Huge rise in use of solar power accounted for half of renewable energy capacity added last year

Solar panels are becoming increasingly visible in Irish homes and businesses in recent months, bolstered by grants and incentives by the Government. Picture: Andrew Matthews/PA Wire

The amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023, propelled by huge momentum in solar power, according to the International Energy Agency (IEA).

In an optimistic outlook, the IEA said the world’s capacity to generate renewable electricity is expanding faster than at any time in the last three decades, and that 50% more renewable capacity was added globally last year than in 2022.

Solar Photovoltaic (PV) converts sunlight into electrical energy and is seen as one of the best ways to transition away from traditional fossil fuels like oil and gas in the coming decades, and solar panels are becoming increasingly visible in Irish homes and businesses in recent months, bolstered by grants and incentives by the Government.

The IEA said solar PV accounted for three-quarters of additions worldwide to renewable energy systems in 2023.

The largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022, while China’s wind power additions rose by 66% year-on-year, the IEA said. It added  increases in renewable energy capacity in Europe, the United States and Brazil also hit all-time highs.

However, amid the optimism, the IEA warned despite the unprecedented growth over the past 12 months, the world needs to go further to triple capacity by 2030.

The tripling of renewable energy by the end of the decade was one of the key agreements of national governments at the recent UN climate summit Cop28 in Dubai. 

IEA executive director Fatih Birol said: “The new report shows that under current policies and market conditions, global renewable capacity is already on course to increase by two-and-a-half times by 2030. 

"It’s not enough yet to reach the Cop28 goal of tripling renewables, but we’re moving closer — and governments have the tools needed to close the gap."

He said onshore wind and solar PV are cheaper today than new fossil fuel plants almost everywhere, and cheaper than existing fossil fuel plants in most countries. 

"For me, the most important challenge for the international community is rapidly scaling up financing and deployment of renewables in most emerging and developing economies, many of which are being left behind in the new energy economy," Mr Birol said.

The IEA did sound caution on so-called renewable hydrogen, saying a "reality check" was needed on its rollout in the next seven years.

Green hydrogen produces energy through the electrolysis of water, while eliminating emissions by using renewable energy. 

Its supporters say it could completely revolutionise clean energy, while its detractors say it is too cumbersome and costly to achieve on a mass scale.