According to the IEA, in 2023, the global renewable energy installed capacity will reach 510 gigawatts, a 50% increase from 2022, marking the fastest rate of capacity growth in the past 30 years.
The International Energy Agency (IEA) recently released its annual market report “Renewables in 2023,” revealing that the global renewable energy installed capacity is set to reach 510 gigawatts in 2023, a 50% increase from 2022. This growth rate surpasses any seen over the past 30 years.
The IEA predicts that, under current policies and market conditions, global renewable energy installed capacity is expected to reach 7,300 gigawatts between 2023 and 2028. By early 2025, renewable energy is projected to become the world’s primary source of electricity.
Specifically, over the next five years, wind and solar power generation will account for 95% of the increase in renewable energy generation. By 2024, the combined total of wind and solar power generation is expected to surpass hydropower; wind and solar are projected to exceed nuclear power in 2025 and 2026, respectively. By 2028, the share of wind and solar power generation is expected to double, reaching 25% of the total.
The IEA analysis indicates that China is a global leader in the renewable energy sector. In 2023, China’s wind power installed capacity is expected to increase by 66% from the previous year, and its solar photovoltaic installed capacity is equivalent to the global solar PV capacity added in 2022. By 2028, China is anticipated to account for 60% of the global increase in renewable energy generation.
The IEA’s report also highlights that in 2023, Europe, the United States, and Brazil are set to achieve record growth in renewable energy capacity. It forecasts that by 2028, the deployment of photovoltaics and onshore wind energy in the US, EU, India, and Brazil is expected to double compared to the past five years.
The IEA also notes the uneven development of global renewable energy, particularly the slow progress in hydrogen and bioenergy sectors. For example, despite numerous green hydrogen projects launched over the past decade, only 7% of the planned capacity is expected to be operational by 2030 due to slow investment progress and high production costs.
Attachment: Renewables 2023.pdf
Source: Battery People – Electric Battery Network (itdcw.com)
