This year, nearly all of the new power generation capacity worldwide (290 gigawatts) was from renewable energy, according to the International Energy Agency (IEA). Most of the new capacity coming online is from solar panels and wind turbines. These numbers are higher than last year's, putting renewables on track to surpass fossil fuel and nuclear energy by 2026. However, even with updated climate policies pushing countries toward green energy, renewable growth is only about half of what's needed to reach net zero by 2050.

Fatih Birol, executive director of the IEA, said:

This year's record renewable energy additions are yet another sign that a new global energy economy is emerging. The high commodity and energy prices we are seeing today pose new challenges for the renewable industry, but elevated fossil fuel prices also make renewables even more competitive.