In 2023, global renewable energy capacity increased by 50%, reaching 510 GW. This was the 22nd consecutive year the sector recorded record size, according to the International Energy Agency (IEA).
A recent report by the entity assesses this growth as “astonishing” and highlights that it provides a “real opportunity” for global governments to meet the commitment agreed in the COP28 climate negotiations, to triple renewable energy capacity by 2030 to significantly reduce energy consumption. . Fossil fuels.
Solar power accounted for three-quarters of new renewable energy capacity installed worldwide in the past 12 months, most of it coming from China.
The IEA also highlights that record growth rates across Europe, the US and Brazil put renewable energy on track to overtake coal as the world’s largest source of electricity generation by the start of 2025 – and by 2028, forecasts suggest it will account for more than 42%.
“It is excellent news to see the historic and amazing growth of renewable energy,” Fatih Birol, the agency’s executive director, told The Guardian.
In the interview, he played down concerns that the rapidly rising costs faced by wind developers in European and North American markets will be a drag on the industry’s long-term growth. “I would be very careful not to confuse a cyclical increase in costs with a structural increase in costs. Costs will continue to decline across the industry as today’s cyclical costs begin to decline.
Emerging and developing economies
The IEA report also notes that emerging and developing economies will face challenges in accessing finance, strengthening governance and creating strong regulatory frameworks that will be essential to reduce investor risks and attract investment.
“For me, the most important challenge facing the international community is to accelerate the increased financing and deployment of renewable energy in the majority of emerging and developing economies, many of which have been left behind in the new energy economy. Success in achieving the Triple Aim will depend on it,” Birol concluded.
