According to the International Energy Agency, renewables capacity expanded by 50% more over 2023 than 2022. In most countries today, wind and solar power are more affordable than both new and current fossil fuel plants.
At the end of the COP28 conference, which was organized by the UN and held in Dubai last month, almost 200 countries signed onto the world’s first-ever call to move away from fossil fuels.
“The amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023, reaching almost 510 gigawatts, with solar PV accounting for three-quarters of additions worldwide,” the energy watchdog said in a statement.
IEA chief Fatih Birol said the report showed that “under current policies and market conditions, global renewable capacity is already on course to increase by two-and-a-half times by 2030.” “It’s not enough yet to reach the COP28 goal of tripling renewables, but we’re moving closer – and governments have the tools needed to close the gap,” he added.