The sun isn't just rising; it's exploding onto the global energy stage, with record-shattering solar growth in 2023 leading a historic surge in renewables that is fundamentally reshaping how the world powers itself.
Key Takeaways
- In 2023, global solar photovoltaic (PV) capacity additions reached a record 447 GW, more than tripling from 2020 levels and accounting for 75% of all renewable capacity added that year
- China installed 217 GW of solar PV capacity in 2023, representing nearly half of the global total and surpassing the entire world's additions from 2021
- Utility-scale solar PV capacity in the United States grew by 32.4 GW in 2023, a 77% increase from 2022, driven by the Inflation Reduction Act incentives
- Global onshore wind capacity additions hit 117 GW in 2023, a 50% increase from 2022 and led by China with 76 GW installed
- The United States added 6.5 GW of onshore wind capacity in 2023, reaching a total of 148 GW, despite supply chain challenges
- Offshore wind capacity worldwide grew by 10.8 GW in 2023 to 72 GW total, with China adding 6.3 GW and Europe 4.5 GW
- Global hydropower capacity added 24 GW in 2023, reaching 1,317 GW total, with China accounting for 14 GW
- Brazil commissioned 3.3 GW of new hydro capacity in 2023, mostly run-of-river plants, totaling 110 GW
- India's hydropower capacity grew by 1.2 GW in FY2023 to 42 GW installed, focusing on small hydro
- Bioenergy capacity added 5 GW globally in 2023 to 150 GW total, led by Asia's biomass plants
- Geothermal capacity grew by 0.6 GW in 2023 to 15.8 GW worldwide, with Indonesia adding 0.2 GW
- Global biogas plants increased to 220,000 units by 2023, generating 20 GW equivalent power
- Global renewable capacity reached 3,870 GW by end-2023, up 13.4% from 2022 with 510 GW added
- Renewables generated 30% of global electricity in 2023 (8,500 TWh), overtaking coal briefly
- Global renewable investments hit $1.8 trillion in 2023, 10x fossil fuels on per MW basis
Solar power tripled, leading renewable energy to outpace coal globally in 2023.
Global Renewable Energy Trends
- Global renewable capacity reached 3,870 GW by end-2023, up 13.4% from 2022 with 510 GW added
- Renewables generated 30% of global electricity in 2023 (8,500 TWh), overtaking coal briefly
- Global renewable investments hit $1.8 trillion in 2023, 10x fossil fuels on per MW basis
- Renewables' share of new power capacity was 83% in 2023, 95% excluding nuclear
- IEA forecasts renewables to supply 45% global electricity by 2030, needing $4.5 trillion annual investment
- Clean energy jobs reached 13.7 million globally in 2023, 70% in renewables powering 12 million jobs
- Global renewable power capacity tripled in the 2010s, on track to quadruple by 2030 per COP28 pledge
- Developing economies added 80% of new renewable capacity in 2023 (260 GW of 340 GW non-hydro)
- Renewable electricity costs fell 12% in 2023, solar/wind now cheapest new-build sources everywhere
- Over 130 countries adopted renewable targets by 2023, covering 90% of global GDP
- Grid integration challenges limited renewables curtailment to 3% globally in 2023, down from 5%
- Corporate PPAs for renewables signed 50 GW in 2023, tech giants leading demand
- Renewables displaced 2.5 Gt CO2 emissions in power sector in 2023 vs fossil counterfactual
- Annual renewable capacity growth rate hit 12.4% in 2023, highest since 1999 excluding hydro
- Asia accounted for 75% of global renewable additions in 2023 (382 GW), led by China/India
- Policy support via auctions awarded 300 GW renewables globally in 2023 at record-low prices
- Storage paired with renewables reached 50 GW globally by 2023, enabling 24/7 supply
- Renewables met 90% of global electricity demand growth in 2023 (excluding hydro variability)
- Global renewable manufacturing capacity for solar/wind exceeded demand by 50% in 2023
- EU renewables share hit 44% electricity in 2023, up from 38% in 2022
- Emerging markets/economies added 75 GW solar/wind in 2023, doubling prior year
- Digitalization improved renewable forecasting accuracy by 20% globally in 2023
- Green hydrogen projects with 40 GW electrolyzer capacity reached FID in 2023
- Renewables capacity per capita highest in Europe (1.2 kW/person) vs global 0.5 kW in 2023
- Global renewables R&D investment was $25 billion in 2023, focusing on storage and green H2
Global Renewable Energy Trends Interpretation
While renewables are sprinting ahead—generating a third of our power, creating armies of green-collar workers, and being built at a pace that would shame a cheetah—the sobering truth is we're still just warming up for the main event if we want to hit our climate goals.
