Record-breaking surge in global renewable energy capacity driven by solar and wind.

The International Energy Agency (IEA) predicts that new installations of renewable energy capacity will surge to 440 GW this year, up by 107 GW YoY, with solar PV accounting for two-thirds of the increase. All major markets are set to see strong expansion due to the EU response to the energy crisis, new incentives in the US and India, and the continued surge in China’s renewable energy additions. Investment in solar power generation is set to eclipse investment in oil production in 2023 for the first time ever. However, the rapid expansion of renewables comes with a set of challenges that need to be overcome if current projections for the medium and long term and for a net-zero scenario are to be met.