Capacity to expand renewable power increasing rapidly

• 3 months ago (2024-01-15)
• David Flin

Renewables 752 Solar 245 Wind 239

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According to a report from the IEA , 50 per cent more renewable capacity was added globally in 2023 than in 2022, and it predicts that the next 5 years will see the fastest growth in this sector ever, giving it the opportunity to achieve the goal of tripling global capacity by 2030 set at COP28.

However, it also said that lack of financing was a key issue for emerging and developing economies.

The amount of renewable energy capacity added to energy systems globally grew by 50 per cent in 2023, reaching almost 510 GW, with solar PV accounting for three-quarters of additions worldwide. The largest growth took place in China, which commissioned as much solar PV in 2023 as the world did in 2022. China’s wind power additions rose by 66 per cent, and the increases in renewable energy capacity in Europe, the United States, and Brazil also hit record highs.

The report states that under existing policies and market conditions, global renewable power capacity is expected to grow to 7300 GW over the 2023-28 period covered by the forecast. Solar PV and wind account for 95 per cent of the expansion, with renewables overtaking coal to become the largest source of global electricity generation by early 2025.