Hydropower Growth
- Global hydropower capacity added 24 GW in 2023, reaching 1,317 GW total, with China accounting for 14 GW
- Brazil commissioned 3.3 GW of new hydro capacity in 2023, mostly run-of-river plants, totaling 110 GW
- India's hydropower capacity grew by 1.2 GW in FY2023 to 42 GW installed, focusing on small hydro
- Canada added 0.5 GW hydro in 2023, maintaining world's second-largest capacity at 82 GW
- Vietnam brought online 1.8 GW hydro in 2023, total reaching 22 GW despite environmental concerns
- Africa's hydropower capacity increased by 1.5 GW in 2023 to 40 GW, led by Ethiopia's GERD progress
- Pumped storage hydropower (PSH) added 5 GW globally in 2023, totaling 160 GW for grid flexibility
- China's hydro generation hit 1,300 TWh in 2023, 16% of national electricity despite drought impacts
- Laos exported 25 TWh hydro power in 2023 via Mekong projects, capacity at 8.5 GW
- Run-of-river hydro capacity worldwide reached 200 GW by 2023, growing 10% annually in Asia
- US hydro capacity stable at 80 GW in 2023, with 0.2 GW new additions focused on upgrades
- Norway's hydro generation was 138 TWh in 2023, 90% of electricity mix from 33 GW capacity
- Small hydro (<10 MW) added 4 GW globally in 2023, popular in developing markets
- Hydropower's global LCOE averaged $50/MWh in 2023 for new plants, competitive in tropics
- Russia added 1.1 GW hydro in 2023, total 52 GW supporting baseload
- Peru's hydro capacity grew 0.8 GW to 12 GW in 2023, aiding energy security
- Modernization of aging hydro plants added 2 GW equivalent capacity worldwide in 2023
- Hydropower share of global electricity fell slightly to 15% in 2023 due to droughts in key regions
- Colombia generated 60% of electricity from 12 GW hydro in 2023 despite El Niño variability
- Bhutan’s hydro exports to India reached 7 TWh from 2.3 GW capacity in 2023
- Global hydro capacity projected to grow 60% to 2,000 GW by 2050 per IHA roadmap
- Nepal added 0.4 GW hydro in 2023, total 2.2 GW with export potential to India/Bangladesh
- Hydropower contributed 4,100 TWh globally in 2023, down 1% from 2022 due to weather
Hydropower Growth Interpretation
While hydropower's growth remains steady, it’s clear the world is still stubbornly addicted to its oldest renewable, even as droughts remind us that every silver lining has a cloud.
