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It said that under current market conditions and existing policies capacity would reach 7,300GW by 2028. That pace of growth would see global capacity accelerating 2.5 times by 2030 from current levels.

Renewable capacity increases were at record highs in Europe, the US and Brazil, but the main driver remained growth in China, which installed as much solar photovoltaics as the whole world did in 2022.

China more than doubled solar capacity in 2023, and wind power capacity rose by 66 per cent from a year earlier, the IEA estimated