The historic boom in renewable power
International Energy Agency (IEA)
Committed to shaping a secure and sustainable energy future for all.
Huge expansion of renewable power opens door to tripling target set at COP28
The world’s capacity to generate renewable electricity is expanding faster than at any time this century, according to our new report . This gives it a real chance of achieving the goal of tripling global capacity by 2030 that governments set at the COP28 climate change conference last month.
Renewables 2023 features the first in-depth assessment of trends in renewables deployment since COP28 concluded. It includes a detailed country-by-country analysis on progress towards the global tripling target – and explores what is possible if policy makers accelerate support for renewables more rapidly than planned.
The amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023 to almost 510 gigawatts (GW), with solar PV accounting for three-quarters of additions, according to the latest edition of the annual market report. The largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022.
The report shows that under existing policies and market conditions, global renewable power capacity is now expected to soar to 7 300 GW between 2023 and 2028, the period covered by the forecast. Solar PV and wind account for 95% of the expansion, with renewables overtaking coal to become the largest source of global electricity generation by early 2025.?
Despite unprecedented growth over the past 12 months and the strong medium-term outlook, the world needs to go further to triple capacity by 2030. Currently, renewable power capacity is on track to increase two-and-a-half times by the end of the decade.
The report is the first major instalment of the IEA’s commitment to tracking progress on the energy outcomes at COP28 in Dubai last month. Delivering on those promises will be critical to keep open the possibility of limiting the rise in global temperatures to the Paris Agreement goal of 1.5 °C. In addition to monitoring progress, our Agency will work closely with policy makers and the energy sector on policy design and implementation.
This quarter, we will also publish our annual Global Methane Tracker, the international benchmark for tracking the energy sector’s emissions of the greenhouse gas. And our Ministerial Meeting in Paris next month will bring together high-level energy and climate ministers for the first time since COP28, serving as an important venue for determining next steps.
Read the Renewables 2023 report and, explore the accompanying data explorer that tracks countries’ progress towards the tripling goal, and watch the launch event with our Executive Director Fatih Birol and lead author Heymi Bahar.
Addressing global energy and climate issues at the World Economic Forum in Davos
Our Executive Director spoke extensively about making COP28’s promises a reality at last week’s World Economic Forum in Davos, Switzerland, where he held meetings with high-level government officials and leaders from the private sector to discuss the latest energy sector trends and what’s needed to meet international climate and sustainable development goals.
Dr Birol met with Brazilian Minister of Mines and Energy Alexandre Silveira and Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri in Davos to discuss the energy and climate priorities of the two countries’ G20 Presidencies. (Brazil holds the G20 Presidency for 2024, and India held it in 2023.) Their conversations touched on how the IEA can continue to provide support for their work.
The IEA provided expert analysis and advice on energy, climate and development issues for India’s Presidency, including on renewables, energy efficiency, innovation and India’s Lifestyle for Environment (LiFE) initiative. For Brazil’s Presidency this year, the IEA and the Brazilian government have agreed to intensify collaboration in areas such as energy access, clean energy manufacturing and efforts to ensure fair and inclusive energy transitions. A key priority for both India and Brazil’s G20 Presidencies is biofuels, an important and growing area of clean energy where both countries are playing a leading role.
Dr Birol also took part in a panel focused on COP28's outcomes with US Special Presidential Envoy for Climate John Kerry, Azerbaijan's Minister of Economy Mikayil Jabbarov and Engie CEO Catherine MacGregor, where he emphasised the need for governments to take strong action ahead of the next UN climate summit in Baku later this year. And he sat down with UN Framework Convention on Climate Change Executive Secretary?Simon Stiell, holding a constructive discussion on how to deliver on the commitments made in Dubai.
Read more on Dr Birol’s meeting with the Brazilian and Indian Ministers in our news item and find out more about his high-level engagements in Davos on his LinkedIn and X (formerly known as Twitter) accounts.
Global oil supply set to grow faster than demand in 2024
Growing geopolitical tensions in the Middle East, which accounts for one-third of the world’s seaborne oil trade, has added to uncertainty in oil markets at the start of 2024, according to our latest monthly Oil Market Report . But aside from the geopolitical risk, markets look as though they should be adequately supplied this year.
US and UK airstrikes on Houthi targets in Yemen in response to the Iran-backed group’s attacks on tankers in the Red Sea have raised concerns that an escalation of the conflict could further disrupt the flow of oil via key trade chokepoints. While oil and LNG production have not been impacted, a rising number of ship owners are diverting cargoes away from the Red Sea.
