Global RE capacity addition up 50% YoY in 2023

China saw the largest growth in renewable energy.

Renewable energy capacity additions globally increased by 50% year-on-year in 2023, reaching almost 510 gigawatts, with China leading the new installations, according to the International Energy Agency (IEA).

In a report, the IEA said solar power comprised 75% of the additions globally.

Per market, China led the deployment of new capacity, with its wind sector increasing by 66% compared to 2022, and installing solar capacity equivalent to the additions of the entire world.

The renewables powerhouse is also expected to account for nearly 60% of the new renewables capacity that will start operations by 2028 globally.

The United States, Europe, and Brazil also recorded all-time highs in terms of renewables growth.

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IEA Executive Director Fatih Birol said that whilst global renewable capacity is on track to increase by 2.5 times by 2030 under current market conditions, this will not be enough to reach the goal of tripling the renewable capacity.

Despite this, he acknowledges that governments have the tools to “close the gap.”

“Onshore wind and solar PV are cheaper today than new fossil fuel plants almost everywhere and cheaper than existing fossil fuel plants in most countries. There are still some big hurdles to overcome, including the difficult global macroeconomic environment,” he 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,” he added.