As per Reuters, IEA officials say that the increase in added renewable capacity could be as much as 107GW of new resources to the worldwide grid, the largest increase so far, which could bring the total to 440GW for the whole year.

This means that next year, the total global renewable capacity is expected to reach 4.500GW, or the amount the US and China output today in their energy industry together.

IEA Executive Director Fatih Birol said that "solar and wind are leading the rapid expansion of the new global energy economy."

"This year, the world is set to add a record-breaking amount of renewables to electricity systems – more than the total power capacity of Germany and Spain combined", he added.

In 2023 and 2024, China is believed by experts to account for 55% of the world's addition of renewable power sources.

Solar panels are expected to represent two thirds of this year's additions and the pace is only set to increase next year, experts suggest.

Additionally, wind power could also grow this year by 70% thanks to the fact that projects that were started during the pandemic could finally be done and put on line.