IEA’s Report Reveals Explosive 50% Surge in Global Renewable Capacity in 2023, Bringing Global Total to Nearly 510 GW, Tripling Goal in Sight by 2030

In a groundbreaking report, the International Energy Agency (IEA) reveals that the world added a staggering 50% more renewable energy capacity in 2023 compared to the previous year, bringing the global total to nearly 510 gigawatts. The surge was primarily propelled by solar photovoltaic (PV) installations, constituting three-quarters of the new additions worldwide. China emerged as a renewable energy powerhouse, installing as much solar PV in 2023 as the entire world did in 2022, while its wind power additions soared by an impressive 66% year-on-year. Europe, the United States, and Brazil also experienced record-high growth in renewable energy capacity.

The IEA’s Renewables 2023 report, the first comprehensive assessment post the COP28 climate conference, indicates that under current policies, global renewable power capacity is projected to reach 7,300 gigawatts by 2028. This forecast positions solar PV and wind as the dominant contributors, accounting for a remarkable 95% of the expansion. Notably, renewables are anticipated to surpass coal as the leading global electricity source by early 2025. However, despite this significant progress, achieving the COP28 goal of tripling renewable capacity by 2030 requires further efforts.

IEA Executive Director Fatih Birol emphasized the importance of addressing challenges, particularly the urgent need for financing and deployment of renewables in emerging and developing economies. While onshore wind and solar PV are economically favorable compared to fossil fuel alternatives, the report highlights obstacles such as a challenging global macroeconomic environment.

The report introduces an accelerated case scenario, projecting 21% higher renewable power capacity growth through more rapid policy implementation. Challenges vary by country, with advanced economies facing policy uncertainties and insufficient grid infrastructure, while emerging economies require access to finance and robust regulatory frameworks. The IEA’s Renewable Energy Progress Tracker, released alongside the report, enables users to monitor historical data and track progress at regional and country levels.

Furthermore, the report provides insights into the evolving landscape of renewable-based hydrogen projects and emphasizes the pivotal role of biofuels, particularly in hard-to-abate sectors. It highlights the need for increased demand for biofuels by 2030 to align with a net-zero pathway. As the world witnesses unprecedented growth in renewable capacity, attention is drawn to the imperative of sustained global efforts to meet ambitious climate goals.