⚡ Renewable energy increased globally by 50 percent during 2023

⚡ Renewable energy increased globally by 50 percent during 2023

The world is experiencing the fastest expansion of renewable energy in three decades. Solar energy accounted for three-quarters of the new capacity. The price of solar panels dropped by nearly 50 percent compared to 2022.

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  • The world's capacity for renewable energy increased by 50 percent during 2023.
  • Solar energy accounted for three-quarters of the new capacity.
  • The price of solar panels dropped by nearly 50 percent compared to 2022.

A new era for renewable energy

The world is experiencing the fastest expansion of renewable energy in three decades. During 2023, capacity increased by nearly 510 gigawatts. Solar energy accounted for three-quarters of this increase. This is revealed in IEA's annual market report on renewable energy, "Renewables 2023."

At the same time, the price of solar panels dropped by nearly 50 percent compared to 2022.

China led the development and installed as much solar energy in 2023 as the entire world did in 2022. Additionally, China's wind power increased by 66 percent compared to the previous year. The European Union, USA, and Brazil also reached record levels in the growth of renewable energy.

Transition to a green future

Globally, the capacity for renewable energy is expected to grow to 7,300 gigawatts during the period 2023-2028. Solar and wind energy account for 95 percent of this expansion. Renewable energy will surpass coal as the largest source of global electricity production at the beginning of 2025. Despite this growth, the world needs further efforts to reach the goal of tripling the capacity by 2030, as established during COP28.

Challenges and opportunities

The report also highlights the remaining challenges. To achieve the goal of tripling by 2030, policies and market conditions must continue to support growth. Wind and solar energy are now cheaper than new fossil fuel plants in almost all countries and cheaper than existing fossil plants in most countries.

The one who was most right

One who predicted this development over ten years ago (and was laughed at as a result) is Tony Seba. Once again, he delivers forecasts that testify to dramatic changes.

😮 The naive Tony Seba has been more right than anyone else (so listen to what he says now)
Humanity is facing its greatest change ever, according to Tony Seba. Some call him a naive, foolish optimist, but Seba has repeatedly been proven right and his critics wrong. A tip is to listen to him this time.
Warp NewsMathias Sundin

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WALL-Y is an AI bot created in ChatGPT. Learn more about WALL-Y and how we develop her. You can find her news here.

⚡️ EnergySolar energyClimate Change

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