The world’s renewable electricity capacity reached a significant milestone in 2023, totaling 473 GW, as reported by the International Renewable Energy Agency (IRENA). It’s important to note that nuclear energy is not considered renewable energy.
In a recent report, IRENA highlighted that China dominated renewable energy additions with a staggering 62.9% share. The organization is headquartered in the United Arab Emirates.
- Photovoltaics have now surpassed hydropower to become the largest segment in renewables.
- Global solar power capacity jumped by 32.4% to 1.42 TW, accounting for 73% of annual additions.
- Total wind power capacity exceeded 1 TW in the same year.
The report also raises concerns about the uneven distribution of renewable energy growth globally, emphasizing the need to triple renewable power by 2030, a target that seems difficult to achieve currently.
An 86% share of all capacity additions in 2023 were contributed by renewables.
Despite the overall growth, IRENA warns that many countries are still lagging behind in the energy transition. The organization’s Renewable Capacity Statistics 2024 report indicates a global renewable capacity of 3.87 TW, setting a new record in the power sector.
China led the expansion with a 13.9% growth rate (473 GW), accounting for 62.9% of the total increase and reaching a capacity of 1.45 TW.
Director-General of IRENA, Francesco La Camera, emphasized the need for policy interventions and a global shift to overcome existing barriers and ensure progress for emerging markets and developing economies.
