, APAC
Photo by Pok Rie: https://www.pexels.com/photo/silhouette-of-electric-towers-during-sunset-3829454/

Global RE capacity addition up 50% YoY in 2023

China saw the largest growth in renewable energy.

Renewable energy capacity additions globally increased by 50% year-on-year in 2023, reaching almost 510 gigawatts, with China leading the new installations, according to the International Energy Agency (IEA).

In a report, the IEA said solar power comprised 75% of the additions globally.

Per market, China led the deployment of new capacity, with its wind sector increasing by 66% compared to 2022, and installing solar capacity equivalent to the additions of the entire world.

The renewables powerhouse is also expected to account for nearly 60% of the new renewables capacity that will start operations by 2028 globally.

The United States, Europe, and Brazil also recorded all-time highs in terms of renewables growth.

ALSO READ: Renewables lead APAC power project pipeline

IEA Executive Director Fatih Birol said that whilst global renewable capacity is on track to increase by 2.5 times by 2030 under current market conditions, this will not be enough to reach the goal of tripling the renewable capacity.

Despite this, he acknowledges that governments have the tools to “close the gap.”

“Onshore wind and solar PV are cheaper today than new fossil fuel plants almost everywhere and cheaper than existing fossil fuel plants in most countries. There are still some big hurdles to overcome, including the difficult global macroeconomic environment,” he said. 

“For me, the most important challenge for the international community is rapidly scaling up financing and deployment of renewables in most emerging and developing economies, many of which are being left behind in the new energy economy. Success in meeting the tripling goal will hinge on this,” he added.

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition
Some steps they could take are implementing green tariffs and setting infrastructure funds.
Global clean energy tech market to hit $2t by 2035
This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

Exclusives

Coal-dependent ASEAN told to scale up RE generation
A regional power grid could help governments in their renewable energy transition.
Indonesia told to tap communities in clean energy transition
Solar and wind power managed by villages could generate 96 million jobs over 25 years.
Indonesia to add 90 MW geothermal capacity
Three power plants in West and East Java and North Sumatra will start operating this year.