Historic Agreement at COP28 Summit
The International Energy Agency (IEA) announced a remarkable 50% increase in global renewable energy capacity in 2023 compared to the previous year. This surge is expected to continue with strong growth projections over the next five years.
Solar PV Dominates Global Additions
The IEA revealed that nearly 510 gigawatts of renewable energy capacity were added to global energy systems in 2023, with solar PV accounting for three-quarters of the additions worldwide. China led this growth, commissioning as much solar PV in 2023 as the rest of the world did in 2022. China also saw a 66% increase in wind power additions.
Record Highs in Europe, the US, and Brazil
Renewable energy capacity additions in Europe, the United States, and Brazil reached record highs, demonstrating the global momentum towards sustainable energy sources.
IEA Chief’s Optimistic Outlook
IEA Chief Fatih Birol expressed optimism about the current trajectory, stating that global renewable capacity is projected to increase two-and-a-half times by 2030 under existing policies and market conditions. While this falls short of the COP28 goal to triple renewables, Birol believes governments have the tools to bridge the gap.
Challenges in Emerging Economies
The primary challenge identified by Birol is scaling up financing and deployment of renewables in emerging and developing economies. Success in achieving the triple renewables goal depends on addressing this critical factor.
