World added 50% more renewable energy capacity last year over 2022: IEA

Energy watchdog predicts booming growth in the next five years

By AFP

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A solar tower and panels operate at the Mohammed bin Rashid Al Maktoum Solar Park as Dubai.  The world's renewable energy grew at its fastest rate in the past 25 years in 2023, the International Energy Agency reported on Thursday. — AP
A solar tower and panels operate at the Mohammed bin Rashid Al Maktoum Solar Park as Dubai. The world's renewable energy grew at its fastest rate in the past 25 years in 2023, the International Energy Agency reported on Thursday. — AP

Published: Thu 11 Jan 2024, 2:02 PM

Last updated: Thu 11 Jan 2024, 2:03 PM

The world added 50 per cent more renewable energy capacity in 2023 over the year before, the International Energy Agency said on Thursday, predicting booming growth in the next five years.

The United Nations-led COP28 summit concluded in Dubai last month with nearly 200 nations agreeing to a first-ever call for the world to transition away from fossil fuels.

"The amount of renewable energy capacity added to energy systems around the world grew by 50 per cent in 2023, reaching almost 510 gigawatts, with solar PV accounting for three-quarters of additions worldwide," the energy watchdog said in a statement.

It said the largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022, while China's wind power additions rose by 66 percent year-on-year.

"The increases in renewable energy capacity in Europe, the United States and Brazil also hit all-time highs," said the report on the sector.

IEA chief Fatih Birol said the report showed that "under current policies and market conditions, global renewable capacity is already on course to increase by two-and-a-half times by 2030".

"It's not enough yet to reach the COP28 goal of tripling renewables, but we're moving closer -- and governments have the tools needed to close the gap," he added.

Birol said onshore wind and solar PV were cheaper now than new fossil fuel plants as well as existing fossil fuel plants in most countries.

"The most important challenge for the international community is rapidly scaling up financing and deployment of renewables in most emerging and developing economies," he said.

"Success in meeting the tripling goal will hinge on this," Birol added.


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