World added 50% more renewable energy capacity last year over 2022: IEA

World added 50% more renewable energy capacity last year over 2022: IEA

A solar tower and panels operate at the Mohammed bin Rashid Al Maktoum Solar Park as Dubai. The world's renewable energy grew at its fastest rate in the past 25 years in 2023, the International Energy Agency reported on Thursday. — AP

Published: Thu 11 Jan 2024, 2:02 PM

The world added 50 per cent more renewable energy capacity in 2023 over the year before, the International Energy Agency said on Thursday, predicting booming growth in the next five years.

The United Nations-led COP28 summit concluded in Dubai last month with nearly 200 nations agreeing to a first-ever call for the world to transition away from fossil fuels.

"The amount of renewable energy capacity added to energy systems around the world grew by 50 per cent in 2023, reaching almost 510 gigawatts, with solar PV accounting for three-quarters of additions worldwide," the energy watchdog said in a statement.

It said the largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022, while China's wind power additions rose by 66 percent year-on-year.

"The increases in renewable energy capacity in Europe, the United States and Brazil also hit all-time highs," said the report on the sector.

IEA chief