Other Renewables Growth
- Bioenergy capacity added 5 GW globally in 2023 to 150 GW total, led by Asia's biomass plants
- Geothermal capacity grew by 0.6 GW in 2023 to 15.8 GW worldwide, with Indonesia adding 0.2 GW
- Global biogas plants increased to 220,000 units by 2023, generating 20 GW equivalent power
- Waste-to-energy capacity reached 600 GWth heat globally in 2023, incinerating 500 million tons waste
- Marine energy (tidal/wave) prototypes added 10 MW in 2023, total pilot capacity 0.1 GW
- India's bioenergy capacity hit 11 GW in 2023, with 1.5 GW new biomass cogeneration
- US geothermal production was 16.2 TWh from 3.7 GW capacity in 2023, enhanced by EGS pilots
- China's biomass power capacity reached 45 GW in 2023, generating 130 TWh annually
- Advanced biofuels production grew 15% to 7 billion liters in 2023, led by US and Brazil
- Europe's geothermal heat pump installations exceeded 2 million units by 2023, 50 GWth capacity
- Solid biomass dominated bioenergy at 80 GW power capacity globally in 2023
- Kenya's geothermal capacity expanded to 1 GW in 2023, 45% of national electricity
- Global biomethane production tripled since 2015 to 5 bcm in 2023, injecting into gas grids
- Concentrated solar thermal for heat (non-electric) grew to 5 GWth in industry by 2023
- New Zealand's geothermal output was 8 TWh from 1 GW capacity in 2023
- Bioenergy LCOE averaged $90/MWh in 2023, competitive in co-firing applications
- Philippines added 0.1 GW geothermal to 1.9 GW total in 2023
- Global wood pellet trade hit 30 million tons in 2023, fueling EU co-firing plants
- Hydrogen from renewables reached 1 Mt production capacity in 2023 pilots
- Tidal stream capacity added 5 MW in Europe in 2023, Orkney leading demos
- Bioenergy share of global electricity was 2.5% in 2023, generating 600 TWh
- Iceland's geothermal provides 30% electricity and 90% heating from 2 GWth capacity in 2023
Other Renewables Growth Interpretation
We have cheerfully harnessed the heat of the Earth's wrath and the relentless decay of our own waste, proving that humanity's best energy sources might just be the simmering ground beneath our feet and the discarded scraps we once walked over.
Solar Energy Growth
- In 2023, global solar photovoltaic (PV) capacity additions reached a record 447 GW, more than tripling from 2020 levels and accounting for 75% of all renewable capacity added that year
- China installed 217 GW of solar PV capacity in 2023, representing nearly half of the global total and surpassing the entire world's additions from 2021
- Utility-scale solar PV capacity in the United States grew by 32.4 GW in 2023, a 77% increase from 2022, driven by the Inflation Reduction Act incentives
- India's solar capacity reached 81.8 GW by the end of 2023, with 24.5 GW added during the year, making it the third-largest solar market globally
- Europe added 59 GW of solar PV in 2023, led by Germany (14.6 GW), Spain (7.3 GW), and Poland (12.3 GW)
- Global distributed solar PV capacity grew by 110 GW in 2023, with rooftop installations booming in residential sectors across Asia and Europe
- Brazil's solar capacity expanded by 12.3 GW in 2023, with distributed generation accounting for 93% of new additions
- Australia's rooftop solar installations hit 3.2 GW in the first half of 2023 alone, pushing total capacity past 25 GW
- Japan's solar capacity additions reached 8.7 GW in FY2023, supported by feed-in tariffs and corporate PPAs
- The cost of solar PV modules fell by 50% in 2023, enabling a levelized cost of electricity (LCOE) below $20/MWh in optimal conditions
- Global solar PV capacity is projected to reach 4,500 GW by 2030, requiring annual additions of over 600 GW from 2024 onward
- In 2023, solar accounted for 84% of new renewable capacity worldwide, outpacing all other sources combined
- Vietnam added 11.6 GW of solar PV in 2023, driven by rooftop systems and emerging utility-scale projects
- South Africa's solar capacity grew by 2.5 GW in 2023, with utility-scale tenders accelerating deployment
- Floating solar PV capacity worldwide reached 13 GW by end-2023, with Asia leading at 90% of installations
- Global solar PV manufacturing capacity exceeded 1 TW in 2023, led by China with over 80% market share
- Morocco's Noor Ouarzazate complex expanded solar capacity to 580 MW CSP by 2023, pioneering concentrated solar power growth
- Utility-scale solar in India surpassed 50 GW operational capacity by March 2024, up from 37 GW in 2023
