Global capacity to generate renewable electricity increased by 50% between 2022 and 2023, according to the International Energy Agency, which warns that under current policies, production capacity will not triple by 2030, the target set by the United Nations Climate Change Conference. (COP28).
According to the International Energy Agency (IEA), which issued the 2023 Renewable Energy Sources Report on Thursday, January 11 last year, about 507 gigawatt (GW), 50% more than in 2022, with three-quarters of these new PV installations.
China has, once again, been the driver of this growth, increasing the number of wind turbines by 66% compared to last year, for example, but Europe, the United States and Brazil have also reached unprecedented levels.
Over the next five years, the IEA expects the “strongest growth” recorded in the past 30 years.
“Renewable electricity production capacity has not expanded this rapidly in 30 years, giving us a real opportunity to achieve the goal set by governments at COP28 of tripling global capacity by 2030,” the IEA highlights.
However, this pace is still insufficient, the agency adds, noting in particular the need for financing in emerging and developing countries.
“Under current market and political conditions, global capacity will increase by 2.5 times by 2030. This is still not enough to meet the COP28 target of tripling capacity, but we are getting closer and governments have the tools to make up the difference,” he sums up. Fatih Birol, Director of AIE.
Under current conditions, it will be possible to reach 7,300 GW of installed capacity in 2028, which is only slightly short of the minimum of 11,000 GW set for 2030 as a target by the 198 governments that participated in the UN Climate Change Conference (COP28) before Month.
Beyond the macroeconomic context, Birol believes that “the most important challenge facing the international community is to accelerate the increase in financing and deployment of renewable energy in the majority of emerging and developing economies, many of which are lagging behind in the new energy economy.”
Members of the G20, which includes the world’s 20 largest economies, including major developed countries, but also major emerging powers (such as China and India), are currently responsible for nearly 90% of installed renewable energy, when they represent two-thirds of the world’s population. .
By strengthening the implementation of existing policies, the G20 could triple its renewable energy capacity by 2030, which would contribute to achieving the global target, but must be complemented by acceleration in other countries, especially developing countries, which do not It has renewable energy. Supporting goals or policies
Over the next five years, solar PV and onshore wind will continue to account for the majority of new installations (96% by capacity) because the production costs of these technologies are lower than those of fossil fuels and other alternatives, and because there are supportive public policies in many countries. countries.
On the other hand, the study authors estimate that by 2025, renewable energies will overtake coal plants in global electricity production, and that from 2025 onwards, only wind power will overtake nuclear power, as well as solar PV. Which will overtake wind energy in 2028.
According to the International Energy Agency, China alone will account for nearly 60% of new renewable energy worldwide by 2028, although subsidies will disappear in 2020 and 2021. The Asian giant will then produce nearly half of the world’s renewable electricity. .
