Brazil is one of the countries in the world where renewable energy, such as wind and solar energy, is making the most progress. Inexpensive technologies contribute to expanding the world’s installed renewable capacity. | Philippe Turpin/Photononstop/AFP/METSOOL Meteorological
The world’s installed renewable energy capacity increased by 50% in 2023 compared to the previous year, the International Energy Agency reported on Thursday. This is excellent news in the context of climate change and the need to reduce greenhouse gas emissions.
The International Energy Agency expects unprecedented growth over the next five years, although it believes that this will not be enough to contain climate change. The “Renewables 2023” report, published by the International Energy Institute, reveals that about 507 gigawatts have been implemented, representing a 50% increase compared to 2022.
Three quarters of these new installations in 2023 belong to the solar PV sector. China once again led this growth, with a 66% increase in wind power in one year. However, Europe, the United States and Brazil have also reached unprecedented levels. The International Energy Agency expects the “highest growth” in three decades over the next five years.
Although he highlights the growth in renewable electricity production capacity, he warns that the current pace is not enough. The agency highlights the need for financing for emerging and developing countries.
Despite the rapid development of renewable energy, the International Energy Agency estimates that under current market and policy conditions, global capacity will multiply by 2.5 by 2030.
Progress is not enough to meet the UN Climate Change Conference (COP28) goal of tripling the world’s renewable energy capacity by 2030, and the IEA notes that governments have the tools to close the gap.
The report also highlights that wind and PV installations are currently more economical than new fossil fuel plants almost everywhere and cheaper than existing plants in most countries.
Globally, the goal of tripling renewable energy faces specific challenges in each country. The IEA highlights the need to end indecision in national policies, invest in grid modernization and adaptation, reduce deadlines and simplify administrative complexities in the richest countries and key emerging countries.
For other countries, the priority is access to financing and creating solid regulatory frameworks, as well as setting targets for renewable energy installation.
Even with the progress being made, some voices, like Dean Cooper of WWF, argue that renewable energy production is growing fast, but not fast enough. By calling for urgent action to transform energy systems and putting pressure on governments, it highlights the importance of moving from words to action to ensure a liveable planet.
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