Renewables Surge Ahead but Still Fall Short of Climate Goals

Friday 12 January 2024 - 10:55

A new report reveals a record-breaking surge in global renewable energy infrastructure installation last year, but critical climate targets remain unmet, highlighting the urgency for more substantial efforts.

In 2023, an astounding 507 gigawatts (GW) of renewable electricity generation capacity came online, marking a remarkable 50% increase from the previous year, as disclosed by the International Energy Agency (IEA) on Thursday. IEA Chief Fatih Birol described this achievement as an "enormous, historic leap," equivalent to the combined renewable energy capacities of Germany, France, and Spain.

Solar power played a pivotal role, constituting three-quarters of the new additions. China dominated the landscape, contributing 60% to the overall growth, while notable momentum shifts were also observed in Europe, the United States, India, and other regions.

Despite these positive strides, more action is imperative. The IEA report forecasts that over the next five years, renewables will experience their "strongest growth" in three decades. Driving this momentum are sharply declining costs with solar module prices plummeting nearly 50% last year alone and an escalating global concern about climate change.

However, does this surge align with the COP28 goal of tripling renewable energy capacity by 2030? The IEA modeling suggests that, under current policy conditions, renewable capacity would only increase 2.5 fold this decade, falling short of the threefold target.

IEA Chief Fatih Birol emphasized that governments possess the necessary tools to bridge this gap. Streamlining permitting processes, investing in grid upgrades, and implementing clear policy support in emerging economies are crucial steps to accelerate progress.

The central message is unequivocal: while unprecedented progress is being made in renewables, additional efforts are imperative to secure a sustainable climate future. Dean Cooper of WWF succinctly captures the sentiment, stating, "Renewable power growth is rocketing ahead quickly, but still not quickly enough." Cooper urges individuals to increase pressure on governments, emphasizing the need to translate words into actionable policies for a livable planet.