IEA: Renewable Energy Report 2023

In 2023, the world's new installed capacity of renewable energy power generation reached 507 GW, of which solar photovoltaic accounted for three quarters. After COP28 called for "tripling renewable energy installed capacity by 2030", the momentum for decarbonization is growing, and renewable energy is expected to achieve the fastest growth in the next five years. However, key challenges remain, especially the lack of capital in emerging and developing economies, which will lead to uneven distribution of clean energy around the world.

China saw the most significant growth in clean energy, with the same amount of solar photovoltaic capacity commissioned in 2023 as the global total a year earlier, and wind power capacity up 66% year-on-year. In addition to China's astonishing growth, the United States, Europe and Brazil also set new records for renewable energy capacity growth. Renewable energy capacity will continue to rise over the next five years.

Solar PV and wind power generation capacity is expected to account for 96% of new capacity added during this period, and new capacity is expected to more than double from 2022 to nearly 710 GW by 2028. Both clean energy sources are generally cheaper to generate electricity than non-traditional fossil fuels and non-fossil fuel alternatives, and policymakers are constantly developing frameworks to promote them.

The International Energy Agency predicts that renewable energy development will achieve the following milestones:

2024: Combined electricity generation from wind and solar PV exceeds that from hydropower.

2025: Renewable energy surpasses coal as the largest source of electricity generation.

2025 and 2026: Both wind and solar photovoltaic electricity generation surpass nuclear power generation.

2028: Renewable energy accounts for more than 42% of global electricity generation, with wind and solar photovoltaic power generation doubling to 25%.

With the global population expected to exceed 10 billion and the economy expected to double by 2050, improving energy efficiency is critical to achieving an affordable, secure and sustainable future.