Renewable energy capacity on track to rival fossil fuels in 2024 - Nikkei Asia
Renewable energy capacity on track to rival fossil fuels in 2024 - Nikkei Asia
BRUSSELS/TOKYO -- Renewable energy capacity worldwide will exceed 4,500 gigawatts in 2024, roughly on a par with fossil fuels, the International Energy Agency predicts in a report out Thursday.
Global renewable capacity grew about 330 GW in 2022 and is expected to rise by an annual record of more than 440 GW in 2023, thanks to energy security concerns sparked by Russia's invasion of Ukraine on top of efforts to meet decarbonization goals.
Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.