The world’s renewable electricity capacity hit a record 473 GW in 2023, according to International Renewable Energy Agency (IRENA). And, no Turkey, nuclear energy is not renewable energy.
In their latest report China’s share in green power additions was a whopping 62.9%. The organization is based in the United Arab Emirates.
- Photovoltaics nominally took over from hydropower as the biggest renewables segment.
- Global solar power capacity surged 32.4% to 1.42 TW and had a 73% share in annual additions.
- Total wind power surpassed 1 TW last year.
The organization warned that many countries are cut off from the benefits of the energy transition. The Renewable Capacity Statistics 2024 report shows that 2023 set a new record in renewables deployment in the power sector by reaching a total capacity of 3.87 TW globally.
Renewables accounted for 86% of all capacity additions.
However, growth is unevenly distributed across the world and the goal to triple renewable power by 2030 is still out of reach.
The 13.9% renewables expansion rate (473 GW) is led by China. The country accounted for 62.9% of the entire increase, with its 298 GW. Its own expansion amounted to 25.7%, to 1.45 TW.
For comparison, global growth was 10% in 2022.
“Policy interventions and a global course correction are urgently needed to effectively overcome structural barriers and create local value in emerging market and developing economies, many of which are still left behind in this progress. The patterns of concentration in both geography and technology threaten to intensify the decarbonisation divide and pose a significant risk to achieving the tripling target,” said Director-General of IRENA Francesco La Camera.
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