In an unprecedented surge, the world’s renewable energy capacity saw its fastest increase in two decades last year, this is according to a report by the International Energy Agency (IEA).
The report says that in 2023, renewable capacity jumped by 50%, reaching 510 gigawatts marking the 22nd consecutive year of record growth.
“At this rate, the ambitious climate goal set at the COP 28 climate summit last December to triple renewable energy by 2030 is within sight.
This target is crucial for reducing the reliance on fossil fuels and addressing climate change,” the report says.
The report says Solar power led the charge in 2023, comprising three-quarters of the new installations, with China setting a remarkable record in solar expansion.
Even after reducing subsidies, China added more solar capacity last year than the rest of the world did the year prior.
The surge in renewable energy in Europe, the US, and Brazil suggests that renewables could surpass coal as the main electricity source by early 2025.
The IEA projects that by 2028, renewables will produce over 42% of the world’s electricity.
Meeting the COP 28 goal is part of a broader strategy to combat climate change, which includes improving energy efficiency, reducing methane emissions, moving away from fossil fuels, and increasing financial support for developing economies.
IEA’s Executive Director Fatih Birol praised the remarkable growth and indicated that while the path to tripling renewable capacity by 2030 is clear, the goal hasn’t been reached yet.
“We’re close, and governments have what it takes to get us there,” said Birol, who remains optimistic despite rising costs and supply chain challenges facing the wind industry in the US and Europe.
He believes these obstacles won’t significantly hinder the long-term expansion of renewable energy.
By Dare Akogun