- Global agrivoltaics installations grew to 7 GW by 2023, combining solar with agriculture in Europe and the US
- Solar PV's share of global electricity generation rose from 3.7% in 2022 to 5.5% in 2023
- In 2023, new solar PV capacity in the EU was 56 GW, with Germany installing 15 GW
- Bifacial solar module deployments exceeded 20% of new installations globally in 2023, boosting efficiency
- Global solar irradiance mapping improved forecasting, enabling 30% higher capacity factors in advanced markets
- Concentrated solar power (CSP) capacity grew by 0.8 GW in 2023, primarily in China and the UAE
- Residential solar adoption in California added 1.2 GW in 2023, despite net metering changes
- Global solar PV auctions awarded 120 GW in 2023, lowest LCOEs at $15/MWh in Middle East
- Perovskite tandem solar cells achieved 33.9% efficiency in lab tests in 2023, nearing commercialization
- Solar capacity in Saudi Arabia reached 2.8 GW by end-2023, with 2.6 GW added via round 4 tenders
- Global solar O&M market grew 15% to $12 billion in 2023, supporting 1.4 TW cumulative capacity
- In 2023, solar PV contributed 510 TWh to global electricity, up 25% year-on-year
Solar Energy Growth Interpretation
The sun has clearly taken offense to its historical understudy role, as global solar capacity has erupted with the audacity of a triple in three years, accounting for a staggering 75% of all new renewable power, led by China's command performance of nearly half the world's total while module prices crash-landed by 50%, proving that the energy transition is no longer dawning but blazing at full noon.
Wind Energy Growth
- Global onshore wind capacity additions hit 117 GW in 2023, a 50% increase from 2022 and led by China with 76 GW installed
- The United States added 6.5 GW of onshore wind capacity in 2023, reaching a total of 148 GW, despite supply chain challenges
- Offshore wind capacity worldwide grew by 10.8 GW in 2023 to 72 GW total, with China adding 6.3 GW and Europe 4.5 GW
- Germany's wind capacity additions reached 16.1 GW in 2023 (14.3 GW onshore, 1.8 GW offshore), highest in a decade
- India commissioned 3.2 GW of wind capacity in FY2023, pushing total to 42.8 GW amid SECI auctions
- Brazil added 4.1 GW of onshore wind in 2023, leading Latin America with total capacity at 29 GW
- The UK's offshore wind additions were 1.3 GW in 2023, with total capacity at 14 GW, facing delays in new projects
- Global wind turbine orders reached 105 GW in 2023, up 15% from 2022, per GWEC data
- Average onshore wind turbine size increased to 4.5 MW in 2023 deployments, improving project economics
- Europe's onshore wind capacity grew by 17 GW in 2023, led by Spain (3.9 GW) and Sweden (2.6 GW)
- Vietnam installed 0.7 GW of wind capacity in 2023, mostly onshore, totaling 4.5 GW
- Australia's wind capacity added 0.8 GW in 2023, reaching 10.5 GW total with large-scale projects
- Floating offshore wind capacity reached 0.1 GW operational globally in 2023, with 20 GW in pipeline
- Wind LCOE fell to $26/MWh globally in 2023 for best new builds, per IRENA
- China’s wind curtailment rate dropped to 2.2% in 2023 from 5% prior, enabling higher utilization
- US tax credits under IRA spurred 13 GW wind capacity agreements in 2023
- Global wind capacity expected to double to 2 TW by 2030, requiring 120 GW annual additions
- Turkey added 2.3 GW onshore wind in 2023, total capacity 12.7 GW
- Wind power generation share in EU electricity mix rose to 22% in 2023, generating 553 TWh
- Mexico commissioned 1.1 GW wind in 2023, reaching 10.5 GW total amid policy reforms
- Next-gen 15 MW offshore turbines entered serial production in 2023, with 50 units ordered
- South Africa's wind capacity grew by 1.1 GW to 3.6 GW in 2023 via REIPPPP
- Global wind supply chain investments hit $30 billion in 2023, focusing on blades and towers
- Wind capacity factor improved to 37% globally in 2023 with better siting and tech
- Egypt awarded 10 GW wind projects in 2023, largest ever round
- In 2023, wind contributed 7.8% to global electricity, up from 7.1% in 2022
Wind Energy Growth Interpretation
It appears that the wind industry, much like a teenager with a growth spurt, is hitting awkward new heights—led by a China building turbines with the fervor of a dragon hoarding gold—yet it’s still trying to figure out how to power the whole house without tripping over its own supply chains.
