World's renewables grew 50% in 2023

From The Guardian

Global renewable energy capacity grew by the fastest pace recorded in the last 20 years in 2023, which could put the world within reach of meeting a key climate target by the end of the decade, according to the International Energy Agency (IEA).

The world’s renewable energy grew by 50% last year to 510 gigawatts (GW) in 2023, the 22nd year in a row that renewable capacity additions set a new record, according to figures from the IEA.

The “spectacular” growth offers a “real chance” of global governments meeting a pledge agreed at the Cop28 climate talks in November to triple renewable energy capacity by 2030 to significantly reduce consumption of fossil fuels, the IEA added.

The IEA’s latest report found that solar power accounted for three-quarters of the new renewable energy capacity installed worldwide last year. Most of the world’s new solar power was built in China, which installed more solar power last year than the entire world commissioned the year before, despite cutting subsidies in 2020 and 2021.

Record rates of growth across Europe, the US and Brazil have put renewables on track to overtake coal as the largest source of global electricity generation by early 2025, the IEA said. By 2028, it forecasts renewable energy sources will account for more than 42% of global electricity generation.

4.6% of global electricity came from solar in 2022; 7.3% from wind.   Assuming global electricity demand grew by 3% last year (roughly the average over the last few years), the rise in new renewables capacity will cause the percentage of renewables to rise from the current ~12% to ~16%, or by 4 percentage points.  This implies that emissions from electricity generation fell by ~1% last year.  It's not nearly enough (we need total emissions to fall by 8% per annum to avoid a 2 degrees rise), but it would be the first fall in electricity emissions in a non-recession year --- ever.  And as renewables continue their headlong growth, the annual decline will accelerate.  

Emissions from electricity have peaked.   

What's more, soft denialists can no longer use the excuse that China is not doing enough to cut emissions, so why should we bother?  China is doing more than most of the rest of the world.