China is solidifying its leading position in the renewable energy sector, as indicated by a recent report from the International Energy Agency (IEA). Released on Thursday, the report reveals that China is projected to contribute nearly 55 percent of the worldwide increase in renewable power capacity in 2023 and 2024.

The IEA's new Renewable Energy Market Update projects a significant surge in global renewable capacity additions, with an increase of 107 gigawatts (GW) in 2023, marking the largest absolute increase to date. The total renewable capacity is set to exceed 440 GW by 2023.

The report highlights the global expansion of renewables, with major markets worldwide experiencing dynamic growth. Europe is accelerating its renewable energy efforts as a response to the energy crisis, while the U.S. and India are also expected to witness significant increases in the next two years, driven by new policy measures.

Solar PV additions are projected to contribute two-thirds of this year's increase in renewable power capacity and are expected to continue growing in 2024. The report also anticipates a doubling of manufacturing capacity for all solar PV production segments to 1,000 GW by 2024, primarily led by China, with increased supply diversification in the U.S., India, and Europe.

Looking ahead, the report predicts a continued upward trajectory in renewable electricity capacity, reaching 4,500 GW worldwide by 2024. This capacity would be equivalent to the combined power output of China and the U.S.