Quick Bites | The world is getting moving on renewable energy
January 19th, 2024 | Article
By: Paul Zwi
Nice to see some good news for a change. According to the International Energy Agency (IEA), the world added 510 gigawatts of renewable capacity in 2023. The IEA is a Paris-based intergovernmental organisation, established in 1974, that provides policy recommendations, analysis and data on the global energy sector. The 31 member countries and 13 association countries of the IEA represent 75% of global energy demand.
Source: IEA, Daily Chartbook
According to the IEA, the world’s capacity to generate renewable electricity is expanding faster than at any time in the last three decades, giving it a real chance of achieving the goal of tripling global capacity by 2030 that governments set at the COP28 climate change conference last month.
The amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023, with solar photovoltaics (PV) accounting for three-quarters of additions worldwide, according to the latest edition of the IEA’s annual market report on the sector. 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 United States and Brazil also hit all-time highs.
The latest analysis is the first comprehensive assessment of global renewable energy deployment trends since the conclusion of the COP28 conference in Dubai last December. The report shows that under existing policies and market conditions, 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.
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