Global renewable power capacity up by 50% in 2023 with China’s solar boom
![Global renewable power capacity up by 50% in 2023 with China’s solar boom](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/01/new-energy-supply-2023-11-27-05-17-08-utc-1-scaled.webp)
The global increase in renewable power capacity reached a 50% growth rate last year and is expected to continue setting records throughout this decade, propelled by the widespread adoption of cost-effective solar panels, particularly in China.
The International Energy Agency reported that a record-breaking 510 gigawatts of renewable energy capacity were installed in 2023, marking the 22nd consecutive year of growth.
With a significant expansion in China’s solar infrastructure, the world is making progress towards the goal established at the COP28 climate summit to triple renewable power by the decade’s end.
“Under current policies and market conditions, global renewable capacity is already on course to increase by two-and-a-half times by 2030,” IEA Executive Director Fatih Birol said.
“It’s not enough yet to reach the COP28 goal of tripling renewables, but we’re moving closer – and governments have the tools needed to close the gap.”
The substantial decline in solar panel costs played a pivotal role in enabling China to achieve a record increase in new clean power production in 2023, and there are indications that this momentum will persist.
The International Energy Agency (IEA) anticipates that from 2023 to 2028, China will construct approximately 30% more renewable capacity than the rest of the world combined.
The rapid growth in China has been so pronounced that the IEA revised its six-year clean power projection for the country upward by 64%.
The expansion of the rooftop solar sector is pivotal for the growth of the renewable energy industry, not only in China but also globally.
Homeowners and businesses are increasingly adopting this technology to reduce energy costs and emissions.
The distributed solar sector, often referred to as rooftop solar, is projected to experience a growth of over 200% from 2023 to 2028, surpassing the additions in wind power during the previous six years, as reported by the International Energy Agency (IEA).
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