Global renewable energy capacity in 2023 grew at the fastest pace in 20 years, putting the world on track to meet the key Cop28 climate target by the end of the decade.
Global renewable energy grew by 50% last year to 510 gigawatts (GW) in 2023, the 22nd consecutive year of renewable capacity growth, setting a new record.
This impressive growth offers a “real chance” for world governments to fulfill the pledge agreed at the Cop28 climate talks in November. Namely, to triple renewable energy capacity by 2030 to significantly reduce fossil fuel consumption.
Solar energy accounted for three-quarters of the new renewable energy capacity installed worldwide last year. Most of the world’s new solar power plants were built in China, which installed more solar power last year than the rest of the world despite subsidy cuts in 2020 and 2021.
Record growth rates in Europe, the United States, and Brazil have allowed renewables to overtake coal as the largest source of global electricity generation by early 2025. According to forecasts, by 2028, renewable energy sources will account for more than 42% of global electricity production.
Tripling global renewable energy by the end of the decade to help cut carbon emissions is one of the five major climate goals designed to prevent abrupt global warming, along with doubling energy efficiency, reducing methane emissions, transitioning away from fossil fuels, and increasing funding for new and emerging economies.
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