(Finance) – In 2023, renewable energy generation capacity on a global scale increased by 50% more than it was increased the previous year.
This is revealed by theInternational Energy Agency (IEA) in its report on renewables, in which it underlines that the capacity to generate electricity from these sources is expanding at record rates, “the strongest ever recorded in the last thirty years, giving a concrete possibility to achieve the objective of tripling the capacity generation for 2030 by governments that have signed the COP 28 commitments”.
From Renewables 2023, we find that, in 2023, total capacity added on renewable electricity generation reached 510 gigawatts, with solar accounting for three-quarters of this increase. And the most significant increase in solar was recorded in Chinawhich according to the IEA in 2023 installed a quantity of photovoltaic panels equivalent to that which was installed worldwide in 2022. The Agency notes record increases in renewable generation capacity also in Europe, United States and Brazil.
“The new report shows that, under current policies, Global renewables capacity is on track to increase by two and a half times by 2030, but it is not yet sufficient to meet the objective to triple Coop 28’s renewables. We are getting closer”, he says Fatih Birol, Executive Director of the IEA, adding that the most important challenge for the international community is the rapid increase in financing and deployment of renewables in most emerging and developing economies, many of which are being left behind. Success in reaching the goal of tripling renewables will depend on this.”