Global green energy capacity has increased by 50%, which will allow climate goals to be achieved by the end of the decade.

A report from the International Energy Agency notes that the world’s renewable energy production increased by 50% last year to 510 GW. The RES capacity increase set a 22-year record.

Such growth creates plausible conditions for governments around the world to fulfill their pledges that were agreed upon at the COP28 climate talks in November. Namely, this pledge is to triple renewable energy capacity by 2030 in order to significantly reduce the consumption of fossil fuels.

Solar energy accounted for 75% of new renewable energy capacity installed worldwide last year. Most of the new SPPs were built in China.

According to forecasts, by 2028 renewable energy sources will account for more than 42% of global electricity production.

It is also worth noting that global sales of fully electric and hybrid vehicles grew by 31% in 2023, according to Rho Motion. In 2024, the firm predicts 25%-30% global sales growth of electric vehicles.