In a world where solar panels are spreading across rooftops and wind farms are sprouting on the horizon, the renewable energy revolution is not coming—it's already here, with solar power leading a stunning global transformation that saw capacity surge by 269 gigawatts in 2022 alone.
Key Takeaways
- Global solar photovoltaic (PV) capacity reached 1,052 GW by the end of 2022, marking a 24% increase from 2021
- Solar PV additions accounted for 269 GW in 2022, representing 66% of all newly added renewable capacity worldwide
- The levelized cost of electricity (LCOE) for utility-scale solar PV fell by 89% between 2010 and 2022
- Global onshore wind capacity reached 899 GW by end of 2022, up 8% from 2021
- Wind power added 77 GW globally in 2022, accounting for 19% of renewable capacity growth
- Offshore wind capacity hit 35 GW in 2021, with China leading additions at 16.9 GW
- Global installed hydropower capacity reached 1,296 GW by end 2022
- Hydropower generated 4,160 TWh globally in 2022, 15% of world electricity
- China holds 42% of global hydro capacity at 420 GW end 2022
- Global bioenergy capacity reached 150 GW electrical equivalent by 2022
- Modern biomass power plants generated 600 TWh heat and electricity in 2021
- Geothermal capacity stood at 15.6 GW globally end 2022, led by US with 3.7 GW
- Global renewable capacity hit 3,372 GW end 2022, 86% increase since 2012
- Renewables generated 29.4% of global electricity in 2022, up from 19% in 2012
- Renewable investment reached $495 billion in 2022, 1.6% of global GDP
Solar power is now the dominant force driving global renewable energy growth.
Bioenergy and Geothermal
- Global bioenergy capacity reached 150 GW electrical equivalent by 2022
- Modern biomass power plants generated 600 TWh heat and electricity in 2021
- Geothermal capacity stood at 15.6 GW globally end 2022, led by US with 3.7 GW
- Bioethanol production hit 114 billion liters in 2022, mostly from sugarcane and corn
- Indonesia added 200 MW geothermal in 2022, total 2.3 GW
- Anaerobic digestion biogas plants number 18,000 in Europe alone, producing 20 TWh/year
- US geothermal generation 16.4 TWh in 2022, 0.4% electricity
- Global biodiesel production 42 billion liters 2022
- Kenya geothermal capacity 937 MW, 45% of electricity
- Biomass co-firing in coal plants reached 20 GW capacity globally
- New Zealand geothermal 1 GW, 18% electricity
- Waste-to-energy incineration 600 plants worldwide, 80 million tons waste/year
- Philippines geothermal 1.9 GW, 10% power mix
- Bioenergy LCOE $0.089/kWh average 2022
- China biomass power 40 GW end 2022
- Enhanced geothermal systems (EGS) pilots total 50 MW
- EU biomethane production 5 TWh equivalent 2022, target 35 TWh by 2030
- Brazil biomass capacity 15 GW from bagasse
- Iceland 100% renewable electricity, 30% geothermal
- Global solid biomass trade 200 million tons/year
- Geothermal heat utilization 107 GWth globally
- India biomass power 10 GW
- Advanced biofuels production 0.5 billion liters 2022
- Turkey geothermal 1.7 GW electric + 6 GWth
- Bioenergy avoided 1.2 Gt CO2 in 2022
Bioenergy and Geothermal Interpretation
While bioenergy silently became a powerhouse with the electrical equivalent of 150 nuclear reactors and geothermal kept things hot in the background, their combined hustle of avoiding 1.2 gigatons of CO2 proves that the road to a cleaner grid is being paved, one biogas digester and volcanic steam field at a time.
