03/27/2024 | Press release | Distributed by Public on 03/27/2024 02:25
For China, solar and wind's increasing competitiveness against coal and gas power generation became the key driver of renewable power development. Meanwhile in the EU, enhanced policy focus and heightened energy security concerns have become the main catalysts for the rapid growth, apart from the increasing cost-competitiveness of renewables against fossil fuel alternatives.
Other regions that saw significant expansion were the Middle East at 16.6% increase and Oceania at 9.4% increase. The G7 countries as a group increased by 7.6%, adding 69.4 GW last year. The G20 nations on the other hand increased their capacity by 15.0%, reaching 3084 GW by 2023. However, for the world to reach over 11 TW for the tripling target requires the G20 members alone to reach 9.4 TW of renewable power capacity by 2030.
With solar energy continuing to dominate renewable generation capacity expansion, the report underscores that the growth disparity did not only affect geographical distribution but also the deployment of technologies. Solar accounted for 73% of the renewable growth last year, reaching 1 419 GW, followed by wind power with 24% share of renewable expansion.
IRENA's 1.5°C Scenario recommends a massive scaling up of financing and strong international collaboration to speed up the energy transition, putting developing countries as key priority. Investments are needed in power grids, generation, flexibility and storage. The pathway towards tripled renewable power capacity by 2030 requires a strengthening of institutions, policies and skills.
Technology highlights:
Read the full Renewable Capacity Statistics 2024 including the highlights, here.
Read more on the Systemin changes needed to triple renewable power capacity by 2030.