IRENA: Renewable energy capacity grew by 10% worldwide last year

As reported by Reuters, citing data from the International Renewable Energy Agency (IRENA), installed renewable energy capacity increased by 9.6% last year. In absolute terms, this represents an increase of 295 GW. Nevertheless, IRENA says that even this rate of capacity growth is not enough to keep the global average temperature rise below 1.5 °C.

Growth in renewable capacity

Global installed renewable capacity stood at 3 372 GW at the end of last year, an increase of 295 GW year on year. According to IRENA, renewables accounted for 83% of the total increase in installed power generation capacity, including conventional sources.

In the coming years, particularly in the EU, efforts are expected to focus on significantly expanding installed renewable capacity, especially in photovoltaic power plants (PV). This is due to the geopolitical situation, unpredictable volumes of natural gas supplies from Russia, which has historically been the EU's largest gas supplier, as well as the EU's efforts to reduce its dependence on imported fossil fuels. As the EU is currently unable to fully replace those supplies, it is relying on the rapid development of renewables and a reduction in natural gas demand in the short term.