The International Energy Agency reported this week that adoption of renewable energy has expanded by more than 50% year-over-year.
As a result, the agency said that the world could meet its goal of tripling renewable energy capacity by 2030.
The IEA said that in 2023, renewable energy capacity of energy systems around the world reached almost 510 gigawatts. Of that growth, 75% was attributed to a significant increase in capacity for solar energy, with China responsible for much of that growth.
On its own, China commissioned new solar projects that were equivalent of what the entire world did combined in 2022. At the same, the country increased its installation of wind energy resources on a year-over-year basis.
In Brazil, India, European Nation countries and the United States, on-shore wind and solar projects are expected to double at the very least in 2024 compared to the last five years, the IEA said.
In addition, capacity for solar is expected to be more than demand by the end of this year, which has driven the price of solar energy down.
Despite this good news, there are concerns about the wind power industry in places outside China. Some of the major obstacles include supply chain snarls and a permitting process that is often much longer than that for other types of renewable energy.
Due to economic conditions and current policies put forth by various governments, the IEA said that it expects capacity for renewable energy across the world to increase to 7,300 gigawatts by the end of 2028. Solar and wind power are expected to account for roughly 95% of that growth.
By 2025, the agency says it expects renewable energy sources to surpass coal as the top source of electricity.
Even though major advances are being made in renewable energy, the IEA also reported that if the world wants to meet its goal of tripling the amount of renewable energy, developing nations are going to need some major financing.
In a statement, Faith Birol, the executive director of the IEA, said:
“For me, the most important challenge for the international community is rapidly scaling up financing and deployment of renewables in most emerging and developing economies, many of which are being left behind in the new energy economy. Success in meeting the tripling goal will hinge on this.”
The IEA report said there were further adjustments that needed to be made in some developed economies, including addressing uncertainty with policies, if the world wants to meet its goal.
The report didn’t specifically mention the United States here, although it did make veiled references to the country.
It seems as though many international organizations don’t like the fact that the top three Republican candidates for president have all promised that, if they were elected, they’d roll back at least some renewable energy initiatives while expanding the development of fossil fuels.
Both Nikki Haley and Ron DeSantis, for instance, pledged during this week’s GOP debate that they’d roll back subsidies for renewable energy that President Joe Biden has put into place.
