Power capacity additions reached a new high of 473GW in 2023, but many countries are cut off from the benefits of energy transitions say the International Renewable Energy Agency (IRENA).

The Renewable Capacity Statistics 2024 released by IRENA show that 2023 set a new record in renewables deployment in the power sector by reaching a total capacity of 3,870GW globally, and renewables accounted for 86 per cent of capacity additions.

However, IRENA also noted that this growth is unevenly distributed across the world, and will not, on current trends, reach the tripling renewable power target by 2030.

The 473GW of renewables expansion was led once again by Asia with a 69 per cent, driven by China, whose capacity increased by 63 per cent, reaching 298GW. This reflects a glaring gap with other regions, leaving a vast majority of developing countries behind, despite massive economic and development needs. Even though Africa has seen some growth, it paled in comparison with an increase of 4.6 per cent, reaching a total capacity of 62GW.

IRENA director general, Francesco La Camera said, “Policy interventions and a global course-correction are urgently needed to effectively overcome structural barriers and create local value in emerging market and developing economies, many of which are still left behind in this progress. The patterns of concentration in both geography and technology threaten to intensify the decarbonisation divide and pose a significant risk to achieving the tripling target.”

Other regions that saw significant expansion were the Middle East at a 17 per cent increase and Oceania at a 9 per cent increase. The G7 countries as a group increased by 8 per cent, adding 69.4GW last year. The G20 nations on the other hand increased their capacity by 15 per cent reaching 3,084GW by 2023. However, for the world to reach over 11TW for the tripling target requires the G20 members alone to reach 9.4TW of renewable power capacity by 2030.

With solar energy continuing to dominate renewable generation capacity expansion, the report underscores that the growth disparity did not only affect geographical distribution but also the deployment of technologies. Solar accounted for 73 per cent of the renewable growth last year, reaching 1,419GW, followed by wind power with 24 per cent share of renewable expansion.

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