- The world’s capacity for renewable energy increased by 50 percent during 2023.
- Solar energy accounted for three-quarters of the new capacity.
- The price of solar panels dropped by nearly 50 percent compared to 2022.
A new era for renewable energy
The world is experiencing the fastest expansion of renewable energy in three decades. During 2023, capacity increased by nearly 510 gigawatts. Solar energy accounted for three-quarters of this increase. This is revealed in IEA’s annual market report on renewable energy, “Renewables 2023.”
At the same time, the price of solar panels dropped by nearly 50 percent compared to 2022.
China led the development and installed as much solar energy in 2023 as the entire world did in 2022. Additionally, China’s wind power increased by 66 percent compared to the previous year. The European Union, USA, and Brazil also reached record levels in the growth of renewable energy.
