Power capacity additions reached a new benchmark of 473 gigawatts in 2023 , but many countries are cut off from the bene�ts of energy transitions

Renewables accounted for 86 per cent of capacity additions . However , this growth is unevenly distributed worldwide , indicating a trend far from the tripling renewable power target by 2030 .

Asia led the 473 GW of renewables expansion again with a 69 per cent share ( 326 GW ). This growth was driven by China , whose capacity increased by 63 per cent , reaching 297.6 GW . This reflects a glaring gap with other regions , leaving many developing countries behind despite massive economic and development needs . Even though Africa has seen some growth , it paled in comparison with an increase of 4.6 per cent , reaching a total capacity of 62 GW .

IRENA Director-General Francesco La Camera said : “ This extraordinary surge in renewable generation capacity shows that renewables are the only technology available to rapidly scale up the energy transition aligned with the goals of the Paris Agreement .

“ Nevertheless , the data also serves as a telltale sign that progress is not moving fast enough to add the required 7.2 TW of renewable power within the next seven years , per IRENA ’ s World Energy Transitions Outlook 1.5 ° C Scenario .”

Policy interventions and a global course correction are urgently needed to effectively overcome structural barriers and create local value in emerging markets and developing economies , many of which are still left behind in this progress .

The concentration patterns in both geography and technology threaten to intensify the decarbonisation divide and pose a significant risk to achieving the tripling target .

For China , solar and wind ’ s increasing competitiveness against coal and gas power generation became the key driver of renewable power development . Meanwhile , in the EU , enhanced policy focus and heightened energy security concerns have become the main catalysts for rapid growth , apart from the increasing cost-competitiveness of renewables against fossil fuel alternatives .

Other regions that saw significant expansion were the Middle East at a 16.6 per cent increase and Oceania at a 9.4 per cent increase . The G7 countries , as a group , increased by 7.6 per cent , adding 69.4 GW last year . The G20 nations , on the other hand , increased their capacity by 15.0 per cent , reaching 3084 GW by 2023 .

However , for the world to reach over 11 TW for the tripling target requires the G20 members alone to reach 9.4 TW of renewable power capacity by 2030 .

With solar energy continuing to dominate renewable generation capacity expansion , the report underscores that the growth disparity did not only affect geographical distribution but also

“ Policy interventions and a global course-correction are urgently needed .” - Francesco La Camera the deployment of technologies . Solar energy accounted for 73 per cent of the renewable growth last year , reaching 1,419 GW , followed by wind power , which had a 24 per cent share of renewable expansion .

IRENA ’ s 1.5 ° C Scenario recommends a massive scaling up of financing and solid international collaboration to speed up the energy transition , prioritising developing countries .

Investments are needed in power grids , generation , flexibility and storage . The pathway towards tripled renewable power capacity by 2030 requires strengthening institutions , policies and skills . Technology highlights :

• Solar energy : solar photovoltaics increased by 345.5 GW last year , while concentrated solar power increased by 0.3 GW . China alone added 216.9 GW to the total expansion .

• Renewable hydropower ( excluding pumped hydro ): capacity reached 1 , 270 GW , with expansion lower than in recent years . Australia , China , Colombia and Nigeria added more than 0.5 GW each .

• Wind energy : wind grew at an increased rate of 13 per cent , following behind solar energy . By the end of 2023 , total wind capacity reached 1,017 GW . China and the United States dominated expansion .

• Bioenergy : expansion slowed with a three per cent increase , adding 4.4 GW compared to 6.4 GW in 2022 . After China , significant increases took place in Japan , Brazil and Uruguay .

• Geothermal energy : geothermal energy increased by a very modest 193 MW , led by Indonesia .

• Off-grid electricity : capacity – in regions outside Europe , North America and Eurasia - grew by 4.6 per cent , reaching 12.7 GW , dominated by off-grid solar energy , which reached 5 GW by 2023 . – @ green