SkyPower Global’s Post

IEA’s Renewables 2023: Analysis and forecasts to 2028 Summary: The "Renewables 2023" report by the International Energy Agency (IEA) provides an extensive analysis of the global renewable energy sector, with a focus on the rapid expansion and future prospects: Record Growth in Renewable Capacity: Global annual renewable capacity additions surged by nearly 50% in 2023, reaching approximately 510 GW. This marks the fastest growth in two decades and the 22nd consecutive year of record-setting additions. China's Exceptional Contribution: China played a pivotal role in this growth, particularly in solar PV, where it added as much capacity in 2023 as the entire world did in 2022. Wind energy in China also saw a 66% increase. Global Trends and Milestones: Solar PV dominated the global renewable additions, while wind and solar PV are expected to surpass other forms of electricity generation in the coming years, overtaking coal as the largest source by 2025. Challenges and Policies: Achieving the COP28 target of tripling global renewable capacity by 2030 hinges on overcoming policy uncertainties, investment in grid infrastructure, administrative barriers, and financing in emerging economies. Regional Contributions: The G20 countries, accounting for 90% of global renewable capacity, could triple their capacity by 2030 under accelerated policy implementation. However, other countries, including emerging and developing economies, also need to accelerate their installation rates. Solar PV and Wind Energy Economics: The cost-competitiveness of solar PV and wind has improved, making them cheaper than new and existing fossil fuel plants in many cases. Challenges in Wind Industry: The wind industry, particularly offshore wind, faces challenges like supply chain disruptions, higher costs, and longer permitting timelines. Renewable Energy and Hydrogen Production: Renewable capacity dedicated to hydrogen-based fuel production is growing, with China, Saudi Arabia, and the United States leading this expansion. Biofuel Expansion: Emerging economies, led by Brazil, are driving global biofuel expansion, with biofuels becoming a key element in reducing oil demand in transport. #Renewables2023 #GlobalEnergyTrends #ChinaRenewableEnergy #SolarPVExpansion #WindEnergyGrowth #COP28Goals #G20EnergyPolicy #RenewableCostCompetitiveness #WindIndustryChallenges #HydrogenFuelProduction #BiofuelDevelopment https://lnkd.in/ge58ibXF

Renewable Energy Capacity experienced its strongest growth in decades in 2023, with a 510 GW increase in global capacity additions in the year, up by 50% over 2022. In this trend, China is emerging as a key driver of the global growth, according to a new report released by the International Energy Agency’s (IEA). With this increase, the world is now on track to grow renewables capacity by 2.5x by 2030, putting the global goal established at the COP28 climate conference to triple renewable energy capacity by the end of the decade within reach, and to overtake coal as the largest source of global electricity generation by early 2025. Other regions apart from China that reached record renewable energy capacity increases included the U.S., EU, and Brazil, each of which are also expected to see solar PV and wind deployment more than double from 2023-2028 compared to the prior 5-year period. Read on to find out more: https://lnkd.in/gXi9pgQd #RenewableEnergy #Sustainability #ESG #COP28 Gordon Quek Senior Consultant | Perm Division Sustainability & ESG [APAC] | Commercial for Tech Personnel Registration Number: R21101039 Adecco Personnel Pte Ltd | UEN: 198500164K | EA License No.91C2918

🌍 Exciting News! 🌞 The world added 50% more renewable energy in 2023 than in 2022, putting the global goal of tripling clean energy within reach. The International Energy Agency's analysis found that renewables are tracking to increase by two-and-a-half times this decade, largely driven by solar power. This boost is a significant step towards combating climate change and reducing greenhouse gas emissions. Key Takeaways: Renewable energy on track to increase by two-and-a-half times this decade, largely driven by solar power. China, the world's largest polluter, saw a rapid expansion in the clean energy sector with significant increases in solar and wind power. The United States also announced that solar power would lead growth in electricity generation through 2025. The progress and commitments made at the Cop28 climate summit are encouraging, but there are still challenges to overcome. Rapidly scaling up financing and deployment of renewables in emerging and developing economies will be crucial for meeting the tripling goal. The shift towards renewables is not only a positive step for the environment but also presents opportunities for innovation and growth in the clean energy sector. Let's continue to support and drive this momentum towards a more sustainable future for our planet! 🌿💡 #RenewableEnergy #CleanEnergy #ClimateAction #Sustainability #SolarPower #WindPower #GlobalGoals

Just a thought of the day: The future of energy is brighter than ever! Exciting Developments in Renewable Energy! As we continue to push towards a sustainable future, the renewable energy sector is making remarkable strides. In 2023, the world saw a 50% increase in renewable capacity compared to the previous year, adding 507 gigawatts (GW) of new renewable power. This surge is largely driven by solar PV, which made up three-quarters of these global additions. This momentum aligns with the ambitious targets set at COP28, aiming to triple renewable energy capacity by 2030 and double energy efficiency improvements (https://lnkd.in/duR7V-2v) (https://lnkd.in/eMJHkP8m) This growth isn't limited to one region. Countries like China, the US, and several in Europe and Brazil have significantly boosted their renewable energy capacities, with China leading by commissioning as much solar PV in one year as the entire world did the previous year. The International Energy Agency (IEA) projects that by 2028, renewable sources will account for over 42% of global electricity generation. At IWNL Energy, we are thrilled to witness and contribute to these transformative changes in the energy landscape. Our commitment to innovative solutions and sustainable practices is stronger than ever as we support the global shift towards a cleaner, greener future. Let's continue to drive the energy transition forward!

