Record growth in renewables in 2023, but progress needs to be equitable: IRENA

Last year saw a new record in renewables deployment in the power sector, with a total capacity of 3,870 gigawatts (GW) globally, according to the International Renewable Energy Agency (IRENA) on Wednesday.

The report, Renewable Capacity Statistics 2024, reveals that renewables accounted for 86% of capacity additions. The global distribution of this growth, however, indicates a trend that is far from the 2030 target of tripling the amount of renewable power generated.

According to IRENA, the 473 GW of renewables expansion was led once again by Asia, with a 69% share, to reach 326 GW. China led this growth, with capacity increases of 63% to 297.6 GW.

Although Africa saw some growth, it paled in comparison with only a marginal growth rate of 4.6% to 62 GW.

Commenting on the report, IRENA Director-General Francesco La Camera said, ‘This extraordinary surge in renewable generation capacity shows that renewables are the only technology available to rapidly scale up the energy transition aligned with the goals of the Paris Agreement.”

‘Nevertheless, the data also serves as a telltale sign that progress is not moving fast enough to add the required 7.2 terawatt-hours (TW) of renewable power within the next seven years, in accordance with IRENA’s World Energy Transitions Outlook 1.5°C Scenario,’ he added.

• GW
• International Renewable Energy Agency (IRENA)