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Analysis: World will add enough renewables in five years to power US and Canada

A boom in Chinese solar power construction drove another record-breaking
year of renewables growth in 2023, according to the International Energy
Agency (IEA).

Carbon Brief analysis of figures in the IEA’s Renewables
2023 report show that the world is now on track to build enough solar, wind
and other renewables over the next five years to power the equivalent of
the US and Canada. Rapid growth has also pushed the IEA to once again
significantly upgrade its renewables forecast, adding an extra 728
gigawatts (GW) of capacity to a five-year estimate it made just a year ago.

This is more than the electricity capacity of Germany and India combined.
The agency attributes this growth to plummeting costs of solar power and
favourable policy regimes, particularly in China. New solar and onshore
wind now provide cheaper electricity than new fossil fuel power plants
almost everywhere, it says, as well as being cheaper than most existing
fossil fuel assets.

 Carbon Brief 12th Jan 2024

January 17, 2024 - Posted by Christina Macpherson | Uncategorized