Written by: Robert Costart
Updated on: 26 October 2024
Written by: Robert Costart
Updated on: 26 October 2024
Why Solar Energy is the Driving Force Behind 2023’s Renewable Growth
Why Solar Energy is the Driving Force Behind 2023’s Renewable Growth
The Rise of Renewable Energy Capacity
According to the International Energy Agency (IEA) in their Renewables 2023 report, 2023 saw global renewable energy capacity reach new heights, with solar alone driving a staggering 50% increase compared to previous years. This ongoing trend marks 22 consecutive years of growth, signifying solar's dominance by accounting for three-quarters of new capacity worldwide. Notably, China led this charge, contributing new solar additions equivalent to all global contributions from 2022 (IEA, 2023).
Renewable energy, particularly solar, is not only environmentally friendly but increasingly economically viable. In 2023, the IEA reported that three-quarters of newly established solar and wind projects could generate energy more affordably than their fossil fuel counterparts. The cost reductions are evident, as the price of solar panels saw a 50% decrease in 2023, resulting from anticipated manufacturing surpluses (IEA, 2023).
Why is Solar Energy So Attractive?
Government Policies and Their Influence
The supportive landscape of policies across over 130 nations plays a crucial role in the renewable energy boom. However, while policies have instigated growth, the IEA cautioned that further governmental initiatives are imperative to overcome existing hurdles like financing and administrative red tape. A case in point is the UK’s offshore wind project auction in September 2023, which failed to garner investor interest due to inadequate scheme incentives (IEA, 2023).
Looking Toward the Future
With projections showing global renewable capacity reaching 7,300 gigawatts (GW) by 2028, we’re on a trajectory to significantly boost electricity production through renewables. Despite falling short of the COP28 ambitions, doubling down on government support could realize the potential of tripling capacity. China is projected to continue leading this charge, dominating up to 60% of new renewable capacity by 2028 and producing half its electricity from renewables (IEA, 2023).
Why Solar Energy is the Driving Force Behind 2023’s Renewable Growth
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