Renewable energy grows at fastest rate in decades: IEA

Renewable energy expanded more than 50 percent last year compared to 2022, potentially putting the international goal of tripling capacity by 2030 in sight, according to the International Energy Agency (IEA).

Global energy systems’ renewable energy capacity reached nearly 510 gigawatts last year, according to the IEA. About 75 percent of the growth was in increased solar capacity, and the growth was driven predominantly by China. China commissioned an amount of solar equivalent to that commissioned worldwide in 2022, also increasing wind installations year over year.

Meanwhile, the IEA expects solar and onshore wind to more than double compared to the previous five years in the U.S., European Union nations, India and Brazil. Solar prices fell by about half last year as capacity is expected to overtake demand by the end of 2024.

In contrast, the wind power industry outside of China faces several obstacles, including snarls in the supply chain and a longer timeline for the permitting process than other forms of energy.

The IEA projected that under current government policies and economic conditions, worldwide renewable capacity will increase to 7,300 gigawatts between now and 2028, with wind and solar accounting for about 95 percent of the growth and renewables surpassing coal as the No. 1 source for electricity by 2025. 

Despite these advances, the IEA found that to meet the goal of tripling renewables, major financing in developing nations is needed.

“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,” IEA Executive Director Fatih Birol said in a statement. “Success in meeting the tripling goal will hinge on this.”      

The report also called for adjustments in developed economies to meet the goal, such as addressing policy uncertainty.

Although the report does not single out the U.S. in this case, every current GOP presidential candidate has expressed varying levels of skepticism about climate change and renewable energy and vowed to expand fossil fuel development.

At Wednesday night’s one-on-one GOP primary debate, both Florida Gov. Ron DeSantis and former U.N. Ambassador Nikki Haley pledged to roll back Biden-era renewable energy subsidies, while the front-runner, former President Trump, has falsely claimed wind power causes cancer.