The global energy landscape is transforming significantly, with renewable energy sources poised to make up more than one-third of the world’s power supply by 2024. This shift towards cleaner energy production is a testament to technological advancements and reflects a growing commitment to sustainable practices worldwide.
According to the IEA’s “Renewables 2023” report (IEA, 2023), renewable electricity capacity reached an estimated 507 gigawatts (GW) in 2023, marking an almost 50% increase from the previous year. This surge is supported by continuous policy backing in over 130 countries, signaling a significant change in the global growth trend of renewables.
Solar photovoltaic (PV) and wind energy stand at the forefront of the renewable energy revolution. The share of renewables in new capacity has surged from 37% in 2010 to an impressive 83% in 2022. Should the growth of solar and wind power persist at the current rate, it is projected to achieve an annual installed capacity of eight terawatts (TW) by 2030. According to the IEA, this substantial expansion is poised to significantly contribute to the net-zero scenarios, with estimates suggesting a total of 11 TW of renewable energy capacity is required by the end of this decade.
The most substantial surge in renewable capacity has been observed in China, which commissioned as much solar PV in 2023 as the rest of the world combined. Europe, the United States, and Brazil also experienced record-breaking increases in renewable capacity, with Europe and the US doubling their solar capacity and Brazil significantly expanding its wind capacity.
The rapid expansion of renewables, coupled with a steady increase in nuclear power, is poised to meet the rise in global electricity demand over the next three years. This marks a crucial development, given that the power sector currently stands as the largest producer of CO2 emissions in the world economy. Fatih Birol, the Executive Director of the IEA, has highlighted the positive trend, emphasizing that clean generation sources are on track to satisfy all of the world’s additional electricity demand over the next three years.
The IEA’s report underscores a pivotal moment in our journey toward a more sustainable future. With renewable energy expected to constitute a significant portion of the global power supply, we are witnessing a collective shift towards reducing our carbon footprint and embracing cleaner, more efficient energy sources.
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For a comprehensive understanding of the IEA’s findings and the future of renewable energy, please refer to the full article on the World Economic Forum’s website at:
Renewables to make up more than one-third of the world’s power supply in 2024, says IEA