Renewables grew rapidly in 2023, but must grow faster still to meet climate change target, IEA says

The amount of renewable energy installed around the world last year grew at its fastest rate in the past 25 years

BENGALURU, India -- The world's renewable energy grew at its fastest rate in the past 25 years in 2023, the International Energy Agency reported Thursday in its first assessment since nations agreed in December on ambitious new targets to slow dangerous climate change.

The Paris-based agency said rapid growth of solar in China was the main driver as the world added nearly 510 gigawatts — enough to power nearly 51 million homes for a year — with Europe, the United States and Brazil also seeing record growth.

IEA Executive Director Fatih Birol said renewable energy is on course to increase by 2 1/2 times by 2030. That would fall short of the tripling that nations agreed on at last month's annual United Nations climate talks in Dubai, but Birol said the goal is reachable. Increasing funds for clean energy in developing countries is the biggest challenge to getting to 11,000 gigawatts from the nearly 3,400 gigawatts of 2022, he said.

“Success in meeting the tripling goal will hinge on this,” he said.

Countries set a goal of limiting global warming to 1.5 degrees Celsius (2.7 Fahrenheit) at the 2015 Paris climate talks to avert the worst consequences of climate change. Earth is just below that limit, with scientists this week reporting 2023 was the hottest year on record and projecting that January will be so warm that a 12-month period will exceed the 1.5-degree threshold for the first time.