clean Energy Market Monitor and the Carbon Dioxide Emissions Report, show that although global energy-related carbon dioxide emissions hit a record high in 2023, the acceleration of renewable energy deployment, led by solar photovoltaics, has greatly curbed harmful gases. Growth in emissions.

According to IEA data, global photovoltaic installed capacity will reach 420GW in 2023, a significant increase of 85% from 228GW in 2022.

Among them, 261GW of new installed capacity was deployed in China, followed by the European Union (53GW), the United States (32GW) and India (12GW).

Except for India, the newly installed capacity of the above-mentioned countries has achieved substantial year-on-year growth. China once again leaves all other markets behind, growing from 100GW in 2022 to 261GW in 2023, an increase of 261%.

Among them, the decline in India was due to a decline in government tenders for solar photovoltaic capacity in previous years, resulting in insufficient deployment data in 2023.

In 2023, the price of solar modules has dropped sharply, driven by Chinese manufacturers, which has partly contributed to the explosive growth of photovoltaic power generation.

The IEA data reminds us that although industry reports on price declines have mostly focused on the challenges that price declines pose to manufacturers themselves, such as PV Tech Premium’s recent interview with leading producer JinkoSolar, the impact of price declines on global sustainability The deployment of renewable energy is a boon. Hibernating, fighting, and recapturing: Jinko has been drinking for three years

These staggering deployment figures are based on a January report from the IEA. The IEA pointed out in the report that the power generation capacity of low-carbon energy (solar energy, wind energy, nuclear energy, hydro energy, etc.) is sufficient to meet all electricity demand growth before 2026.

The IEA said 117GW of wind power, 5.5GW of nuclear power and 1.08GW of heat pump sales also contributed to the total deployment in 2023.

A January report from Bloomberg New Energy Finance (BNEF) showed that investment in renewable energy generation and storage will reach $1.8 trillion in 2023.

While this increase is welcome, it is not enough to achieve the net zero target. By comparison, the same report found that investment in solar capacity already exceeds the level needed to add all new capacity through 2030.