Global Renewable Energy Capacity Surges, On Track to Triple by 2030

The International Energy Agency reported that global renewable energy capacity grew by 50% in 2023, with solar power accounting for three-quarters of the new capacity. This growth puts the world on track to meet the pledge to triple renewable energy capacity by 2030, potentially reducing reliance on fossil fuels. Record growth rates across various countries are expected to lead to renewables overtaking coal as the largest source of global electricity generation by early 2025. However, challenges remain in financing and deploying renewables in emerging and developing economies to meet the tripling goal.