Historic growth in renewable energy worldwide in 2023

Some 507 gigawatts (GW) of renewable electricity were put into service, 50% more than in 2022, according to the Renewables 2023 report published Thursday by the IEA. “A huge, historic leap,” insisted the head of the institution, Fatih Birol, to the press: the equivalent of the current equipment of Germany, France and Spain combined.

Three-quarters of these new installations are in photovoltaic solar power.

China was once again the major driver of this growth (60% of new infrastructure, with +66% of wind turbines over one year for example). But Europe, the United States and Brazil have also reached unprecedented levels, India has made strong progress and the AIE also notes a jump in Southeast Asia as well as in the Middle East.

The Agency anticipates for the next five years the “strongest growth” ever seen in thirty years.

“Renewable electricity generation capacity has never expanded so rapidly in 30 years, giving a real chance of achieving the goal governments set at COP28 of tripling global capacity by 2030", underlines the IEA.

However, this pace is not yet sufficient, adds the Agency, which particularly highlights the need for financing for emerging and developing countries.

“In market conditions and the state of current policies, global capacity would be multiplied by 2,5 by 2030. This is not yet enough to achieve the tripling objective of COP28, but we are sure "is approaching, and governments have the necessary tools to make up the difference", summarizes Fatih Birol.

Support developing countries

“Onshore wind and photovoltaics are cheaper today than new fossil fuel plants almost everywhere, and cheaper than plants already installed in most countries,” underlines the official.

Last year notably saw the prices of photovoltaic modules drop by almost 50% over one year, and this movement should continue with the observed increase in manufacturing capacities, notes the agency, created exactly 50 years ago by the OECD when it came to responding to the oil shock.

The situation is more delicate for the wind industry, particularly in Europe, where it is affected by rising production costs, interest rates and the length of permitting procedures. But many countries have already adapted their calls for tenders to this context.

The objective of tripling renewables is understood at the global level, with different needs from one country to another.

On the side of rich countries and large emerging countries, the IEA underlines the need to put an end to hesitation in national policies, to invest in the modernization and adaptation of networks, to reduce delays and administrative complications.

For other countries, access to financing and the establishment of robust regulatory frameworks will be decisive, the report adds. As well as the setting of renewable installation objectives, objectives still absent in certain countries.

“The level reached in 2023 shows that a tripling is completely achievable,” reacted Dave Jones, from the Ember think tank.

If we add advances in energy efficiency, "we are progressing not only towards a peak in demand for fossils this decade but towards a drop in the size of their consumption", he believes.

For Dean Cooper, of the NGO WWF, "renewable energy production is growing rapidly, but not enough": "those who want a livable planet must increase pressure on their governments to move from words to action ".

“It was good that more than 200 countries signed the COP28 agreement,” says Fatih Birol. "We think that if they signed it is because they are taking it seriously. But we believe in the numbers, that's why the IEA will monitor the progress made, who is doing what, and we will inform the audience".