With the IEA global Renewables 2023 forecast up by 33% from its December 2022 publication, "renewable electricity capacity additions reached an estimated 507 GW , almost 50% higher than in 2022, driven mainly by year-on-year expansion in the People’s Republic of China’s booming market for solar photovoltaics (PVs) +116% and wind +66%
In 2023, China commissioned as much solar PV as the entire world did in 2022, while its wind additions also grew by 66% year-on-year
Globally, solar PV alone accounted for three-quarters of renewable capacity additions worldwide.
Under existing policies and market conditions, global renewable capacity is forecast to reach 7 300 GW by 2028. This growth trajectory would see global capacity increase to 2.5 times its current level by 2030, falling short of the tripling goal"
To address the potential shortfall, next to the predictable recommendations regarding policy responses (usually delayed) and administrative procedures (cumbersome), the Agency highlights insufficient investment in grid infrastructure preventing faster expansion of renewables, as discussed in Electrical Grid - Cables and Connectors
Commenting on growing supply glut of solar PVs,
"In 2023, spot prices for solar PV modules declined by almost 50% year-on-year, with manufacturing capacity reaching three times 2021 levels. The current manufacturing capacity under construction indicates that the global supply of solar PV will reach 1 100 GW at the end of 2024, with potential output expected to be three times the current forecast for demand. Despite unprecedented PV manufacturing expansion in the United States and India driven by policy support, China is expected to maintain its 80‑95% share of global supply chains (depending on the manufacturing segment"
Adding matter-of-factly
"Although developing domestic PV manufacturing will increase the security of supply and bring economic benefits to local communities, replacing imports with more expensive production in the United States, India and the European Union will increase the cost of overall PV deployment in these markets"
Hard-hit by the price war, U.S. based solar photovoltaics producers SunPower
With renewed interest for nuclear power, uranium miners and refining capacities have been included in the selection
