Says Maria Virginia Olano in Canary Media’s Newsletter on 19 January 2024.

She relates a chart from the International Energy Agency (IEA), presenting the volume of renewable electricity by different sources over the years.

Renewable energy installations jumped nearly 50% last year, the most rapid growth rate in two decades. Renewable energy didn’t just grow last year — it expanded at a pace not seen in years.

An estimated 507 gigawatts of renewable electricity were added to grids around the world in 2023 — a new record, and an almost 50 percent year-over-year increase from 2022. That’s the fastest growth rate renewable additions have seen in over two decades.

Right now, the world is on track to reach about 7,300 gigawatts — or 7.3 terawatts, if you like — of total renewable capacity by 2028, a 75 percent increase over the cumulative 4.1 terawatts in 2023.

And yet, despite this astounding growth, that would still fall short of the goal set at COP28 last year of tripling renewables by 2030 — a target that would require total renewable capacity to reach 11,000 gigawatts.

See the full article and the chart here.

See also the Renewable Energy Progress Tracker of the IEA here.