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The growth of solar and wind power has propelled renewable energy generation to an unprecedented 30% of global electricity production in 2023, according to a report by the think tank Ember. This achievement brings the global target of tripling renewable capacity by 2030 within reach, a goal agreed upon by over 100 countries at the COP28 climate summit held in Dubai last year.
However, there are concerns that numerous countries are facing obstacles in transitioning to clean energy due to their inability to secure the necessary funding.
Reducing fossil fuel usage and emissions in the power sector is considered crucial for meeting global climate objectives. Ember's Global Electricity Review revealed that renewable sources accounted for 30.3% of global electricity last year, marking an increase from 29.4% in 2022, driven by the expansion of solar projects and other renewable initiatives.
Clean capacity expansion
Last year, over half of the global increases in solar and wind capacity occurred in China, according to the report. Solar generation worldwide surged by 23.2%, while wind power saw a 9.8% increase. However, industry experts point out that challenges regarding grid connections and project permits must be addressed to achieve renewable energy targets effectively.
The report also forecasts that sustained growth in renewable energy will result in a 2% decline in fossil fuel power production in 2024. This would mark the first time since at least 2000, when Ember began collecting data, that fossil fuel power production falls to less than 60% of global electricity output.
Over the past two decades, solar and wind energy have exceeded expectations, experiencing rapid growth far beyond initial projections. From comprising just 0.2% of global power generation in 2000, they have surged to represent 13.4% of global power generation by 2023.
In terms of the energy mix, solar's share reached 5.5%, up from 4.6% in 2022, while wind remained steady at 7.8% (2,304 terawatt hours, TWh), according to Ember. Notably, no other sources of electricity generation have experienced such rapid growth, with solar and wind accelerating from 100TWh to 1,000TWh in just eight and twelve years respectively, as indicated by Ember's data. This surpasses the growth rates of gas generation (28 years), coal (32 years), and hydropower (39 years). While nuclear energy also achieved a similar growth rate, it saw a quicker decline compared to wind power.
“The decline of power sector emissions is now inevitable,” said Jones. “2023 was likely the pivot point – peak emissions in the power sector – a major turning point in the history of energy. But the pace of emissions falls depends on how fast the renewables revolution continues.”
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