It’s from earlier this year, but if you’re interested, Popular Mechanics gives a good overview of the proposed upgrades. They also republished their original 1913 article on the canal.

5% of ocean cargo passes through the canal. The canal is maxed out and cannot handle the current load, much less the expected future increases. Many modern cargo ships cannot even fit in the canal. And so they’re trying to upgrade it to double capacity and allow larger cargo ships to pass.