Global renewable energy capacity additions jumped 50% in 2023 to a record 510 GW, driven by a massive increase in China, according to an annual market report by the International Energy Agency (IEA).
China continued leading the growth globally in 2023, with wind additions rising 66% from the 2022 level while its solar additions were equivalent to the total added worldwide in 2022, said the report.
Growth in Europe, the U.S. and Brazil also hit record highs in 2023.
Looking ahead, the Paris-based agency forecast 2023-2028 would be the fastest growth period for renewables, with capacity expected to reach 7,300 GW based on existing policies and market conditions. Renewables are set to become the largest source of global electricity by 2025.
However, IEA Executive Director Fatih Birol warned that the current pace of growth was still not enough to meet the goal of tripling renewable capacity by 2030 under the UN climate pact to limit global warming. Financing and deployment needs to accelerate rapidly in most emerging and developing economies, he said.
The report also assessed prospects for green hydrogen but said only 7% of planned production capacity was likely to come online by 2030 due to slow investment progress and higher costs.
(Writing by Alex Guo Editing by Harry Huo)
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