Historic Growth in Renewable Energy Sets Pace for Meeting COP28 Climate Targets

Record-Breaking Increase in Renewable Energy

In a significant stride toward a sustainable future, global renewable energy capacity saw an unprecedented growth rate in 2023, increasing by 50% to reach 510 gigawatts (GW). This remarkable expansion, reported by the International Energy Agency (IEA), marks the 22nd consecutive year of record-setting renewable capacity additions.

The IEA’s latest report highlights that solar power was the primary driver of this growth, accounting for three-quarters of the new renewable energy capacity installed globally last year. China led this solar boom, installing more solar power in 2023 than the rest of the world combined in the previous year, despite subsidy cuts in 2020 and 2021.

The accelerated growth across Europe, the US, and Brazil has set the stage for renewables to overtake coal as the largest source of global electricity generation by early 2025. By 2028, renewables are forecasted to contribute over 42% to global electricity generation.

Aligning with COP28 Climate Goals

This surge in renewable energy aligns with the climate targets set at the COP28 talks, which aim to triple renewable energy capacity by 2030. This target is one of five key goals to mitigate global heating, alongside boosting energy efficiency, reducing methane emissions, transitioning from fossil fuels, and increasing financing for emerging and developing economies.

While concerns about rising costs for wind developers in the US and Europe have emerged, IEA’s executive director Fatih Birol remains optimistic. He emphasizes that the current cost increase is cyclical, not structural, and anticipates costs will decrease as the industry matures. Birol also highlights the need for financing and regulatory support in emerging and developing economies to achieve the COP28 goal of tripling renewable energy capacity.

The IEA report indicates that while global renewable capacity is on track to increase two-and-a-half times by 2030, it still falls short of the COP28 tripling goal. Birol urges governments to employ necessary tools to bridge this gap and meet the climate objectives.