Sources & References
- Reference 1IRENAirena.orgVisit source
- Reference 2EIAeia.govVisit source
- Reference 3MNREmnre.gov.inVisit source
- Reference 4SOLARPOWEREUROPEsolarpowereurope.orgVisit source
- Reference 5ABSOLARabsolar.org.brVisit source
- Reference 6CLEANENERGYCOUNCILcleanenergycouncil.org.auVisit source
- Reference 7METImeti.go.jpVisit source
- Reference 8ABOUTabout.bnef.comVisit source
- Reference 9IEAiea.orgVisit source
- Reference 10EVWINDevwind.esVisit source
- Reference 11ESI-AFRICAesi-africa.comVisit source
- Reference 12WORLDBANKworldbank.orgVisit source
- Reference 13MASENAmasena.maVisit source
- Reference 14PIBpib.gov.inVisit source
- Reference 15AGRIVOLTAICS-WORLDagrivoltaics-world.comVisit source
- Reference 16EMBER-CLIMATEember-climate.orgVisit source
- Reference 17WOODMACwoodmac.comVisit source
- Reference 18SOLARGISsolargis.comVisit source
- Reference 19CPUCcpuc.ca.govVisit source
- Reference 20PV-MAGAZINEpv-magazine.comVisit source
- Reference 21NRELnrel.govVisit source
- Reference 22REUTERSreuters.comVisit source
- Reference 23GWECgwec.netVisit source
- Reference 24WIND-ENERGIEwind-energie.deVisit source
- Reference 25REMCremc.inVisit source
- Reference 26ABEEOLICAabeeolica.org.brVisit source
- Reference 27RENEWABLEUKrenewableuk.comVisit source
- Reference 28WINDEUROPEwindeurope.orgVisit source
- Reference 29CWEAcwea.org.cnVisit source
- Reference 30LAWRENCEBERKELEYlawrenceberkeley.govVisit source
- Reference 31TURKEYWINDturkeywind.orgVisit source
- Reference 32ASOLMEXasolmex.orgVisit source
- Reference 33OFFSHOREWINDoffshorewind.bizVisit source
- Reference 34EPEepe.gov.brVisit source
- Reference 35CEAcea.nic.inVisit source
- Reference 36CER-RECcer-rec.gc.caVisit source
- Reference 37HYDROPOWERhydropower.orgVisit source
- Reference 38POWER-TECHNOLOGYpower-technology.comVisit source
- Reference 39NVEnve.noVisit source
- Reference 40RUSHYDROrushydro.ruVisit source
- Reference 41MINEMminem.gob.peVisit source
- Reference 42UPMEupme.gov.coVisit source
- Reference 43DRUKGREENdrukgreen.btVisit source
- Reference 44DOEDdoed.gov.npVisit source
- Reference 45ISWAiswa.orgVisit source
- Reference 46OCEAN-ENERGY-SYSTEMSocean-energy-systems.orgVisit source
- Reference 47EHPAehpa.orgVisit source
- Reference 48KENYAGEOTHERMALkenyageothermal.orgVisit source
- Reference 49EUROPEANBIOGASeuropeanbiogas.euVisit source
- Reference 50EECAeeca.govt.nzVisit source
- Reference 51DOEdoe.gov.phVisit source
- Reference 52PELLETFOCUSpelletfocus.comVisit source
- Reference 53TIDALENERGYTODAYtidalenergytoday.comVisit source
- Reference 54NESnes.isVisit source
- Reference 55REN21ren21.netVisit source
- Reference 56ENERGYenergy.ec.europa.euVisit source
- Reference 57OURWORLDINDATAourworldindata.orgVisit source