Renewables 2023

Analysis and forecast to 2028 INTERNATIONAL ENERGYAGENCY The IEA examines thefull spectrumof energy issuesincluding oil, gas andcoal supply anddemand, renewableenergy technologies,electricity markets,energy efficiency,access to energy,demand sidemanagement andmuch more. Throughits work, the IEAadvocates policies thatwill enhance thereliability, affordabilityand sustainability ofenergy in its31member countries,13associationcountries and beyond. IEA membercountries: IEA associationcountries: AustraliaAustriaBelgiumCanadaCzech RepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyJapanKoreaLithuaniaLuxembourgMexicoNetherlandsNew ZealandNorwayPolandPortugalSlovak RepublicSpainSwedenSwitzerlandRepublic of TürkiyeUnited KingdomUnited States ArgentinaBrazilChinaEgyptIndiaIndonesiaKenyaMoroccoSenegalSingaporeSouth AfricaThailandUkraine This publication and anymap included herein arewithout prejudice to thestatus of or sovereignty overany territory, to thedelimitation of internationalfrontiers and boundaries andto the name of any territory,city or area. The EuropeanCommission alsoparticipates in thework of the IEA Source: IEA.International Energy AgencyWebsite: www.iea.org Revised version, Jan 2024Information notice found at:www.iea.org/corrections Abstract Renewables 2023 is the IEA’s primary analysis on the sector, based on currentpolicies and market developments. It forecasts the deployment of renewableenergy technologies in electricity, transport and heat to 2028 while also exploringkey challenges to the industry and identifying barriers to faster growth. At the COP28 climate change conference in Dubai, more than 130 nationalgovernments including the European Union agreed to work together to triple theworld’s installed renewable energy capacity to at least 11 000 GW by 2030.Renewables2023 provides detailed country-level analysis on the progresstowards the global tripling target. Alongside the report, an online dashboard is alsoavailable,which maps all the relevant data to measure renewable energydeployment through 2028. In addition to its detailed market analysis and forecasts, Renewables 2023 alsoexamineskey developments for the sector including policy trends drivingdeployment; solar PV manufacturing; competitiveness of renewable technologies;energystorage;renewable energy capacity for hydrogen production;theprospects for renewable energy companies; system integration and a specialsection on biogas and biomethane forecast. Acknowledgements, contributorsand credits This study was prepared by the Renewable Energy Division in the Directorate ofEnergy Markets and Security. It was designed and directed by Heymi Bahar,Senior Analyst. The report benefited from analysis, drafting and input from multiple colleagues.The lead authors of the report were, Yasmina Abdelilah, Ana Alcalde BásconesHeymi Bahar, Piotr Bojek, François Briens, Trevor Criswell, Jeremy Moorhouse,and Laura Mari Martinez, who was also responsible for data management. Thereport also benefited from analysis and drafting from Kartik Veerakumar. PaoloFrankl,Head of the Renewable Energy Division,provided strategicguidance and input to this work. Valuable comments, feedback and guidance wereprovided by other senior management and numerous other colleagues within theIEA, in particular, Keisuke Sadamori, Laura Cozzi, Tim Gould, Timur Gül, BrianMotherway, Dan Dorner and Dennis Hessling Other IEA colleagues who have made important contributions to this work include: Nadim Abillama, Sylvia Beyer, Eren Cam, Hana Chambers, Chiara Delmastro,Syrine El Abed, Pablo Hevia-Koch, Zoe, Hungerford, Luca Lorenzoni, YannickMonschauer, Taylor Morrison, Brian Motherway, Thomas Spencer, Brent Wanner,Biqing Yang and Peter Zeniewski. Timely data from the IEA Energy Data Centre were fundamental to the report, withparticularassistance provided by Pedro Carvalho,Luca Lorenzoni,TaylorMorrison, Nick Johnstone, Julian Prime and Roberta Quadrelli. This work benefited from extensive review and comments from the IEA StandingGroupon Long-Term Co-operation,IEA Renewable Energy Working Party,members of the Renewable Industry Advisory Board (RIAB) and experts from IEApartner countries and other international institutions. The work also benefited fromfeedback by the IEA Committee on Energy Research and Technology, IEATechnology Collaboration Programmes (IEA TCPs). Many experts from outside of the IEA provided valuable input, commented andreviewed this report. They include: Countries Canada (Natural Resources Canada), China (Energy Research Institute – ERI),Denmark (Ministry of Climate, Energy and Utilities), European Union (EuropeanCommission–DG Energy),Finland(Ministry of Economic Affairs andEmployment), Germany (Federal Ministry for Economic Affairs and Climate Actionof Germany), Japan (Ministry of Economy, Trade and Industry – METI), Spain(Institute for Energy Diversification and Energy Saving – IDAE), and the UnitedStates of America (Department of Energ