New data on renewable energy usage reveals encouraging strides in environmental preservation, with power capacity additions reaching a record-breaking 473 gigawatts (GW) in 2023.
However, amidst these positive findings lies a less optimistic reality: many countries are being left behind in reaping the benefits of energy transitions.
The insights come from the Renewable Capacity Statistics 2024 report, recently released by the International Renewable Energy Agency (IRENA). IRENA, an organization offering guidance and assistance to governments on renewable energy policy and technology transfer, serves as a pivotal source of information in the renewable energy landscape.
According to the report, renewables accounted for a significant 86 percent of capacity additions. However, this growth is unevenly distributed worldwide, signaling a trajectory divergent from the target of tripling renewable power by 2030.
The bulk of the 473 GW expansion in renewables was spearheaded by Asia, claiming a substantial 69 percent share (326 GW). China played a pivotal role in driving this growth, witnessing a remarkable 63 percent increase in capacity, reaching 297.6 GW. In China, the increasing competitiveness of solar and wind energy against traditional coal and gas power generation emerged as a primary catalyst for renewable power development.
Additionally, growth was observed in the European Union, bolstered by a renewed policy focus and heightened energy security concerns stemming from geopolitical tensions. Other regions experiencing notable expansion include the Middle East, with a 16.6 percent increase, and Oceania, with a 9.4 percent rise. Collectively, the G7 countries registered a 7.6 percent increase, adding 69.4 GW in the past year.
However, these figures underscore a glaring gap between regions, with the majority of developing countries lagging behind.
For instance, Africa, while witnessing some growth, still trails behind other continents, with a modest increase of 4.6 percent, reaching a total capacity of 62 GW.
Francesco La Camera, Director-General of IRENA, emphasized the significance of these findings, stating, “This extraordinary surge in renewable generation capacity underscores renewables as the primary technology for rapidly advancing the energy transition in line with the Paris Agreement’s objectives.” However, La Camera also highlighted the urgent need for policy interventions and global collaboration to overcome structural barriers and ensure equitable progress, particularly in emerging markets and developing economies. Failure to address the disparities risks exacerbating the decarbonization gap and hindering efforts to achieve ambitious renewable energy targets.