Global Renewable The International Energy Agency (IEA) made a significant announcement on Thursday, revealing a remarkable 50% increase in global renewable energy capacity in 2023 compared to the previous year. This surge is anticipated to continue with robust growth projections over the next five years.
Historic Agreement at COP28 Summit
The disclosure follows the conclusion of the COP28 summit in Dubai last month, where nearly 200 nations reached a historic consensus, calling for a global transition away from fossil fuels.
Solar PV Dominates Worldwide Additions: Global Renewable
IEA’s statement highlighted that the added renewable energy capacity to global energy systems reached almost 510 gigawatts in 2023, with solar PV contributing three-quarters of the additions globally. Notably, China emerged as a leader in this growth, commissioning as much solar PV in 2023 as the entire world did in 2022. China’s wind power additions also saw a substantial 66% year-on-year increase.
Record Highs in Europe, the United States, and Brazil
The IEA report underscored that renewable energy capacity increases in Europe, the United States, and Brazil hit all-time highs, showcasing the global momentum toward sustainable energy.
IEA Chief’s Optimistic Outlook
IEA Chief Fatih Birol expressed optimism about the current trajectory, indicating that under existing policies and market conditions, global renewable capacity is on track to increase two-and-a-half times by 2030. While acknowledging that this falls short of the COP28 goal to triple renewables, Birol emphasized that governments possess the necessary tools to bridge the gap.
Cost-Effectiveness of Onshore Wind and Solar PV
Birol highlighted that onshore wind and solar PV are now more cost-effective than both new and existing fossil fuel plants in most countries.
Critical Challenge: Scaling Up in Emerging Economies
Birol identified the primary challenge for the international community as rapidly scaling up financing and deployment of renewables in emerging and developing economies. He emphasized that success in achieving the tripling goal hinges on addressing this critical factor.
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