iwThe International Energy Agency (IEA) has released a report indicating a remarkable 50% increase in global renewable energy in 2023 compared to the previous year, with expectations of substantial growth in the next five years.
The report follows the conclusion of the COP28 summit in Dubai, led by the United Nations, where nearly 200 nations collectively endorsed an unprecedented appeal for a worldwide shift away from fossil fuels.
According to the IEA, the added renewable energy capacity reached almost 510 gigawatts in 2023, representing a 50% growth, with solar PV accounting for three-quarters of the worldwide additions. The largest surge occurred in China, commissioning as much solar PV in 2023 as the entire world did in 2022, and witnessing a 66% year-on-year increase in wind power additions.
“The increases in renewable energy capacity in Europe, the United States, and Brazil also hit all-time highs,” noted the report.
IEA chief Fatih Birol highlighted that under current policies and market conditions, global renewable capacity is already on track to increase by two-and-a-half times by 2030. Although not sufficient to meet the COP28 goal of tripling renewables, Birol expressed optimism, stating, “we’re moving closer – and governments have the tools needed to close the gap.”
Birol emphasized that onshore wind and solar PV are now more cost-effective than new and existing fossil fuel plants in most countries. He identified the key challenge for the international community as rapidly scaling up financing and deployment of renewables in emerging and developing economies, emphasizing its critical role in meeting the tripling goal.
