Renewable Energy Is On The Rise

E3 Solar
January 11, 2024
7:29 am

In 2023, global renewable energy capacity experienced its most rapid growth in the past two decades, reaching 510 gigawatts (GW), a 50% increase from the previous year. This marks the 22nd consecutive year of setting new records in renewable capacity additions, as reported by the International Energy Agency (IEA). The remarkable expansion, particularly in solar power, offers a substantial opportunity for countries to fulfill their commitment made at the Cop28 climate talks to triple renewable energy capacity by 2030, aiming to significantly reduce reliance on fossil fuels.

The IEA's latest findings reveal that solar power contributed to three-quarters of the new renewable energy capacity installed worldwide in 2023, with China leading the way by surpassing the total global solar power commissioned in the preceding year, despite subsidy reductions in 2020 and 2021.

Record growth rates in Europe, the US, and Brazil are propelling renewables to potentially surpass coal as the primary global electricity source by early 2025. The IEA predicts that by 2028, renewable energy sources will constitute over 42% of global electricity generation.

Tripling global renewable energy capacity by the end of the decade is a crucial objective among five main climate targets designed to curb carbon emissions and avert catastrophic global heating. Although the IEA's report indicates significant progress, it falls slightly short of the Cop28 goal. However, Fatih Birol, the IEA's executive director, remains optimistic, emphasizing that governments possess the necessary tools to bridge the gap.

Addressing concerns about rising costs impacting wind developers in the US and Europe, Birol downplays the potential long-term impediment. While factors like increased interest rates and supply chain costs have led to the cancellation of some major offshore wind projects, Birol suggests that governments can mitigate these challenges, ensuring continued growth in the renewable energy sector.