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Global renewable generation capacity increased by 9.6%, or 295 gigawatts (GW) last year, amounting to a total of 3,372 GW, the International Renewable Energy Agency (IRENA) revealed in a recent report.
Renewables delivered 83% of all electricity capacity installed last year, according to IRENA’s Renewable Capacity Statistics 2023.
The report underlined that renewable energy continues to grow at record levels despite global uncertainties, confirming the downward trend of fossil-fueled power generation.
Policies lead upward trend
IRENA’s Director-General Francesco La Camera said the continued record growth shows the resilience of renewable energy amid the lingering energy crisis.
He explained that the strong business case of renewables coupled with enabling policies has sustained an upward trend of their share in the global energy mix year on year.
‘But annual additions of renewable power capacity must grow three times the current level by 2030 if we want to stay on a pathway limiting global warming to 1.5 degrees Celsius (2.7 Fahrenheit),’ he asserted.
The report revealed that as energy demand is expected to rise in many regions of the world, the energy transition requires a step-change that delivers a strategic shift beyond the decarbonization of the supply side.
Although hydropower accounted for the largest share of the global total renewable generation capacity with 1,250 GW, solar and wind continued to dominate new generating capacity.
Together, both technologies contributed 90% to the share of all new renewable capacity in 2022. Solar capacity led it with a 22% increase, followed by wind energy, which increased its generating capacity by 9%.
