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 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.”