In 2025, RES will become the largest source of energy in the world - IEA report

In 2023, 50% more new renewable energy facilities were installed than in 2022. The next 5 years are expected to show the fastest global growth of RES. This is stated in the IEA Renewables 2023 report, ExPro reports.

"The world's potential for renewable electricity generation is growing faster than at any time in the last three decades, giving it a real chance to meet the goal of tripling global capacity by 2030, which governments set at the COP28 climate change conference," the report said.

According to the IEA, solar power plants in 2023 will account for three-quarters of the new installed capacity. The biggest increase was in China, where in 2023 the same number of wind turbines were put into operation as in the whole world in 2022, while wind turbines in China grew by 66% compared to last year. Renewable energy capacity additions in Europe, the United States and Brazil also reached historic highs.

“Today, onshore wind and solar power plants are cheaper than new fossil fuel power plants and cheaper than existing fossil fuel power plants in most countries. There are still some major hurdles to overcome, including a challenging global macroeconomic environment. For me, the most important challenge for the international community is to rapidly increase the financing and implementation of renewable energy sources in most developing economies, many of which have been left behind in the new energy economy. Success in achieving the tripling goal will depend on this," says IEA Executive Director Fatih Birol.

The IEA predicts that in early 2025, renewable energy sources will overtake coal and become the largest source of energy for electricity production worldwide. By 2028, potential renewable electricity generation is expected to reach 14,430 TWh, nearly 70% more than in 2022.