The International Energy Agency announced on Thursday that the world saw a 50 percent increase in renewable energy capacity in 2023 compared to the previous year, with a projected growth in the next five years. The COP28 summit in Dubai resulted in nearly 200 nations agreeing to transition away from fossil fuels. The statement from the energy watchdog highlighted that solar PV accounted for three-quarters of the renewable energy capacity additions worldwide, with significant growth in China, Europe, the United States, and Brazil. IEA chief Fatih Birol stated that global renewable capacity is on track to increase by two-and-a-half times by 2030, but emphasized the need for rapid scaling up of financing and deployment of renewables in emerging and developing economies to meet the COP28 goal of tripling renewables. Additionally, Birol noted that onshore wind and solar PV are now cheaper than new and existing fossil fuel plants in most countries.