New renewable energy capacities increased in 2023

510 gigawatts: this is the quantity of new renewable energy (RE) capacity installed in the world in 2023, according to the report by the International Energy Agency (IEA) published on 11 January. At a time when too many evaluations are pessimistic, it is interesting at the beginning of the year 2024 to give ourselves concrete reasons to hope in terms of energy transition! In 2023, global renewable energy production capacity increased by 50%, mainly thanks to solar and wind energy, which account for 95% of this growth. China was the main driver of this expansion. However, this increase is not enough to reach the goal set at COP28, where signatory countries committed to tripling their renewable energy capacity by 2030. Currently, market policies and conditions only allow for a 2.52-fold increase. Financing the energy transition of developing countries is crucial as they face higher equipment and financing costs than developed countries, but no mechanism was agreed to support them at COP28. The IEA highlights the importance of accelerating the energy transition and supporting emerging and developing countries. It also calls for modernising electricity grids and for helping these countries achieve the goals set. The record installation of renewable energy in 2023 is significant, especially in solar photovoltaic, whose production costs have fallen. However, onshore wind energy is facing administrative difficulties in Europe despite its competitiveness. Finally, the reduction in greenhouse gas emissions in the United States in 2023 was 1.9%, mainly due to the decline in coal-fired electricity generation. It remains to be noted that the United States still needs to triple its efforts to meet its commitments under the Paris Agreement... While the growth in renewable capacity is encouraging, it is therefore insufficient to meet global climate goals. It is imperative that governments accelerate their efforts, including by supporting developing countries and by modernizing energy infrastructure. In addition, the reduction of greenhouse gas emissions in the United States shows that progress is possible, but that more decisive action is needed to meet international climate agreements. Reducing greenhouse gas emissions is obviously essential to preserve our environment, our health and our future. This is the mission that REENIU has set itself and for which it provides innovative solutions to the food and pharmaceutical industries. 🌍🌱 Sources: IEA reports, Le Temps.ch, Science and Future magazine