Global Renewable Capacity to Add 3,700 GW by 2028

Here is the 'Renewable Capacity Statistics 2023' report made by IRENA. 

According to it:

  • The world will add nearly 3,700 GW of new renewable capacity during the period from 2023 to 2028, surpassing all previous installations since the first commercial renewable energy plant over 100 years ago, driven by supportive policies in over 130 countries.
  • Key milestones include wind and solar PV generating more electricity than hydropower in 2024, renewables surpassing coal as the largest source of electricity in 2025, and wind and solar PV each surpassing nuclear generation in 2025 and 2026 respectively.
  • By 2028, renewable energy sources will account for over 42% of global electricity generation, with wind and solar PV's share doubling to 25%.

Here are some key insights on the renewable energy industry around the world:

  • $1 trillion - Expected investment commited for non-hydro renewable power capacity by 2030, as reported by UNEP
  • $1,381.5 billion - Expected electric car market size by 2032, as reported in Yahoo Finance
  • $400 million - Investment made to build an LFP plant by ICL, expected to be operational by 2025.

Decarbonization Avenues

  • Utility Scale Solar PV
  • Wind Power

    • Keywords

  • solar power
  • wind power
  • decarbonization

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