Renewables 2023 Report : IEA
The International Energy Agency (IEA)’s recent Renewables 2023 report paints a complex picture of the renewable energy sector, highlighting both progress and challenges.
Major Highlights of the Renewables 2023 Report:
- Global annual renewable capacity additions surged by nearly 50% to almost 510 gigawatts (GW) in 2023, marking the fastest growth rate in two decades.
- China played a pivotal role, commissioning as much solar photovoltaics (PV) in 2023 as the entire world did in 2022, while wind additions grew by 66% year-on-year.
- Renewables are projected to surpass coal as the largest source of electricity generation by 2025, with wind and solar PV becoming dominant sources by 2028.
- US, EU, India, Brazil: Supportive policies and improving economic attractiveness are driving accelerated growth in solar PV and onshore wind installations in these regions.
- Middle East and North Africa: Policy incentives are spurring renewable capacity growth.
- While sub-Saharan Africa is lagging despite its resource potential.
- India is forecast to add 205 GW over 2023-2028, doubling 2022’s cumulative installed capacity, making it the world’s third-largest market for renewables.
- Solar PV module prices dropped by nearly 50% in 2023 due to increased manufacturing capacity.
- Solar PV and onshore wind are cheaper than both new and existing fossil fuel plants, driving their rapid adoption globally.
- Emerging economies, led by Brazil, are driving biofuel expansion.
- Biofuels and renewable electricity in EVs are forecasted to offset significant oil demand by 2028, emphasizing their complementary role.
