By 2023, global renewable energy production capacity will have increased by 50 percent from the previous year, according to a report by the International Energy Agency (IEA). The strong growth is mainly attributed to the installation of significantly more solar panels in China.
The IEA reports that global renewable energy capacity is now nearly 510 gigawatts. About three-quarters of this growth can be attributed to solar power, mainly because of sharply lower solar panel prices, according to the IEA.
The IEA notes that China commissioned as many solar panels last year as the rest of the world combined by 2022. Production capacity of solar panels in China rose 66 percent. Solar capacity also reached new records in the United States, Europe and Brazil, the agency said.
'More funding'
According to the IEA, renewable energy generation is expected to continue to grow in the coming years. By 2028, capacity should rise to 7300 gigawatts, thanks largely to wind and solar power. However, the agency stresses that it is essential that more financing be made available for renewable projects in emerging economies and developing countries.
IEA chief Fatih Birol says this growth "opens the door" to the goal of tripling global renewable capacity by 2030, as agreed at the COP28 climate summit in Dubai last month.
"The new report shows that under current policies and market conditions, global renewable capacity is already on track for 2.5 times growth by 2030. That is not yet enough to meet the COP28 target, but we are getting closer and governments have the resources to close the gap," Birol said.
