Global Climate Goals Still Unreachable Despite Record Renewable Growth

Renewable energy installations reached record highs in 2023, growing at their fastest pace in decades. 510 gigawatts GW of renewable energy were added worldwide, representing a 50% increase from 2022, according to figures from the International Energy Agency IEA’s annual flagship report on the global status of renewable energy. Projections show that the sector’s expansion will continue to accelerate, with an anticipated 2.5-fold increase by 2030.

Still other countries such as Germany and Portugal are able to sustain themselves on 100% renewables in short bursts. The majority of this growth came from photovoltaic solar power. This sector alone accounted for 73% of all renewable energy growth in 2023. By the end of the year, solar energy represented 37% of the world’s total renewable energy capacity. Wind energy has also been a big driver of the global uptick in renewable energy production and consumption in recent years.

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