Barring significant disruptions to oil flows, the market looks reasonably well supplied in 2024, with higher-than-expected non-OPEC+ production increases set to outpace oil demand growth by a healthy margin. This year, global oil supply is forecast to rise by 1.5 million barrels per day, led by growth in the United States, Brazil and Guyana. Meanwhile, the annual increase in global oil demand is expected to halve to 1.2 million barrels per day.
Read the highlights and overview for our Oil Market Report for January.
Leaders of Tanzania and Norway to co-chair IEA Summit on Clean Cooking in Africa
We recently announced that President Samia Suluhu Hassan of Tanzania and Prime Minister Jonas Gahr St?re of Norway will join our Executive Director as co-chairs of the IEA’s Summit on Clean Cooking in Africa taking place in Paris this spring, which aims to make 2024 a turning point for progress on ensuring clean cooking access for all Africans.
Today, nearly four in five Africans cook their meals over open fires and traditional stoves, using wood, charcoal, animal dung, and other polluting fuels. This has dire impacts on health, gender equality and the environment, with women and children bearing the worst consequences.?
The IEA was the first international agency to start tracking energy access more than two decades ago and has been a clear and consistent voice advocating for clean cooking access ever since.
The Summit will take place on 14 May at the IEA’s headquarters in Paris.
领英推荐
Russia’s attacks on Ukraine’s energy sector have escalated again as winter sets in
For the second consecutive winter, Russia has increased military attacks on Ukraine’s energy system, significantly undermining the security of the country's power supply, according to our new commentary .
The bombing campaign – which lasted throughout the 2022/23 heating season and resumed in recent months – has targeted a wide range of energy infrastructure, from power plants to oil refineries and district heating facilities.
Ukraine made significant efforts to improve energy security ahead of this winter, but it is still set to be extremely challenging. Not all energy facilities could be fully repaired before temperatures dropped and new strikes are causing fresh damage. A long-lasting cold snap would also pose risks.
The IEA and many of our member countries are working closely with Ukraine to help the country’s energy system recover from Russia’s attacks and lay the groundwork for its transition to a secure and sustainable energy future. Ukraine officially joined the IEA Family as an Association country in July 2022, and over the past year, the IEA and Ukraine have strengthened their cooperation.
Read the commentary on safeguarding Ukraine’s energy security.
In other news…
We recently hosted a webinar that looked at doubling global progress on energy efficiency, another of the key goals that nearly 200 countries agreed to at COP28 in Dubai. Our Head of Energy Efficiency and Inclusive Transitions Brian Motherwayand other IEA experts discussed how the goal is measured, why it is important and what steps governments can take to achieve it. Watch a playback of the session .
Another recent webinar focused on clean energy programmes for low-income households. The session, which featured experts from Canada, Ireland, Mexico and the United States, looked at how targeted measures can ensure clean energy is accessible to all, a key part of the IEA’s expanding work on people-centred energy transitions. More details can be found here .
ENERGY SNAPSHOT
Renewable energy capacity soared in 2023. But it will grow even faster over the next five years, according to our recently published Renewables 2023 report. Under today’s policies and trends, global capacity is on track to rise to 7,300 gigawatts in 2028. The growth could be even stronger if governments address key barriers, such as insufficient investment in grid infrastructure. Read more in the report .
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COMING UP
24 January: Electricity 2024
25 January: Energy Policies of Senegal
26 January: Gas Market Report (Q1)
13-14 February: IEA 2024 Ministerial Meeting
15 February: Oil Market Report
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Solar power is NOT the Answer. Wind is NOT the Answer either. Renewable energy is a bad joke. The industry is only here because engineers said energetic science hasn't changed in over 300 years. Since there's no solution, they'll profit from pretending to look for one. Hence, Wind, Solar, Hydrogen, Geothermal and all the rest... Don't be fooled, the engineers are repeating exactly what they paid a lot of money in tuition to believe is the truth.? What if I told you the scientific community overlooked something back in the 1840s.? E=MC2 is an answer, but its the wrong answer. The last scientific hero with a valid answer, was Michael Faraday!!!? We have begun to destroy our environment and wiped an unknown number of species because of an oversight. Solar spends 50% of the time waiting for the Sun to shine, then prey it shines enough. Wind spends 60% of the time waiting for the wind to blow, then 60% of that time, hoping it blows hard enough. Nuclear spends 100% of the time threatening to kill us all. This new technology is 100% Weatherproof, 100% Sustainable, 100% Clean and Fully Disposable. It's called Self-Propulsion, and it's 100% Scalable so it will fit unlimited applications.?Like they say in Hollywood, Stay Tuned!!!
Attended The national eldoret polytechnic
9 个月?? is this report based on facts even or are you trying to con money out of peoples pockets
Business Development - Investing - Entrepreneurship
9 个月What is the IEA's take on the number of resources consumed to make solar PV happen at this scale?