There is just over 540GW currently operating globally.<\/p>\n
By the end of the forecast period, wind is expected to provide 6% of global electricity demand, ahead of solar PV (4%) and bioenergy (3%), but behind hydropower (16%), according to the IEA.<\/p>\n
Together, renewable sources are due to experience the fastest growth in the electricity sector, providing almost 30% of power demand in 2023, up from 24% in 2017.<\/p>\n
Net wind capacity additions, main and accelerated case, 2012-23 (OECD\/IEA)<\/em><\/p>\n Offshore wind is expected to almost triple in capacity to nearly 52GW by the end of the period.<\/p>\n In total, 33.9GW of growth is expected, but an extra 7.8GW could be achieved with faster commissioning of projects off the coasts of\u00a0Europe<\/a>,\u00a0China<\/a>, the\u00a0United States<\/a>, Vietnam and\u00a0Taiwan<\/a>, the IEA suggested.<\/p>\n Onshore capacity, meanwhile, is expected to increase by around 50GW per year between 2018 and 2023, the IEA stated.<\/p>\n However, this growth trajectory is uncertain.<\/p>\n The\u00a0phase-out of the production tax credit (PTC)<\/a>\u00a0federal incentive in the US, the\u00a0expiration of feed-in tariffs<\/a>\u00a0and grid integration challenges in China and the timetable of auctions around the world \u2014 especially in Europe and\u00a0India<\/a>\u00a0\u2014 all present challenges, the IEA added.<\/p>\n But in an \u2018accelerated case\u2019 in which these challenges are met, annual additions could increase to more than 60GW, the IEA stated.<\/p>\n In China, faster commissioning of transmission lines to reduce curtailments in northern provinces and larger auction volumes between 2021 and 2023 could further boost onshore wind growth, it suggested.<\/p>\n Meanwhile, in Europe, greater auction activity and faster auction implementation in\u00a0Germany<\/a>,\u00a0France<\/a>,\u00a0Spain<\/a>\u00a0and\u00a0Italy<\/a>\u00a0could provide a boost to onshore growth, the IEA added.<\/p>\n \u2018Renewables are now the cheapest\u2019<\/strong><\/p>\n The IEA\u2019s report comes as the European Bank for Reconstruction and Development (EBRD) claims that renewables are now the cheapest source of energy, and should be further promoted through auctions.<\/p>\n Harry Boyd-Carpenter, the EBRD\u2019s director and head of power and energy utilities, was due to speak at the Financial Times\u2019 Climate Finance Summit (9 October) in London, UK.<\/p>\n He was expected to say: “The EBRD believes that two key steps to reduce greenhouse gas emissions are to increase the use of electricity from renewable sources.<\/p>\n “The Bank believes that renewable energy markets in many of the countries where it invests have reached a stage where the introduction of competitive auctions will lead both to a steep drop in electricity prices and an increase in investment.”<\/p>\n The EBRD, which has spent \u20ac26 billion on projects that aid a\u00a0transition to a green economy\u00a0<\/a>since 2006, called for further “regulatory reforms and network infrastructure to accommodate a renewables-driven electricity sector”.<\/p>\n![\"\"](\"https:\/\/cached.offlinehbpl.hbpl.co.uk\/news\/OPW\/richedit\/netadditions12to23.jpg\")
<\/a><\/p>\n