According to a report by the think tank Ember, the worldwide ambition to quadruple renewable capacity by 2030 is already within reach as growth in solar and wind power propelled renewable output to a record 30% of global electricity supply in 2023.

Reaching the global climate targets is thought to depend on reducing the power sector’s usage of fossil fuels and emissions. At the COP28 climate conference in Dubai last year, more than 100 nations made the commitment to treble their renewable energy capacity by 2030. According to Ember’s Global Electricity Review, the share of electricity generated globally from renewable sources climbed to 30.3% last year from 29.4% in 2022 due to the expansion of solar plants, which increased capacity.

“The rise in solar capacity that happened during 2023 really unlocks the possibility that we are able to reach that level of renewables by 2030, and the tripling of capacity that was promised at COP28,” Dave Jones, Ember’s director of global insights said in an interview.

According to the research, China accounted for almost half of the global increases in solar and wind capacity last year, with global solar generation rising by 23.2% and wind power rising by 9.8%.
Industry insiders have stated that in order to reach the goal, problems pertaining to grid connections and permissions for new projects must be resolved.

According to the analysis, if renewable energy sources continue to expand, the amount of fossil fuel power produced will decrease by 2% in 2024 and would account for less than 60% of worldwide electricity generation for the first time since Ember’s statistics began in 2000. According to the research, “a permanent decline in the use of fossil fuels in the power sector at a global level is now inevitable, leading to falling sector emissions.”

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