Global Renewable Energy Growth Surges Amid Climate Goals
In a landmark report released today, the International Renewable Energy Agency (IRENA) highlighted renewable energy deployment worldwide. According to the agency, global renewable energy capacity additions grew significantly in 2023, with solar and wind leading the charge.
The report states that solar photovoltaic (PV) installations alone accounted for a majority of all new renewable capacity last year, a trend that has accelerated significantly in the past decade. “The transition to renewables is no longer a distant goal—it’s happening now,” said IRENA Director-General Francesco La Camera.
“We are seeing unprecedented momentum in renewable energy deployment, driven by falling costs, policy support, and growing climate ambitions. The energy transition is gathering pace, and 2023 was a historic year for renewables.”
China remained the largest contributor to renewable energy growth, adding new solar capacity in 2023. The country’s commitment to renewable energy has been a key driver of global progress. Meanwhile, the European Union saw its renewable energy share rise to over 40% of total electricity generation, up from just 30% in 2018.
Offshore wind energy also saw significant expansion, with global capacity increasing in 2023. The North Sea continues to be a hotspot for offshore wind farms, with projects like the Hornsea Two in the UK—currently the world’s largest offshore wind farm—adding substantial capacity.
Despite the progress, challenges remain. The report notes that over 750 million people still lack access to electricity globally, primarily in Sub-Saharan Africa and developing Asia. “While renewables are growing rapidly, we must ensure this growth is inclusive and reaches those most in need,” said La Camera.
Looking ahead, IRENA projects that renewable energy could supply a significant portion of global electricity by 2030, up from around 30% today. The agency emphasizes the need for continued policy support, investment, and technological innovation to meet international climate targets.
Sources: IRENA Renewable Energy Statistics 2024; International Energy Agency (IEA) World Energy Outlook 2023; BloombergNEF Global Renewable Energy Investment Trends.