IRENA Reports a 345.5 GW Increase in Solar Capacity in 2023

In 2023, an extra 345.5 GW of solar capacity was globally deployed, as per IRENA’s official data in the Renewable Energy Capacity Statistics 2024 report. These figures significantly differ from BloombergNEF’s February data, which reported around 444 GW of newly installed PV capacity worldwide last year.

IRENA’s statistics show a 32.2% rise from 2022 and set a new annual record. Solar made up about 73% of total renewable energy installations in 2023, totaling 473 GW. China led with a 63% share in new solar capacity, adding 216.9 GW, while Asia as a whole installed 237.7 GW.

The United States, Germany, and Brazil contributed 24.8 GW, 14.3 GW, and 11.9 GW of solar capacity in 2023, respectively. Despite this progress, IRENA warns that uneven growth distribution globally may hinder reaching the goal of tripling renewable power capacity to 11 TW by 2030.

IRENA’s Director-General Francesco La Camera emphasized: the need for an annual addition of approximately 1,050 GW throughout the rest of the decade to align with a 1.5 C pathway, echoing recent findings.

IRENA highlighted: the urgent requirement for policy interventions and a global course-correction to effectively address structural barriers, create local value in emerging market and developing economies, many of which are still lagging behind in this advancement.

The concentration patterns in both geography and technology pose a significant risk to deepening the decarbonisation divide and hinder the achievement of the tripling target.

source: IRENA

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