A surge in renewable energy has put the world within striking distance of meeting the goal set at last year’s United Nations climate talks of tripling clean power capacity by 2030, the International Energy Agency said in its annual renewables report.

Renewables are also expected to meet nearly half of global electricity demand by the end of this decade, with wind and solar accounting for almost a third of generation as solar passes hydropower to become the largest source of clean electricity, the report released Wednesday says.

“This report shows that the growth of renewables, especially solar, will transform electricity systems across the globe this decade,” IEA Executive Director Fatih Birol said in a statement. “Between now and 2030, the world is on course to add more than 5,500 gigawatts of renewable power capacity — roughly equal the current power capacity of China, the European Union, India and the United States combined.”

The IEA annual report highlights breakneck growth in solar and wind, due in large part to cost declines and policy incentives that have made clean energy a more attractive source of electricity. Last year, the world added a record 565 GW of new renewables capacity — a growth of 60 percent over 2022.