Renewable Energy Market Update Outlook For 2022-23

The IEA has released its study on Renewable Energy Outlook For 2022-23. In its report, the IEA provided detailed information about how developments in the energy market in recent months, particularly in Europe, have once again demonstrated the critical role that renewable energy sources play in enhancing energy security in addition to their well-established efficiency at lowering emissions.

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In 2022, the amount of renewable energy capacity is anticipated to grow by more than 8% and reach about 320 GW. "However, unless new policies are implemented rapidly, growth remains stable in 2023 because solar PV expansion cannot fully compensate for lower hydropower and steady year-on-year wind additions", the report read.

The growing emphasis on energy security, particularly in the European Union, is also sparking an unparalleled legislative push towards boosting energy efficiency and renewables, even as looming market uncertainties exacerbate obstacles. Ultimately, whether new and stronger rules will be presented and implemented in the upcoming six months will determine the prediction of renewable markets for 2023 and beyond, the report stated.

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