Thursday 11 January 2024

IEA: Global renewable energy capacity grows by 50%

The amount of renewable energy capacity added to power grids around the world grew by 50% in 2023, reaching almost 510GW.

That's according to Renewables 2023, the latest edition of the International Energy Agency’s annual market report on the sector, which estimates solar PV accounted for three-quarters of additions worldwide.

The IEA suggests the largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022, while China’s wind power additions rose by 66% year-on-year.

The increases in renewable energy capacity in Europe, the US and Brazil also hit all-time highs, according to the report.

The IEA says that under existing policies, global renewable power capacity is now expected to grow to 7,300 GW over the 2023-28 period covered by the forecast.

Solar PV and wind account for 95% of the expansion, with renewables overtaking coal to become the largest source of global electricity generation by early 2025.

IEA Executive Director Fatih Birol said: "The new IEA report shows that under current policies and market conditions, global renewable capacity is already on course to increase by two-and-a-half times by 2030.

"It’s not enough yet to reach the COP28 goal of tripling renewables, but we’re moving closer – and governments have the tools needed to close the gap."