IEA warns that record growth in renewable energy in 2023 will still fall short

According to one study, 2023 will see a record expansion of renewable energy, with nearly 50% more solar, wind, and other clean energy sources built than in 2022. report From the International Energy Agency (IEA). But this unprecedented pace lags behind the pace needed to reach net-zero emissions and limit dangerous climate warming by mid-century.

“When you look at the numbers, it definitely has a ‘wow’ effect.” Fatih Birolsaid the IEA Director-General at a press conference today. “Renewable energy expansion exceeds 500 gigawatts in 2023.”

Under existing policies, the IEA predicts that renewable energy will overtake coal to account for the largest share of global electricity in 2025. The IEA predicts that by the end of 2025, renewable energy capacity will increase by 2.5 times. “It's very good news,” Birol said.

This is a significantly higher increase than projections made ahead of the COP28 climate change summit to be held in Dubai in December 2023. report A paper published last November by British energy think tank Ember found that the world is on track to double production capacity by the end of 2010.

but, dave jones At Ember said this difference is mainly due to the latest data on China's unusual development of solar and wind power, rather than policy changes or new project announcements in the past few months. The IEA report says China will have access to more solar energy in 2023 than the entire world saw in 2022.

“China is the most important driver of this impressive growth that we will see in 2023,” Birol said. He also pointed to record renewable energy capacity increases in the US, Europe, Brazil and India as a key driver of the surge.

Nevertheless, the IEA forecasts that the world still lags behind the goal of tripling renewable energy capacity by 2030, one of the key outcomes agreed at COP28. .

“We're not there yet, but we're not miles away from that goal,” Birol said, adding that officials are concerned about what the COP28 goals on clean energy and methane will do in the “real world.” It added that it plans to closely monitor the situation.

Closing the renewable energy gap will require different interventions in different regions of the world, the report says. In high-income countries, this will include improving electricity grids and speeding up the granting of permits for large backlogs of energy projects. Low-income countries need improved access to finance for clean energy projects.

“We are talking about transitioning away from fossil fuels, but there are still many economies in Africa that are in debt,” he says. Amos Wemanya Speaking at PowerShift Africa, a Kenyan energy think tank, he added that some of the continent's clean energy investments are going to rich countries.

Mr Jones said if the twin COP28 targets of tripling renewable energy and doubling energy efficiency were met by the end of 2010, global carbon dioxide emissions would be cut by more than a third and fossil fuels would be cut by more than a third. It says it could start to be replaced by fuel. “2024 will be the year renewable energy goes from being a nuisance to an existential threat to the fossil fuel industry,” he says.