Excellent news! Renewable energy installations surged by 50% in 2023, according to a report by the International Energy Agency (IEA). China led this growth with a 66% increase in new wind installations. In total, 507 GW were commissioned, with 75% coming from photovoltaic solar.
Over the next five years, the IEA predicts the “strongest growth” in renewable energy in 30 years. An acceleration that brings us closer to the goal, set at COP28, of tripling global capacity by 2030. Additional financing is needed, especially for emerging countries. Under current market conditions and policies, global capacity could only double by 2030 according to the IEA.
Energy transition is progressing, but intensified efforts are essential to meet our climate goals.