Imagine a world where the sun and wind generated more electricity than ever before in 2023, saving consumers billions and creating millions of jobs worldwide.
Key Takeaways
- Global solar PV capacity reached 1,053 GW at the end of 2022, with China accounting for 392 GW or 37% of the total
- In 2023, solar PV added 447 GW of new capacity worldwide, representing 75% of all renewable capacity additions that year
- Utility-scale solar PV capacity in the US grew by 22.6 GW in 2023, a 78% increase from 2022
- Global onshore wind capacity reached 1,017 GW by end-2023, generating 7.8% of world electricity
- China added 76 GW of onshore wind in 2023, 65% of global additions
- US wind capacity additions hit 6.5 GW in 2023, led by Texas with 2.4 GW
- Global hydropower capacity reached 1,416 GW by end-2023, producing 4,200 TWh annually
- China holds 42% of world hydropower at 597 GW, adding 20 GW in 2023
- Pumped storage hydropower capacity worldwide is 160 GW, 90% of energy storage
- Global renewables capacity hit 3,870 GW by end-2023, 90% non-hydro
- Renewables added 510 GW globally in 2023, 83% of new power capacity
- Renewables share of global electricity generation reached 30% in 2023, up from 29% in 2022
- Global clean energy investment surged to $1.8 trillion in 2023, 3x fossil fuels
- Solar received $500B investment in 2023, 28% of total clean energy spend
- US IRA unlocked $270B clean energy investments by 2023, creating 200k jobs
Solar capacity soared globally last year, making clean energy cheaper than ever.
Capacity Growth
- Global renewables capacity hit 3,870 GW by end-2023, 90% non-hydro
- Renewables added 510 GW globally in 2023, 83% of new power capacity
- Renewables share of global electricity generation reached 30% in 2023, up from 29% in 2022
- China commissioned 300 GW renewables in 2023, half world's total additions
- US renewable capacity totaled 450 GW in 2023, generating 22% electricity
- EU renewables capacity exceeded 800 GW in 2023, 44% of power mix
- Developing countries added 260 GW renewables in 2023, 80% solar/wind
- Annual renewable growth rate averaged 10.3% 2013-2023, tripling needed for net zero
- India renewable capacity hit 200 GW in 2023, targeting 500 GW by 2030
- Brazil renewables capacity 170 GW, 90% hydro but shifting to wind/solar
- Global clean energy manufacturing capacity for solar/wind reached 2 TW in 2023
- Africa added 4 GW renewables in 2023, solar dominant at 70%
- Australia renewables capacity 100 GW, intermittent sources 35%
- Renewables avoided 2.6 Gt CO2 emissions in 2023, equivalent to India's annual output
- Southeast Asia renewables capacity grew 15 GW in 2023, led by Vietnam
- Japan renewables share hit 25% in FY2023, capacity 140 GW
- Middle East renewables capacity doubled to 20 GW in 2023, solar 80%
- Global distributed renewables capacity exceeded 1.5 TW in 2023, rooftops dominant
- OECD countries renewables capacity 1,200 GW, 40% electricity generation
- Pacific islands added 1 GW renewables in 2023, hydro and solar
- Russia renewables capacity 3 GW non-hydro, added 0.5 GW in 2023
Capacity Growth Interpretation
We're building a clean energy juggernaut at remarkable speed, but the sobering math shows we're still sprinting in a marathon where first place requires us to triple our pace.
Economic Impacts
- Renewables generated $1.1T economic value in 2023 via power/health/climate benefits
- Clean energy created 13.7M jobs globally in 2023, offsetting 2.1M fossil losses
- Renewables LCOE 20-50% cheaper than new fossil in 80% world regions 2023
- Wind/solar saved $64/MWh vs coal/gas in US 2023
- Global renewables health savings $2.3T cumulative 2015-2023 from air pollution cuts
- Clean energy boosted GDP by 1% in G20 countries via 2023 investments
- Rooftop solar bill savings $5B for US households in 2023
- Renewables reduced wholesale prices 30% in Europe summer 2023
- Offshore wind supports 150k jobs in EU, €25B annual economic impact 2023
- Bioenergy created 4M jobs, mostly developing countries, in 2023
- Clean energy exports from China $100B in modules/turbines 2023
- Renewables decarbonization value $220/tonne CO2 avoided in 2023
- US clean energy manufacturing added 100k jobs in 2023
- Global fossil fuel subsidies $7T in 2023, 7x clean energy incentives
- Renewables integration costs <3% of generation value in 2023 grids
- Clean energy multiplier effect 2.5x jobs per $M invested vs fossil
- Renewables displaced $160B coal generation value in 2023
- Green hydrogen projects 400+ worldwide, $150B capex committed by 2023
- Renewables cut SO2 emissions by 1.5M tonnes in China 2023, health savings $20B
- Global renewables system costs fell 10% YoY to $20/MWh in 2023
- Clean energy avoided 2.5 GtCO2 in 2023, worth $150B at $60/t carbon price
- Renewables share grew fastest in electricity sector, 30% in 2023 vs 19% total energy
Economic Impacts Interpretation
Clean energy, in 2023, proved itself to be not just a moral imperative but a stunningly savvy economic one, generating trillions in value, creating millions of jobs, cutting costs for consumers, boosting GDP, and even saving lives, all while fossil fuels clung pathetically to life via $7 trillion in subsidies.
Investments Policy
- Global clean energy investment surged to $1.8 trillion in 2023, 3x fossil fuels
- Solar received $500B investment in 2023, 28% of total clean energy spend
- US IRA unlocked $270B clean energy investments by 2023, creating 200k jobs
- EU REPowerEU plan mobilized €300B for renewables by 2023
- China clean energy investment hit $890B in 2023, 55% global total
- Corporate PPAs signed for 40 GW renewables in 2023, tech giants leading
- Green bonds issued for clean energy totaled $580B in 2023, up 15%
- India allocated $10B annual budget for renewables in 2023-24
- Global clean energy jobs reached 13.7 million in 2023, solar 5M
- Venture capital in clean energy startups $50B in 2023, batteries dominant
- Brazil auction awarded 10 GW renewables in 2023 for $5B investment
- Africa clean energy FDI $20B in 2023, South Africa 40%
- Policy support drove 90% of 2023 renewable additions, per IRENA analysis
- UK CfD auctions contracted 11 GW offshore wind for £2B/year
- Blended finance unlocked $10B for emerging markets renewables 2023
- Australia Capacity Investment Scheme funds 32 GW renewables by 2030
- Global carbon pricing revenues $104B in 2023, funding clean energy
- Japan GX plan invests ¥150T ($1T) in clean energy to 2050, 2023 start
- Supply chain finance for solar modules $100B in 2023, China led
- Renewables R&D spending $25B globally in 2023, governments 60%
- South Korea RE100 policy aims 30% renewables by 2030, $50B invest
- Global renewables avoided $520B fuel costs in 2023
- Clean energy reduced global energy import bill by $300B in 2023
Investments Policy Interpretation
In a stunning global pivot, clean energy investments have left fossil fuels in the financial dust, proving that safeguarding the planet is now the world's most serious and lucrative business.
Other Renewables
- Global hydropower capacity reached 1,416 GW by end-2023, producing 4,200 TWh annually
- China holds 42% of world hydropower at 597 GW, adding 20 GW in 2023
- Pumped storage hydropower capacity worldwide is 160 GW, 90% of energy storage
- Brazil generated 60% of electricity from hydro in 2023 despite drought impacts
- Geothermal capacity globally stood at 16 GW in 2023, led by US with 3.7 GW
- Biomass power capacity reached 150 GW worldwide in 2023, generating 600 TWh
- Three Gorges Dam in China produced 111 TWh in 2023, world's largest hydro plant
- Indonesia added 0.6 GW geothermal in 2023, total 2.4 GW, targeting 7 GW by 2030
- Run-of-river hydro accounted for 25% of new hydro additions in 2023
- US geothermal generation hit 16.4 TWh in 2023, 0.4% of total electricity
- Marine energy pilots reached 50 MW globally in 2023, mostly tidal
- India's hydro capacity is 47 GW, but underutilized at 80% plant load factor
- Enhanced geothermal systems (EGS) demonstrated 5 MW in US pilots 2023
- EU biomass capacity 40 GW, used for heat and power cogeneration
- Canada's hydro exports to US totaled 70 TWh in 2023
- Small hydro (<10 MW) capacity worldwide 80 GW, growing in Asia
- New Zealand 80% electricity from hydro and geothermal in 2023
- Bioenergy from agricultural residues produced 100 TWh globally in 2023
- Itaipu Dam (Brazil/Paraguay) generated 90 TWh in 2023, second largest
- Kenya's geothermal capacity reached 1 GW in 2023, 50% of electricity
- Anaerobic digestion biogas plants numbered 20,000 globally, 18 GW capacity
- Norway 90% hydro-based electricity, exports peaking at 20 TWh/year
- Waste-to-energy incineration capacity 600 TWh potential, 80 GW installed
- Philippines added 0.2 GW geothermal, total 1.9 GW in 2023
Other Renewables Interpretation
Even as China's hydropower dominance casts a long shadow, the global clean energy portfolio reveals itself to be a surprisingly eclectic team, from geothermal underdogs punching above their weight class to bioenergy quietly repurposing our waste, proving that a low-carbon grid isn't a one-dam show.
Solar Energy
- Global solar PV capacity reached 1,053 GW at the end of 2022, with China accounting for 392 GW or 37% of the total
- In 2023, solar PV added 447 GW of new capacity worldwide, representing 75% of all renewable capacity additions that year
- Utility-scale solar PV capacity in the US grew by 22.6 GW in 2023, a 78% increase from 2022
- Residential solar installations in Australia reached 3.2 GW in 2023, down 20% from the previous year due to policy changes
- India added 24.5 GW of solar capacity in FY2023-24, surpassing its 2022 record of 14 GW
- Bifacial solar modules accounted for 65% of global module shipments in 2023, up from 40% in 2021
- Solar PV levelized cost of electricity (LCOE) fell to $0.049/kWh globally in 2023, 89% lower than fossil fuel alternatives
- Europe installed 59 GW of new solar PV in 2023, led by Germany with 14.5 GW and Spain with 12.7 GW
- Floating solar PV capacity worldwide exceeded 13 GW by end-2023, with China holding 70% at 9 GW
- Concentrated solar power (CSP) global capacity stood at 15 GW in 2023, with 90% in just five countries
- US solar module manufacturing capacity reached 50 GW annually by Q4 2023, driven by IRA incentives
- Solar PV generated 1,760 TWh globally in 2023, up 25% from 2022
- N-type TOPCon solar cells represented 52% of global wafer production in H2 2023, surpassing PERC
- Brazil's distributed solar capacity hit 25 GW in 2023, with 10 GW added that year alone
- Solar irradiance in the Sahara Desert averages 2,500 kWh/m²/year, 50% higher than Germany
- Perovskite-silicon tandem solar cells achieved 33.9% efficiency in lab tests in 2023
- Japan's cumulative solar capacity exceeded 100 GW in 2023, generating 10% of national electricity
- Agrivoltaic solar systems in the US covered 1,200 acres by 2023, boosting crop yields by 10-20%
- Global solar PV investment reached $500 billion in 2023, 70% more than wind
- South Africa's solar capacity grew to 6.5 GW in 2023, with rooftop solar adding 2 GW
- Module prices dropped to $0.11/Wp globally in Q4 2023, lowest ever recorded
- California's solar capacity surpassed 40 GW in 2023, producing 25% of state electricity
- Heterojunction (HJT) solar cell efficiency hit 26.8% in production in 2023
- Vietnam added 11 GW of solar in 2023 despite grid constraints
- Global solar tracker shipments reached 65 GW in 2023, up 40% YoY
- Morocco's Noor Ouarzazate CSP plant generated 1,890 GWh in 2023 at 80% capacity factor
- UK's solar capacity hit 15 GW in 2023, with ground-mount leading at 7 GW
- Polycrystalline silicon production capacity exceeded 1,000 GW annually in 2023
- Texas installed 7.2 GW of utility-scale solar in 2023, second highest in US
- Global solar PV waste projected to reach 8 million tonnes by 2030 from current 250,000 tonnes/year
Solar Energy Interpretation
The numbers paint a picture of a solar revolution that's no longer dawning but is now glaringly, even wastefully, obvious, racing ahead with such blistering efficiency and scale that the world's energy map is being redrawn at a pace policymakers can barely keep up with.
Wind Energy
- Global onshore wind capacity reached 1,017 GW by end-2023, generating 7.8% of world electricity
- China added 76 GW of onshore wind in 2023, 65% of global additions
- US wind capacity additions hit 6.5 GW in 2023, led by Texas with 2.4 GW
- Offshore wind capacity worldwide reached 72 GW in 2023, with 11 GW added that year
- Europe installed 21 GW of onshore wind in 2023, with Germany at 3.2 GW
- Onshore wind LCOE averaged $0.033/kWh globally in 2023, 60% below fossil fuels
- Brazil added 4.7 GW of onshore wind in 2023, total capacity 29 GW
- Floating offshore wind pilots reached 200 MW globally in 2023, targeting 6 GW by 2030
- India commissioned 3.1 GW of wind in FY2023-24, total 47 GW
- Turbine average capacity factor for onshore wind improved to 37% globally in 2023
- UK offshore wind generated 80 TWh in 2023, 14% of electricity demand
- Global wind turbine orders reached 107 GW in 2023, up 50% YoY
- Vestas delivered 17 GW of turbines in 2023, leading global manufacturers
- Vietnam's wind capacity hit 4.5 GW in 2023, with 2 GW onshore additions
- Average onshore turbine hub height rose to 110m in 2023, boosting energy by 10%
- Australia added 1.2 GW of wind in 2023, total 10.5 GW
- Fixed-bottom offshore wind LCOE fell to $72/MWh in 2023 for mature markets
- South Korea commissioned 1.5 GW offshore wind in 2023, total 2 GW
- Wind repowering in US added 1 GW in 2023, upgrading old turbines
- Global wind investment totaled $180 billion in 2023, onshore 75%
- Denmark generated 56% of electricity from wind in 2023
- Siemens Gamesa supplied 13 GW turbines in 2023, second to Vestas
- Onshore wind capacity factor in China averaged 25% in 2023 due to curtailment issues
- US Midwest states produced 40% of national wind energy in 2023
- Global offshore wind ports expanded to support 50 GW deployment by 2030
- Turkey added 2.1 GW onshore wind in 2023, total 13 GW
- Wind blade recycling pilots processed 10,000 tonnes in 2023
Wind Energy Interpretation
While the global wind industry is now robust enough to power entire nations with the gentle persuasion of spinning giants, its persistent growing pains—from China's gridlock to Texas's towering ambitions—reveal we're still learning to harness the air's full, capricious potential without wasting a breath.
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