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Climate Change

Renewable energy capacity on track to rival fossil fuels in 2024

IEA forecasts record surge in new additions amid energy security push

India is expected to play a growing role in the global rise in renewable energy.   © Reuters

BRUSSELS/TOKYO -- Renewable energy capacity worldwide will exceed 4,500 gigawatts in 2024, roughly on a par with fossil fuels, the International Energy Agency predicts in a report out Thursday.

Global renewable capacity grew about 330 GW in 2022 and is expected to rise by an annual record of more than 440 GW in 2023, thanks to energy security concerns sparked by Russia's invasion of Ukraine on top of efforts to meet decarbonization goals.

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