The International Energy Agency (IEA) recently reviewed 14 major trends that will affect the development of the renewable energy industry in 2023, and predicted changes in the energy industry in 2024.

Installed renewable energy capacity to grow rapidly in 2023, driven by growth in China's PV market

According to data recently released by the International Energy Agency (IEA), global installed renewable energy capacity is expected to grow by nearly 50% to nearly 510GW in 2023, reportedly the fastest growth in the renewable energy sector in the last 20 years.

The agency claimed that the installed renewable energy capacity installed globally in 2023 set another record and became the 22nd consecutive year of growth. Countries such as Europe, the United States and Brazil have also seen significant growth in installed renewable energy capacity installed in 2023, reaching record highs.

According to the analysis, by 2022, the installed capacity of photovoltaic systems installed in China will equal the total installed capacity in the rest of the world. In the global energy mix, while new installed wind power capacity grew by 66% year-on-year, PV systems alone accounted for three-quarters of new global renewable energy capacity.

Figure 1 by region of the global installed renewable energy installed capacity development trend

Policy implementation is key to realizing the goal of tripling global installed renewable energy capacity by 2030

The IEA states in its report that "under current policy and market conditions, cumulative installed global renewable energy capacity is projected to reach 7,300 GW by 2028. following this growth trajectory, installed global renewable energy capacity will increase to 2.5 times its current level by 2030, failing to meet the target of tripling growth. "

Figure 2 Installed renewable energy capacity in China and the rest of the world in 2023 (GW)

For governments around the world to close this gap and achieve the cumulative target of installing more than 11,000 GW of renewable energy by 2030, they will need to overcome a number of challenges that they currently face, which fall into four main categories and vary from country to country:

(1) Policy uncertainty and lagging policy responses to the new macroeconomic environment.

(2) Insufficient investment in grid infrastructure, which hinders the rapid expansion of renewable energy.

(3) Cumbersome approval and licensing processes and social acceptance issues.

(4) Inadequate financing in emerging and developing economies. The cases in this report show that addressing these challenges could increase the growth rate of installed renewable energy capacity by nearly 21%, driving the trajectory of achieving the commitment to triple the global installed renewable energy capacity.

Figure 3 Gaps and future trends towards the goal of tripling global installed renewable energy capacity

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