Renewable energy reaches 40 per cent of total global electricity first time: Report

Renewable energy generation has reached 40 percent of global electricity for the first time ever in 2023, with 14 percent from solar and wind, as per the new reports from BloombergNEF.

In 2023, nearly 91 percent of net power capacity additions worldwide were from solar and wind up from 83 percent in 2022 as compared with six percent from fossil fuels, the lowest level ever said, BNEF in a statement.

According to the reports, hydropower made up 14.7 percent, solar and wind a record 13.9 percent and nuclear 9.4 percent.

The first half of this year brought $313 billion in new renewable energy investment, which was comparable to the same period in 2023. Renewables made up almost a third of power generation worldwide in 2023, up five percent year-on-year.

China continued to dominate new renewables investments, despite less expensive equipment leading to a four percent decline.

In the first six months of 2024, the United States was the world’s second largest market and has seen a 63 percent increase in half-annual investment levels since the passage of the Inflation Reduction Act.

During the same period, Pakistan jumped from being the 14th-largest new solar investment market last year to the fifth-largest in 2024.

“Ten economies accounted for nearly three-quarters of total renewable energy generation in 2023. Mainland China stood head and shoulders over its next-nearest competitor, as it has for a decade – with nearly one-third of all global renewable energy output last year.

The U.S., Brazil, Canada and India rounded out the top five, which accounted for 60% of the world’s renewable generation last year,” the press release said.

The first half of this year saw wind investment reach $90.7 billion, which was 11 percent lower than the same period in 2023. Offshore wind experienced an especially pronounced dip, said the report.

Findings from the reports, both published by BNEF, the 2H 2024 Renewable Energy Investment Tracker and Power Transition Trends 2024, indicated that momentum toward green energy has accelerated.