Renewable Generated a Record 30% of Global Electricity 

Renewable Generated a Record 30% of Global Electricity 

The REN21 Renewables 2024 Global Status Report presents an overview of the advancements and challenges in the renewable energy sector. In 2023, there were remarkable global advancements in renewable energy, marking an important step towards a green future. 

Record Renewable Capacity 

• Total global renewable energy capacity: 3870 GW.
• Increased by 473 GW in 2023, a new annual record for the 22nd consecutive year .

Economic and Policy Highlights

In 2023, the push towards renewable energy saw significant milestones. Pouring investments ensured economic growth and commitment to a sustainable future. The number of countries aiming for net zero emissions significantly increased, meaning the amount of greenhouse gasses they emit is equal to the amount they remove from the atmosphere, marking a great step towards combating climate change. Multiple countries pledged to join in and enhance their renewable energy capacity and energy efficiency, while the US and EU introduced major legislative actions to support renewable energy.

• Investment in renewable power and fuels reached USD 623 billion in 2023.
• The number of countries with net zero targets increased to 151 by 2023, up from 90 countries.
• At the 2023 UN Climate Change Conference in Dubai, 130 countries pledged to triple renewable energy capacity and double energy efficiency improvements by 2030.

Major Legislative Actions:

• • The United States’ Inflation Reduction Act supported over 250 clean energy manufacturing projects.
  • EU’s proposed Net-Zero Industry Act.

Regional Growth 

• Asia: 326 GW increase in renewable capacity additions.

• China: increased 297.6 GW.

• Africa: 62 GW addition, 4.6% total increase.

• European Union: 56 GW Solar PV and 17 GW wind power additions.

• United States: solar PV capacity grew by 50%, ending at around 33 GW.

 

Challenges and Opportunities

Geopolitical conflicts and rising protectionism impacted supply chains and energy markets. The cost of building renewable energy, along with the growing population and urban development, increased CO2 emissions. Meanwhile, protectionist measures like the EU’s Carbon Border Adjustment Mechanism and the US Inflation Reduction Act emerged in response to concerns over reliance on Chinese products. These measures aimed to encourage local manufacturing in the EU and the US, particularly concerning solar PV.

• Global energy-related CO2 emissions increased by 1.1% to 37.5 billion tonnes.

• The demand for critical minerals such as lithium, cobalt, and nickel skyrocketed due to the growth in renewables.

Total Final Energy Consumption (TFEC)

• Modern renewables accounted for 13% of global TFEC in 2022, with a 5% overall growth in TFEC.
• Fossil fuel consumption increased, with coal consumption surpassing 8.5 billion tonnes for the first time.
• The industry sector accounted for 34% of TFEC, followed by buildings (30%) and transport (26%).
• Renewables represented nearly 17% of the industry’s TFEC and 16% of the buildings sector’s TFEC.

Electricity and Infrastructure

Global electricity generation saw a notable increase in 2022, with renewable sources playing a larger role. Renewables now supply a significant portion of global electricity, with wind and solar PV contributing a substantial share. However, many renewable energy projects are waiting for grid connection due to inadequate investment in grid infrastructure, which is insufficient to meet the growing demand for new renewable connections.

• Global electricity generation increased by 2.5% in 2022.
  • Renewable electricity grew by 8%.
• Renewables supplied around 30% of global electricity.
  • Wind and solar PV achieving a combined 12% share.
• There is a significant backlog of renewable energy projects awaiting grid connection, with 3,000 GW in queues globally.
• Investment in grid infrastructure remains insufficient to meet the growing demand for new renewable connections.

Access to Electricity and Clean Cooking

• The number of people lacking electricity access fell from 756 million in 2022 to 745 million in 2023.
• Africa continues to have the lowest access rates, with only 58% of the population having electricity.
• Around one-third of the global population still relies on traditional biomass, coal, and kerosene for cooking.

Key Figures

• Renewable Capacity Additions in 2023:
  • Total: 473 GW
  • Investment: USD 623 billion
  • Net Zero Targets: 151 countries

• Global Employment in Renewables (2022): 13.7 million jobs.
  • Employment grew by 8% in 2022, reaching 13.7 million jobs globally, with two-thirds of these jobs based in Asia.

The REN21 Renewables 2024 Global Status Report highlights significant progress in the renewable energy sector, alongside notable challenges and disparities. The commitment to increasing renewable energy capacity and improving energy efficiency is clear, meanwhile, substantial efforts are needed to address the remaining obstacles and ensure a sustainable energy future for all.

 

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From the time I was just 7 years old, I’ve been captivated by the natural world and the incredible life forms it holds. Whether it was exploring the outdoors with wide-eyed wonder or learning about the delicate balance of ecosystems in school, I’ve always felt a sense of responsibility to protect our planet. Joining Latina Republic is more than just an internship opportunity for me—it’s a chance to make a tangible difference in the world. Through my work as an Environmental Correspondent, I want to raise awareness of the environmental challenges, especially on the wildlife aspect, facing Latin America and advocate for positive change.