Huge expansion of renewable power opens door to tripling target set at COP28.
The world’s capacity to generate renewable electricity is expanding faster than at any time this century, according to our report. This gives it a real chance of achieving the goal of tripling global capacity by 2030 that governments set at the COP28 climate change conference last month.
Renewables 2023 features the first in-depth assessment of trends in renewables deployment since COP28 concluded. It includes a detailed country-by-country analysis on progress towards the global tripling target – and explores what is possible if policy makers accelerate support for renewables more rapidly than planned.
The amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023 to almost 510 gigawatts (GW), with solar PV accounting for three-quarters of additions, according to the latest edition of the annual market report. The largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022.
The report shows that under existing policies and market conditions, global renewable power capacity is now expected to soar to 7 300 GW between 2023 and 2028, the period covered by the forecast. Solar PV and wind account for 95% of the expansion, with renewables overtaking coal to become the largest source of global electricity generation by early 2025.
Despite unprecedented growth over the past 12 months and the strong medium-term outlook, the world needs to go further to triple capacity by 2030. Currently, renewable power capacity is on track to increase two-and-a-half times by the end of the decade.
The report is the first major instalment of the IEA’s commitment to tracking progress on the energy outcomes at COP28 in Dubai last month. Delivering on those promises will be critical to keep open the possibility of limiting the rise in global temperatures to the Paris Agreement goal of 1.5 °C. In addition to monitoring progress, our Agency will work closely with policy makers and the energy sector on policy design and implementation.