In its new report on renewable energies in 2023, the International Energy Agency (IEA) announced, on Thursday 11 January, that the world had added 50% more renewable capacity in 2023 than in 2022, reaching almost 510 GW.
Solar photovoltaic energy accounts for three quarters of global additions, with China leading the growth in solar and wind power. Europe, the United States and Brazil also set records.
The report states that, under existing policies and market conditions, global renewable energy capacity is expected to reach 7,300 GW over the 2023-2028 period. Solar photovoltaic and wind power are expected to contribute 95% of this, overtaking coal as the world’s leading source of electricity by early 2025.
However, further efforts are needed to achieve the COP28 Dubai target of tripling installed renewable energy capacity to 11,000 GW by 2030 (see EUROPE 13306/6). The Director of the IEA, Fatih Birol, announced that the Agency will monitor “all the promises made by 200 countries in Dubai” and “share comparisons between promises and reality”.
In addition, the report presents an accelerated scenario in which faster implementation of policies leads to renewable energy production that is 21% higher than the main forecasts, making it possible to meet the commitment to triple production capacity.
The report also stresses the importance of overcoming obstacles, including financing and deployment problems in emerging economies, and highlights the slow progress being made on projects to produce hydrogen from renewable sources.
It also states that, despite the progress made, demand for biofuels needs to increase considerably between now and 2030 if the EU is to be on a ‘net zero emissions’ trajectory.
To see the IEA report: https://aeur.eu/f/ac5 (Original version in French by Pauline Denys)