IRENA - Renewable Energy Capacity Statistics 2024, page 4

FOREWORD

Highlighting the continued progress achieved in the global energy transition, this latest ed ition of IRENA’s Renewable capacity statistics illustrates the growth of renewables in new installed power generation capacity in 2023.

By the end of 2023, renewables accounted for 43% of global installed power capacity. Yet, as we draw closer to a world in which renewable energy accounts for half of total capacity, many energy planning questions still need to be addressed to establish renewables as the most significant source of electricity generation - including in the context of grid flexibility and adaptation to variable renewable power.

2023 saw the largest increase in renewable energy capacity to date – with the addition of 473 gigawatts (GW) of renewables – expanding the stock of renewable power by 13.9%. Renewables accounted for a record 86% of global power additions, largely due to significant growth in solar and wind power. Solar power alone accounted for nearly three-quarters of renewable additions, with a record 346 GW, while 116 GW of wind energy was added.

Despite these unpreced ented renewable ad d itions in 2023, the world is still falling short of what is required to achieve the goal adopted at COP 28 to triple installed renewable power capacity by 2030 to reach 11 TW. With one less year to meet the goal, the world now needs additions of some 1 050 GW each year for the rest of this decade to keep the world on a 1.5°C pathway in accordance with the World Energy Transitions Outlook 1.5°C Scenario.

Looking ahead, we hope to see a much faster pace of growth in the stock of renewable power plants and distributed electricity generation around the world.

This report should serve not only as a valuable resource to track progress, but also as a reminder of the work that lies ahead to achieve a just, inclusive and sustainable future for all.

Francesco La Camera Director-General International Renewable Energy Agency