World added 50% more renewable energy capacity last year over 2022, largest growth in China: IEA

The International Energy Agency has reported a 50 per cent increase in global renewable energy in 2023 as compared to the previous year, anticipating substantial growth in the next five years.The COP28 summit, led by the United Nations, wrapped up in Dubai last month, with nearly 200 nations collectively endorsing an unprecedented appeal for a worldwide shift away from fossil fuels."The amount of renewable energy capacity added to energy systems around the world grew by 50 per cent in 2023, reaching almost 510 gigawatts, with solar PV accounting for three-quarters of additions worldwide," AFP quoted the energy watchdog saying in a statement.It said the largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022, while China's wind power additions rose by 66 per cent year-on-year."The increases in renewable energy capacity in Europe, the United States and Brazil also hit all-time highs," said the report on the sector.IEA chief Fatih Birol said the report showed that "under current policies and market conditions, global renewable capacity is already on course to increase by two-and-a-half times by 2030"."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," AFP quoted Birol as saying.Birol said onshore wind and solar PV were cheaper now than new fossil fuel plants as well as existing fossil fuel plants in most countries."The most important challenge for the international community is rapidly scaling up financing and deployment of renewables in most emerging and developing economies," he said."Success in meeting the tripling goal will hinge on this," Birol added.