Paris – The International Energy Agency (IEA) announced on Thursday that the world witnessed a remarkable 50 percent increase in renewable energy capacity in 2023 compared to the previous year. This surge in growth is indicative of a promising trend that is expected to continue over the next five years.
The recent United Nations-led COP28 summit, which concluded in Dubai last month, saw nearly 200 nations unite in an unprecedented call for a global transition away from fossil fuels. The agreement reached at the summit underscores the urgent need to address climate change and embrace sustainable energy sources.
According to the IEA, a total of almost 510 gigawatts of renewable energy capacity was added to energy systems worldwide in 2023, representing a significant milestone. Solar photovoltaic (PV) installations accounted for three-quarters of these additions, reflecting the increasing popularity and efficiency of solar energy.
China emerged as the leader in renewable energy growth, with solar PV installations in 2023 surpassing the combined total of the entire world in 2022. Additionally, China’s wind power capacity witnessed a remarkable 66 percent year-on-year increase, further solidifying its commitment to renewable energy.
Europe, the United States, and Brazil also experienced record-breaking growth in renewable energy capacity. These regions demonstrated a strong commitment to transitioning to cleaner energy sources, setting new benchmarks for renewable energy adoption.
The IEA’s Chief, Fatih Birol, emphasized that global renewable capacity is already on track to increase by two-and-a-half times by 2030, based on current policies and market conditions. While this progress is commendable, it falls short of the COP28 goal of tripling renewable energy capacity. However, Birol expressed optimism, stating that governments possess the necessary tools to bridge this gap.
Furthermore, Birol highlighted the cost-effectiveness of onshore wind and solar PV compared to both new and existing fossil fuel plants in most countries. This shift in affordability further strengthens the case for renewable energy as a viable alternative to traditional energy sources.
However, Birol also emphasized the need for increased financing and deployment of renewables in emerging and developing economies. The success of achieving the COP28 goal of tripling renewable energy capacity hinges on the international community’s ability to support these economies in scaling up their renewable energy infrastructure.
The IEA’s report and Birol’s commentary provide valuable insights into the current state of renewable energy. The significant growth in renewable energy capacity is a positive sign that the world is moving towards a more sustainable future. However, it is crucial for governments, organizations, and individuals to continue prioritizing and investing in renewable energy to accelerate the transition away from fossil fuels.
The global momentum behind renewable energy is encouraging, and it is essential for all stakeholders to collaborate and take decisive action to ensure a cleaner and greener planet for future generations. By embracing renewable energy technologies and supporting the development of sustainable infrastructure, we can make significant progress in mitigating climate change and securing a more sustainable future for all.
Source: The Manila Times
