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IEA renewables 2023 report
January 22 , 2024
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- Renewable electricity capacity additions soared globally in 2023, reaching an estimated 507 GW.
- This marked a nearly 50% increase from the previous year.
- Global renewable capacity is forecast to reach 7300 GW by 2028.
- In 2024, variable renewable generation is expected to exceed hydropower.
- By 2025, renewables are projected to outpace coal-fired electricity generation.
- Additionally, in 2025, wind energy is likely to surpass nuclear electricity generation.
- In 2026, solar is expected to surpass nuclear electricity generation
- Finally, by 2028, solar is projected to exceed wind electricity generation.
- In 2028, renewable energy sources could account for 42% of global electricity generation, with the wind and solar share making up 25%.
- India is anticipated to account for half of the region’s growth, with the Association of Southeast Asian Nations contributing 14% and Japan 11%.
- India, in particular, is expected to add 205 GW of renewable capacity over 2023-2028.
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