Top Posts
Earthquake hits Northern Iran amid tensions with Israel
Flash Flood: Ogun appeals to residents not to...
VP seeks collaboration to tackle Illegal migration, climate...
Fashion brands accused of shortcuts on climate pledges
BRICS countries develop shared position on climate finance
Europe launches climate change commission
Macron rebukes climate change deniers Ahead of Nice...
Zulum, others urge FG to accelerate N80bn rehabilitation...
Group Advocates Stronger Policies To Mitigate Climate Change
Death toll from Mokwa flood rises to 153
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

IEA says world’s renewable energy capacity grew at record pace in 2023

by admineconai January 11, 2024
written by admineconai January 11, 2024
527

The International Energy Agency (IEA) has said that global renewable energy capacity grew by the fastest pace recorded in the last 20 years in 2023, which could put the world within reach of meeting a key climate target by the end of the decade.

According to figures from the IEA, the world’s renewable energy grew by 50% last year to 510 gigawatts (GW) in 2023, the 22nd year in a row that renewable capacity additions set a new record.

The “spectacular” growth offers a “real chance” of global governments meeting a pledge agreed at the Cop28 climate talks in November to triple renewable energy capacity by 2030 to significantly reduce consumption of fossil fuels, the IEA added.

Among other things, the IEA’s latest report found that solar power accounted for three-quarters of the new renewable energy capacity installed worldwide last year. Most of the world’s new solar power was built in China, which installed more solar power last year than the entire world commissioned the year before, despite cutting subsidies in 2020 and 2021.

The IEA said that record rates of growth across Europe, the US and Brazil have put renewables on track to overtake coal as the largest source of global electricity generation by early 2025. By 2028, it forecasts renewable energy sources will account for more than 42% of global electricity generation.

Read also: Scientists outline bold solution to climate change, others issues

Tripling global renewable energy by the end of the decade to help cut carbon emissions is one of five main climate targets designed to prevent runaway global heating, alongside doubling energy efficiency, cutting methane emissions, transitioning away from fossil fuels, and scaling up financing for emerging and developing economies.

Fatih Birol, who is the IEA’s executive director, said: “It’s excellent news to see the historical and spectacular growth of renewable energy.” He added that while the report shows that global renewable capacity is already on course to increase by two-and-a-half times by 2030, it is not yet expected to reach the Cop28 goal of tripling renewables.

“We’re not there, but we’re not a million miles away,” Birol said. “And governments have the tools needed to close the gap.”

Birol downplayed concerns that fast-rising costs facing wind developers in the US and Europe will be a drag on the industry’s long-term growth. The combination of higher interest rates and supply chain costs has forced some developers to cancel big offshore wind projects, and raised concerns over the future of the technology.

Story was adapted from the Guardian.

2023CapacityRecordRenewable energy
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Scientists outline bold solution to climate change, others issues
next post
Forecasters warn ‘Brutal’ Arctic blast expected to bring freezing temperatures to much of US

Related Posts

Fashion brands accused of shortcuts on climate pledges

June 12, 2025

BRICS countries develop shared position on climate finance

June 12, 2025

Europe launches climate change commission

June 12, 2025

Macron rebukes climate change deniers Ahead of Nice...

June 9, 2025

Scientists say nearly 40% of the world’s glaciers...

June 3, 2025

German court dismisses climate case against RWE

May 28, 2025

WHO Climate Change action plan approved

May 28, 2025

Report: World likely to breach 1.5°C limit in...

May 28, 2025

At Bonn climate talks, Brazil demands early deals...

May 23, 2025

Guterres raises alarm over rapid Himalayan glacier melt

May 17, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World