From the perspective of the International Energy Agency (IEA), the current pace of expansion of renewable energy is not sufficient to achieve the emission reduction targets established at the World Climate Conference (COP28).
Despite last year's unprecedented growth, countries still need to do more to triple renewable energy capacity by 2030 as planned, the IEA said in Paris today.
Biggest growth in China
According to IEA data, the expansion of renewable energy capacities increased by 50% globally to almost 510 gigawatts (GW) in 2023 compared to the previous year, with three-quarters of the growth coming from photovoltaics.
The biggest growth occurred in China, which commissioned as many photovoltaic systems in 2023 as the entire world did in 2022. Wind energy expansion in China increased by 66 percent compared to 2022.
According to the IEA, the expansion of renewable energy capacities has also reached record levels in Europe, the US and Brazil. According to the Director of the AIE, Fatih Birol, it is important to also move forward with expansion in emerging and developing countries.
Hydrogen is falling behind
The political direction followed and market conditions have so far allowed renewable energy sources to grow by two and a half times by 2030, he stated.
Solar and wind power are now cheaper than new fossil power plants, and renewables will replace coal as the most important source of electricity by 2025. However, the development of “green” hydrogen is currently significantly behind schedule in relation to what was announced.