"The stakes are too high to continue delaying the global surge forwards needed" ⚡Renewables are already the fastest-growing source of power worldwide, but we need to rapidly expand the sector to meet the 2030 goal. This year presents a valuable opportunity to implement laws and policies globally that can unleash rapid growth in renewables. 💭With a pressing need to meet the 2030 renewable energy goal, experts from across our global offices share their insights on the policy actions and business strategies needed to accelerate the energy transition in our latest blog. Read here 👇 https://lnkd.in/e7KBadCK #EnergyTransition #CISLEnergyTransition #Renewables #SustainableEnergy Katherine Quinn Beverley Cornaby Sibusiso Nkomo Pardo, Romain Corporate Leaders Groups Cambridge Institute for Sustainability Leadership (CISL) Africa

This is truly amazing news and a testament to our collective progress in changing the world's energy landscape to a greener, more sustainable one. #renewableenergy #energy #climate17

🌐 **Breaking News in Renewable Energy! 🌞** Exciting updates from the International Energy Agency (IEA): 🔍 **Key Takeaways:** - **Growth Surge:** Global renewable power capacity surged by 50% in 2023, hitting nearly 510 GW. - **Solar Dominance:** Solar PV led the way, contributing a staggering 75% of global additions. - **China's Impact:** China's growth is phenomenal, commissioning as much solar PV in 2023 as the entire world did in 2022. - **Global Projection:** The IEA predicts global renewable capacity to reach a whopping 7,300 GW by 2028. 🚀 **Noteworthy Achievements:** - **2025 Milestone:** Renewables poised to surpass coal as the largest global electricity source by early 2025. - **Tripling Goal:** Progress towards COP28's ambitious goal of tripling renewables by 2030 is evident, but there's more work to be done. 📈 **Exciting Outlook:** - **Accelerated Growth:** Accelerated policy implementation could boost renewable power capacity growth by 21%, aligning with the global tripling pledge. 🌍 **Regional Impact:** - **Solar and Wind Surge:** Anticipated doubling of solar PV and onshore wind deployment in the U.S., EU, India, and Brazil by 2028. 🔗 https://lnkd.in/eQHJQcgs Exciting times ahead as we witness the unstoppable rise of renewable energy! 💚🌍 #RenewableEnergy #CleanEnergy #Sustainability #ClimateAction #COP28Success

❗ The world’s capacity to generate renewable electricity is expanding faster than at any time in the last three decades, giving it a real chance of achieving the goal of tripling global capacity by 2030 that governments set at the COP28 climate change conference last month, the International Energy Agency (IEA) said in a new report today. 🆙 The amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023, reaching almost 510 gigawatts (GW), with solar PV accounting for three-quarters of additions worldwide, according to Renewables 2023, the latest edition of the IEA’s annual market report on the sector. 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% year-on-year. The increases in renewable energy capacity in Europe, the United States and Brazil also hit all-time highs, the agency said in the report. ❌ Unfortunately, according to Fatih Birol, International Energy Agency (IEA) Executive Director, it is not enough yet to reach the COP28 goal of tripling renewables, but we’re moving closer – and governments have the tools needed to close the gap. However, it fuels the optimism, after the 2023 climate events that global renewable capacity is already on course to increase by two-and-a-half times by 2030. Here is more reported by Energy Connects: Massive expansion of renewable power opens door to achieving global tripling goal set at COP28

Massive expansion of renewable power opens door to achieving global tripling goal set at COP28 "World added 50% more renewable capacity in 2023 than in 2022 and next 5 years will see fastest growth yet, but lack of financing for emerging and developing economies is key issue The amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023, reaching almost 510 gigawatts (GW), with solar PV accounting for three-quarters of additions worldwide, according to Renewables 2023. 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% year-on-year. The increases in renewable energy capacity in Europe, the United States and Brazil also hit all-time highs. The report shows that under existing policies and market conditions, global renewable power capacity is now expected to grow to 7 300 GW over the 2023-28 period covered by the forecast. Solar PV and wind account for 95% of the expansion, with renewables overtaking coal to become the largest source of global electricity generation by early 2025. But despite the unprecedented growth over the past 12 months, the world needs to go further to triple capacity by 2030, which countries agreed to do at COP28." https://lnkd.in/dTjsZGyg

Surely a general effort is needed to convince international political opinion to accelerate the use of renewable sources. At a time when there seems to be a decline in attention on such an important topic, we must adopt any communication tool to advance all this. #netzero #renewable #solarenergy