世界可再生能源展望-87页

# Renewable Energy Market Update 2023-2024 Summary

• Solar PV leads global renewable capacity growth, with additions projected to reach over 310 GW in 2024, driven by policy support, energy security concerns, and improving competitiveness against fossil fuels.

• Europe accelerates deployment in response to the energy crisis, with distributed solar PV accounting for half of EU solar additions, potentially saving €100 billion by 2023 and displacing fossil fuel generation.

• China solidifies its leadership in renewables, expected to account for 55% of global capacity additions in 2024, supported by strong domestic manufacturing and policy incentives.

• The US benefits from tax credits like the Inflation Reduction Act, despite short-term challenges from supply chain issues and trade measures, leading to record solar PV additions.

• India faces short-term supply chain and tariff hurdles but is poised for growth through increased auctions and domestic manufacturing, contributing to renewable expansion.

• Competitive renewable energy auctions are increasingly undersubscribed in some regions due to cost pressures, though market-driven procurement via corporate power purchase agreements (PPAs) is growing, particularly in the US and Brazil.

• The renewable energy industry's financial health shows resilience despite challenges like volatile commodities and interest rates; however, onshore wind margins remain under pressure, while solar PV remains cost-effective.

• Higher shares of wind and solar PV challenge power systems, leading to curtailment in some markets, highlighting the need for grid infrastructure investments and market design innovations to manage variability.

• Global biofuel demand declined during the energy crisis but is expected to recover, especially in emerging economies, with energy security a key driver, though prices remain high.

## Key Challenges and Opportunities

• Grid integration issues persist, with curtailment rates on the rise in markets not keeping pace with renewable deployment.

• Manufacturing capacity for solar PV is expanding rapidly, risking supply gluts, while wind manufacturing lags, requiring policy support for diversification.

• Energy and supply chain security remain critical, with policy responses and market adaptations needed to address uncertainties from the global energy crisis.