Recently, the International Energy Agency released the "Renewable Energy 2023" annual market report shows that the global renewable energy new installed capacity in 2023 than 2022 growth of 50%, installed capacity growth rate than any time in the past 30 years. The report predicts a period of rapid growth in global installed renewable energy capacity over the next five years, but key issues such as financing in emerging and developing economies still need to be addressed.

Renewable energy to become most dominant source of electricity by early 2025

The report is the first comprehensive assessment of global renewable energy development trends by the International Energy Agency (IEA) since the closing of the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change. The report shows that the global renewable energy new installed capacity reaches 510 GW in 2023. The IEA forecasts that under existing policy and market conditions, global installed renewable energy capacity is expected to reach 7,300 GW between 2023 and 2028. By early 2025, renewable energy will become the world's dominant source of electricity.

The report predicts that wind and solar power will account for 95% of new renewable energy generation over the next five years. By 2024, total wind and solar power will exceed hydroelectricity; wind and solar power will exceed nuclear power in 2025 and 2026, respectively. The share of wind and solar power will double to a combined 25% by 2028.

Global biofuels also usher in a golden period of development. 2023 biofuels are gradually promoted in the aviation sector and begin to replace more highly polluting fuels. In Brazil, for example, biofuel capacity will grow 30% faster in 2023 than the average of the past five years.

According to the International Energy Agency, governments are placing greater emphasis on providing affordable, secure and low-emission energy supplies, and stronger policy guarantees are the main drivers of the renewable energy industry's milestone development.

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