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Global Renewable Energy Capacity to Surge by 50% in 2023, IEA Urges Further Policy Support

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IEA

According to a report from the UK’s Independent on January 11th, experts say that the global added capacity of renewable energy will increase by 50% in 2023, potentially achieving the goal of doubling global clean energy in the next six years.

The International Energy Agency (IEA) is the most authoritative global organization in the field of clean energy. After analyzing current policies and market developments in the electricity, transportation, and heating sectors, the agency announced this news on the 11th.

The analysis found that renewable energy capacity will grow 2.5 times in this decade, primarily driven by solar power, accounting for three-quarters of global added capacity. The growth in added capacity is mainly propelled by China, with capacity in Europe, the United States, and Brazil reaching historic highs.

This report comes as good news, considering that scientists confirmed earlier this week that 2023 is expected to be the “hottest on record” due to emissions of greenhouse gases, primarily from the burning of fossil fuels.

Fatih Birol, the Executive Director of the International Energy Agency, stated, “Today, onshore wind and solar photovoltaic power are cheaper than almost all new-build fossil fuel power plants everywhere, and cheaper than most of the existing fossil fuel power plants in many countries.”

“We still have some major obstacles to overcome, including the challenging global macroeconomic environment. In my view, the most important challenge facing the international community is rapidly scaling up the financing and deployment of renewable energy in most emerging and developing economies. Many of these economies are lagging in the new energy economy, and the success of achieving the threefold target will depend on this,” Birol added.

At the 28th United Nations Climate Change Conference held last month in Dubai, 130 countries agreed to double renewable energy and increase energy efficiency by half by 2030.

The expansion of China’s clean energy industry is faster than anywhere else on Earth. According to data from the International Energy Agency, the country’s solar power generation last year was equivalent to the total of the entire world in 2022, with wind power generation increasing by 66% year-on-year.

Renewable energy

Data from the U.S. Energy Information Administration shows that the share of solar power generation will increase from 4% in 2023 to 7% in the next two years. However, the largest share will still belong to natural gas.

According to a report on January 12th by the Nikkei, the International Energy Agency released its latest report on the renewable energy market, including solar and wind power. The report indicates that if current policies and market conditions continue, global renewable energy capacity will reach 2.5 times the current level by 2030.

While the International Energy Agency gives some positive evaluations of the efforts of various countries, it believes that it is “still not enough” to achieve established goals. The agency calls on countries to further provide policy support and expand the use of renewable energy.

According to analysis, the price of solar panels in 2023 has dropped by around 50% compared to the previous year, and the significant cost reduction will rapidly drive its popularization.

The International Energy Agency emphasizes that further expanding the use of renewable energy must vigorously develop wind power. The global wind power-related industry supply chain is in chaos, with rising costs, leading to a deteriorating business environment.

In the future, in addition to advancing onshore wind power, countries will also promote offshore wind power. The International Energy Agency points out that expediting approvals and providing policy support by governments are urgent priorities.

Furthermore, hydrogen energy, which does not produce carbon dioxide when burned, is also expected to be promoted as a high-quality renewable energy for decarbonization. The International Energy Agency expresses concern in the report about the slow progress of hydrogen energy manufacturing projects.

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