Home » IEA Renewables 2023: Analysis and forecast to 2028 

IEA Renewables 2023: Analysis and forecast to 2028 

by Madaline Dunn

The International Energy Agency (IEA) has released its Renewables 2023 report, which has revealed that in 2023, the world added 50% more renewable capacity. 

Further, it shared that the world’s capacity to generate renewable electricity is expanding faster than at any time in the last three decades.

It was found that China was a key driver here, commissioning as much solar PV as the entire world combined did in 2022. 

In addition to solar, China’s wind additions also grew by 66% year-on-year. 

However, the report noted that while under current policies and market conditions, global renewable capacity is on course to increase by two-and-a-half times by 2030, IEA Executive Director Fatih Birol said it’s not yet enough to reach the COP28 goal of tripling renewables.” 

“Governments have the tools needed to close the gap,” said Birol.

Indeed, the report notes that by overcoming current challenges and implementing existing policies more quickly, governments can close the gap and reach over 11,000 GW by 2030. 

Some of these challenges, which the report said vary from country to country, include: 

  • Policy uncertainties and delayed policy responses to the new macroeconomic environment
  • Insufficient investment in grid infrastructure preventing faster expansion of renewables 
  • Cumbersome administrative barriers and permitting procedures and social acceptance issues, and
  • Insufficient financing in emerging and developing economies.

For the full report and further insights, head over here.

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