A groundbreaking report from the International Energy Agency (IEA) reveals an unprecedented surge in global renewable energy capacity in 2023, marking the fastest growth in two decades. The report highlights a 50% increase in renewable capacity, totaling a staggering 510GW, a milestone that propels the world closer to vital climate targets.
Solar power emerges as a key driver of this expansion, constituting three-quarters of the new global renewable capacity installed in 2023. Notably, China emerges as the frontrunner, surpassing all expectations by installing more solar power in the past year alone than the entire world commissioned in the preceding year, despite subsidy reductions in 2020 and 2021.
In addition to doubling solar capacity, China witnesses a remarkable 66% surge in wind power capacity from 2022, further solidifying its position as a global leader in renewable energy deployment.
The report underscores the transformative potential of renewable energy, offering governments worldwide an opportunity to fulfill commitments made at COP28 last November. These commitments aim to triple renewable energy capacity by 2030 and reduce global reliance on fossil fuels.
According to IEA executive director Fatih Birol, renewables are on track to surpass coal as the largest source of global electricity generation by early 2025, comprising over 42% of total global electricity generation by 2028. Birol expressed optimism about the recent growth, describing it as “historical and spectacular.”
Despite recent challenges, including rising costs for wind developers in the US and Europe, Birol remains optimistic about the future trajectory of renewable energy costs. He cautioned against interpreting current cost increases as structural, emphasizing the ongoing trend of declining costs in the industry.
Birol also stressed the importance of supporting emerging and developing economies in renewable development to maintain momentum. He emphasized, “Success in meeting the tripling goal will hinge on rapidly scaling up financing and deployment of renewables in most emerging and developing economies, many of which are being left behind in the new energy economy.”
The IEA's report serves as a beacon of hope, highlighting the remarkable progress in renewable energy and underscoring the critical role it plays in combating climate change on a global scale.
