In 2023, over 40% of the world’s electricity came from zero-carbon sources, with wind and solar contributing nearly 14% of the total.
According to BloombergNEF’s reports, wind and solar accounted for almost 91% of net new power capacity additions in 2023, while fossil fuels represented just 6%, the lowest level ever recorded.
Renewable energy investments remained strong, with $313 billion invested in the first half of 20241. China led in renewable energy investments, followed by the US and Pakistan.
Global power-generating capacity reached 8.9 terawatts in 20231. Wind power achieved a milestone of 1 terawatt of installed capacity, while solar deployment surged with an additional 428 gigawatts of capacity added, bringing the total to 1.6 terawatts.
The top ten economies accounted for nearly 75% of global renewable energy generation, with China contributing about one-third of the total. The US, Brazil, Canada, and India were the next largest contributors.
Despite a decrease in investment for wind energy in the first half of 2024, which fell to $90.7 billion, the overall investment in renewable energy remains strong. Solar investment saw a slight increase, reaching $221 billion. However, the wind sector faces challenges with permitting and grid interconnection.
For more information on this subject, see:
