Imagine a single year in which solar power alone installed more capacity than all fossil fuels combined – welcome to the staggering reality of our energy transition, where record-breaking growth in renewables, electric vehicles, and storage isn't just a forecast but the data-driven present.
Key Takeaways
- Global renewable energy capacity reached 3,870 GW at the end of 2023, with solar PV accounting for 42% of total capacity.
- Solar photovoltaic installations added a record 447 GW globally in 2023, more than all fossil fuel-fired capacity combined.
- Wind power capacity grew by 113 GW in 2023, with onshore wind dominating at 94% of additions.
- Global EV sales reached 14 million units in 2023, up 35% from 2022.
- Battery electric vehicles (BEVs) comprised 70% of EV sales in 2023 globally.
- China accounted for 60% of global EV sales in 2023, totaling 8.1 million units.
- Global energy storage capacity reached 170 GW / 450 GWh by end-2023.
- Utility-scale battery storage deployments hit 84 GW globally in 2023.
- China installed 50 GW of battery storage in 2023, 60% of global total.
- Global clean energy investment hit $1.8 trillion in 2023, 3x fossil fuels.
- Renewable energy attracted $623 billion in 2023, up 17% YoY.
- EV and battery investment totaled $500 billion in 2023 globally.
- CO2 emissions from energy grew only 1.1% in 2023 to 37.4 Gt.
- Renewables avoided 2.6 Gt CO2 emissions in 2023.
- Power sector emissions fell 1.8% in advanced economies in 2023.
Renewable energy now dominates new power installations and is growing rapidly worldwide.
Electrification and EVs
- Global EV sales reached 14 million units in 2023, up 35% from 2022.
- Battery electric vehicles (BEVs) comprised 70% of EV sales in 2023 globally.
- China accounted for 60% of global EV sales in 2023, totaling 8.1 million units.
- Europe saw EV sales of 2.6 million in 2023, 20% of total car sales.
- US EV sales hit 1.4 million in 2023, 8% market share.
- Global EV stock surpassed 40 million by end-2023.
- Public EV chargers grew to 4 million globally in 2023, 40% increase.
- EV battery prices fell to $139/kWh in 2023, down 14% from 2022.
- Two-wheeler EVs sales reached 10 million in 2023, led by Asia.
- Heavy-duty EV truck sales tripled to 123,000 units globally in 2023.
- EV adoption projected to reach 35% of global car sales by 2030.
- Electricity demand from EVs expected to hit 1,700 TWh by 2030.
- Global lithium-ion battery demand for EVs was 700 GWh in 2023.
- Global EV sales forecast to hit 17 million in 2024.
- BEV market share in Europe reached 24% in 2023.
- India's EV sales grew 50% to 1.5 million units in 2023.
- Norway EV sales hit 89% of new cars in 2023.
- Global bus electrification reached 500,000 units cumulative by 2023.
- Fast charger network grew 55% to 1.8 million globally in 2023.
- LFP batteries took 41% EV market share in 2023.
- Wireless EV charging pilots exceeded 100 sites worldwide in 2023.
- eVTOL aircraft certifications advanced with 10 prototypes flying in 2023.
- Hydrogen fuel cell vehicles sales hit 15,000 units in 2023.
- Global battery demand to quadruple to 3.5 TWh by 2030.
Electrification and EVs Interpretation
The global EV revolution is accelerating with stunning force, yet its map is being drawn in starkly different inks, dominated by China's colossal market while others race to catch up, charging networks scramble to keep pace, and battery prices keep falling just in time for everything from trucks to flying taxis to join the party.
Energy Storage
- Global energy storage capacity reached 170 GW / 450 GWh by end-2023.
- Utility-scale battery storage deployments hit 84 GW globally in 2023.
- China installed 50 GW of battery storage in 2023, 60% of global total.
- US added 15 GW of grid-scale storage in 2023, led by California and Texas.
- Residential battery storage grew 25% to 12 GWh installed in 2023.
- Long-duration energy storage (LDES) pilots exceeded 10 GW under construction globally.
- Battery pack costs dropped to $139/kWh in 2023, 89% lower than 2010.
- Pumped hydro storage capacity was 160 GW globally, 95% of total storage.
- Flow battery deployments reached 1 GW cumulative by 2023.
- Grid-scale storage revenue potential to reach $3.5 trillion by 2040.
- Australia commissioned 3.2 GW of battery storage in 2023.
- Europe added 8 GW of battery storage in 2023, Germany leading.
- Sodium-ion batteries entered commercial deployment with 1 GWh in 2023.
- Global storage manufacturing capacity hit 2.5 TWh/year by end-2023.
- Virtual power plants (VPPs) capacity reached 15 GW globally in 2023.
- Storage is expected to provide 10% of global electricity by 2030.
- Global BESS deployments forecast to add 370 GW by 2030.
- Hybrid solar+storage projects reached 20 GW globally in 2023.
- Vanadium redox flow batteries capacity grew 25% to 1.2 GW in 2023.
- UK storage capacity hit 5 GW operational by end-2023.
- Compressed air energy storage projects totaled 2 GW pipeline.
- Iron-air battery pilots deployed 100 MWh in 2023.
- Global VPP capacity forecast to reach 120 GW by 2030.
- Lithium prices fell 80% in 2023 to $15,000/tonne.
- Recycling recovered 20% of lithium demand in 2023.
- Grid-forming inverters in storage hit 10 GW deployment.
- Global electrolyser capacity reached 15 GW by end-2023.
Energy Storage Interpretation
While still a drop in the energy ocean, the world is charging forward at battery pace, with plummeting costs and surging installations proving that storing electrons is no longer just a hopeful experiment but the serious business of keeping the lights on.
Investments and Markets
- Global clean energy investment hit $1.8 trillion in 2023, 3x fossil fuels.
- Renewable energy attracted $623 billion in 2023, up 17% YoY.
- EV and battery investment totaled $500 billion in 2023 globally.
- Green hydrogen projects reached $150 billion investment pipeline in 2023.
- Corporate PPA volume hit 25 GW in 2023, double from 2021.
- Private equity invested $80 billion in clean energy in 2023.
- Venture capital in climate tech reached $42 billion in 2023.
- Nuclear fusion startups raised $2.8 billion in 2023.
- Carbon capture investments grew to $5 billion in 2023.
- Global green bonds issuance was $540 billion in 2023.
- China clean energy investment was $890 billion in 2023, half global total.
- US IRA spurred $110 billion clean energy investment in 2023.
- EU clean tech manufacturing investment hit €100 billion announced in 2023.
- Global electrolyser manufacturing capacity reached 40 GW/year in 2023.
- Clean energy jobs reached 13.7 million globally in 2023.
- Global energy investment to hit $3.3 trillion in 2025, majority clean.
- Clean energy investment to exceed $2 trillion in 2024.
- Solar PV investment returned 8.3% IRR globally in 2023.
- Offshore wind FiTs averaged €100/MWh in Europe 2023.
- Yieldcos raised $10 billion for clean energy assets in 2023.
- Blended finance mobilized $20 billion for emerging markets clean energy.
- Tokenized green assets traded $1 billion on blockchain in 2023.
- Pension funds allocated 2.5% to clean energy, up from 1% in 2020.
- Africa clean energy investment gap remains $190 billion annually.
- Southeast Asia renewables financing hit $25 billion in 2023.
- Global CCUS capacity reached 45 MtCO2/year operational in 2023.
- Power-to-X projects announced 700 GW electrolysers globally.
Investments and Markets Interpretation
While the fossil fuel industry is clinging to the past like a shipwrecked sailor to a splintered plank, the future, backed by trillions, is arriving on a sleek, solar-powered speedboat driven by investors, innovators, and a growing army of green-collar workers.
Policy Impacts and Emissions
- CO2 emissions from energy grew only 1.1% in 2023 to 37.4 Gt.
- Renewables avoided 2.6 Gt CO2 emissions in 2023.
- Power sector emissions fell 1.8% in advanced economies in 2023.
- EU ETS reduced emissions by 47% since 2005 by 2023.
- US methane emissions from oil/gas down 17% since 2018 due to regulations.
- Global coal power generation emissions peaked in 2023 at 12.6 Gt CO2.
- EVs displaced 220 Mt oil equivalent in 2023, cutting 0.7 Gt CO2.
- Carbon pricing covered 24% of global emissions in 2023, raising $104 billion.
- Net zero pledges cover 90% of global GDP by 2023.
- IRA tax credits allocated $100 billion by end-2023.
- EU REPowerEU plan delivered 45 GW renewables faster by 2023.
- India's PLI scheme added 20 GW renewables capacity in 2023.
- Global NDC updates target 1.5°C pathway if fully implemented.
- Fossil fuel subsidies reached $1.3 trillion in 2023.
- Methane pledges could cut 30% of emissions by 2030 if met.
- Global renewables share in electricity hit 30% in 2023.
- Clean electricity generation grew 10% to 10,600 TWh in 2023.
- Energy demand growth slowed to 2.2% in 2023 due to efficiency.
- Advanced economies power emissions down 4% in 2023.
- China's coal consumption peaked in 2023 per CREA analysis.
- Global aviation emissions grew 2% to 1 GtCO2 in 2023.
- Steel sector emissions fell 1% globally due to EAF growth.
- EU deforestation regulation cut imports 10% in 2023.
- Global ETS schemes now price 20 GtCO2 annually.
- Just Energy Transition Partnerships mobilized $20 billion for 6 countries.
Policy Impacts and Emissions Interpretation
While the world’s stubborn carbon hangover saw emissions creep up again last year, the sobering news is belied by the promising fact that the global economy is now officially in rehab, as clean energy investments and policies are finally starting to take the edge off our fossil fuel addiction.
Renewable Energy Deployment
- Global renewable energy capacity reached 3,870 GW at the end of 2023, with solar PV accounting for 42% of total capacity.
- Solar photovoltaic installations added a record 447 GW globally in 2023, more than all fossil fuel-fired capacity combined.
- Wind power capacity grew by 113 GW in 2023, with onshore wind dominating at 94% of additions.
- Hydropower capacity stood at 1,296 GW globally in 2023, providing 15% of global electricity.
- Bioenergy capacity reached 150 GW worldwide by end-2023, with modern bioenergy growing 6% annually.
- Offshore wind capacity hit 72 GW globally in 2023, with China leading at 37% share.
- Concentrated solar power (CSP) capacity was 15 GW in 2023, primarily in China, Spain, and Morocco.
- Geothermal capacity remained stable at 15.6 GW globally, with Indonesia holding 40%.
- Annual renewable capacity additions are projected to average 500 GW per year through 2030.
- China added 293 GW of renewables in 2023, over half the global total.
- Europe installed 59 GW of renewables in 2023, led by solar at 48 GW.
- US renewable capacity reached 450 GW by end-2023, with solar surpassing wind.
- India added 24 GW of renewables in 2023, targeting 500 GW by 2030.
- Brazil's renewable capacity was 170 GW in 2023, 85% of total power capacity.
- Australia reached 40 GW solar capacity by 2023, with rooftop solar at 18 GW.
- Global floating solar capacity exceeded 10 GW in 2023, growing 60% YoY.
- Utility-scale solar LCOE fell to $24/MWh globally in 2023, down 89% since 2010.
- Onshore wind LCOE averaged $33/MWh in 2023, competitive with new coal.
- Utility-scale solar capacity additions set to reach 230 GW in 2024.
- Floating offshore wind pipeline exceeds 300 GW globally as of 2024.
- Bifacial solar modules captured 65% market share in 2023.
- Global rooftop solar capacity surpassed 500 GW by 2023.
- Vietnam added 12 GW solar in 2023, leading Southeast Asia.
- Morocco's Noor Ouarzazate CSP plant reached full 580 MW in 2023.
- Global perovskite solar cell efficiency hit 34% in lab tests 2023.
- Wind turbine average size reached 4.5 MW onshore in 2023.
Renewable Energy Deployment Interpretation
As the sun soaks up nearly half the global renewable spotlight with record-breaking, bargain-basement installations, the winds of change blow steadily—and China races ahead building the future while the rest of us try to keep up.
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