Renewable Energy Market Update - June 2023

June 2023

Photo depicts a solar panels and windmills in the power plant

About this report

The key areas examined by the report include the latest data and analysis on renewable power capacity additions in 2022 – globally and for major markets – as well as forecasts for 2023 and 2024.

The update will look at key topics for renewables this year and next, including how the energy crisis will affect their deployment in the EU, their impact on energy affordability, and the latest trends in the United States, China and India. It will also explore the implications of developments affecting major technologies like solar, wind and biofuels – including market dynamics, financing, energy security priorities, manufacturing and power system integration.

The report provides the IEA’s latest assessment of the state of play in renewables markets since the publication of our Renewables 2022 report in December.

In exploring the most recent market and policy developments as of April 2022, our Renewable Energy Market Update forecasts new global renewable power capacity additions and biofuel demand for 2023 and 2024. It also discusses key uncertainties and policy-related implications that may affect projections for 2024 and beyond.

This report is part of the IEA’s support of the first global stocktake of the Paris Agreement, which will be finalized in the run up to COP28, the next UN Climate Change Conference, at the end of 2023. Find other reports in this series on the IEA’s Global Energy Transitions Stocktake page.