The world’s renewable energy capacity grew by 50% in 2023, reaching almost 510 GW, making it the fastest growth in the past three decades.
A new report from the International Energy Agency (IEA) says that the figures highlight a “real chance” of achieving the goal of tripling global capacity by 2030, as set out at Cop28.
Solar panels and wind account for 95% of the expansion, with renewables overtaking coal to become the largest source of global electricity generation by early 2025.
The report shows that under existing policies and market conditions, global renewable energy capacity is now expected to grow to 7,300 GW over the next five years covered by the forecast.
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IEA executive director Fatih Birol said that while the world is “on course” to increase its renewable energy capacity by two-and-a-half times by 2030 it’s “not enough” to reach the Cop28 goals of tripling renewables.
“There are still some big hurdles to overcome, including the difficult global macroeconomic environment,” Birol warns.
“For me, the most important challenge for the international community is rapidly scaling up financing and deployment of renewables in most emerging and developing economies, many of which are being left behind in the new energy economy.
“Success in meeting the tripling goal will hinge on this.”
