The International Renewable Energy Agency reported that renewable energy capacity increased by about 10% globally in 2022. According to the IRENA organization, which also reported a 9.6% growth in renewable energy capacity globally, 83% of new power generation capacity last year came from renewable sources.
The Biden administration plans to phase out fossil fuels as a source of energy in the United States by 2035. The White House established a goal of generating 80% renewable energy by 2030 and 100% carbon-free electricity five years later. These initiatives should benefit ENPH and CSIQ.
The alternative energy market is expected to increase at an 11.9% CAGR to $1.85 trillion in 2029.
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