Global and Economic Impacts
- Global renewable capacity hit 3,372 GW end 2022, 86% increase since 2012
- Renewables generated 29.4% of global electricity in 2022, up from 19% in 2012
- Renewable investment reached $495 billion in 2022, 1.6% of global GDP
- Renewables employed 12.7 million people worldwide in 2022
- LCOE for renewables cheaper than fossil fuels in 95% cases by 2022
- Renewables capacity growth needs to triple by 2030 for net zero
- Global renewable power capacity forecast 8,100 GW by 2027
- China renewables 1,200 GW end 2022, 40% power capacity
- Renewables avoided 2.6 Gt CO2 in 2022, equivalent to EU emissions
- Developing countries 60% renewable additions 2022
- Green hydrogen from renewables cost $3-6/kg by 2030 projection
- EU renewables share 23% final energy 2022
- Battery storage paired with renewables reached 45 GW globally 2022
- Renewables policy support via 360 instruments in 130 countries
- Global RE capacity utilization 28% average 2022
- US renewables 22% electricity 2022
- India renewables target 500 GW non-fossil by 2030
- Corporate PPA for renewables 26 GW signed 2022
- Renewables R&D investment $25 billion OECD 2021
- Africa renewables 50 GW installed, potential 10 TW
- Net zero requires $4 trillion annual RE investment post-2030
- Renewables met 82% new electricity demand 2019-2022
- Latin America renewables 70% electricity
- Green bonds for RE $500 billion cumulative 2022
- Global RE supply chain risks highlighted, China 80% solar modules
- RE integration via smart grids, 1 TW flexibility needed by 2030
- Renewables capacity additions averaged 300 GW/year 2020-2022
Global and Economic Impacts Interpretation
While the renewable energy train has impressively left the station with skyrocketing capacity and plummeting costs, it still needs to ditch its training wheels and triple its speed to win the race against climate change.
Hydropower
- Global installed hydropower capacity reached 1,296 GW by end 2022
- Hydropower generated 4,160 TWh globally in 2022, 15% of world electricity
- China holds 42% of global hydro capacity at 420 GW end 2022
- Pumped storage hydropower (PSH) capacity 160 GW worldwide, 90% of global energy storage
- Brazil hydro capacity 110 GW, generated 65% of electricity in 2022
- Run-of-river hydro projects added 10 GW globally in 2022
- Canada's hydro capacity 82 GW, 60% of its electricity
- Three Gorges Dam in China, world's largest at 22.5 GW
- Hydropower capacity factor averaged 40% globally in optimal sites
- India hydro capacity 46.7 GW end FY2023
- Small hydro (<10 MW) totals 100 GW globally
- Vietnam added 1.2 GW hydro in 2022, total 21 GW
- Hydropower avoided 2.5 Gt CO2 emissions annually
- Russia hydro capacity 53 GW
- Modernization upgrades added 5 GW hydro capacity globally 2022
- Norway 96% electricity from hydro, capacity 33 GW
- Hydropower LCOE $0.047/kWh average 2022
- Africa hydro potential 300 GW untapped, installed 40 GW
- US hydro capacity 80 GW, 6% electricity
- Itaipu Dam Brazil-Paraguay 14 GW
- Asia-Pacific 70% global hydro capacity
- Hydro employed 2 million worldwide
- Ethiopia's Grand Renaissance Dam nearing 5 GW completion 2023
- Global hydro growth slowed to 5 GW net additions 2022 due to droughts
- Sweden hydro 16 GW, 40% electricity
- Marine current hydro pilots total 50 MW globally
Hydropower Interpretation
While hydropower remains the renewable heavyweight champion, holding 90% of the world's grid-scale storage in its pumped pockets, its growth is starting to look a bit dehydrated, adding only a modest 5 GW last year despite a vast reservoir of untapped potential still waiting, particularly in Africa.
Solar Energy
- Global solar photovoltaic (PV) capacity reached 1,052 GW by the end of 2022, marking a 24% increase from 2021
- Solar PV additions accounted for 269 GW in 2022, representing 66% of all newly added renewable capacity worldwide
- The levelized cost of electricity (LCOE) for utility-scale solar PV fell by 89% between 2010 and 2022
- In 2022, China added 76 GW of solar PV capacity, more than the entire global additions in 2019
- Concentrated solar power (CSP) capacity stood at 6.5 GW globally in 2021, with Morocco's Noor Ouarzazate plant being the largest at 580 MW
- Residential solar PV installations in the US grew by 29% in 2022, reaching 4.8 GWdc
- Bifacial solar modules now represent over 60% of global module production capacity as of 2023
- Solar PV capacity factor in the US averaged 24.8% in 2022, up from 23.5% in 2021
- India installed 11.3 GW of solar capacity in FY 2022-23
- Floating solar PV capacity worldwide exceeded 5 GW by end of 2022
- Global solar PV module prices dropped to $0.11/W in Q4 2022
- Australia's solar rooftop capacity surpassed 17 GW by mid-2023
- Utility-scale solar in California accounted for 28% of the state's electricity generation in 2022
- Perovskite solar cells achieved 33.9% efficiency in tandem configurations in lab tests by 2023
- Europe added 47 GW of solar PV in 2022, led by Germany with 12.7 GW
- Solar PV generated 1,050 TWh globally in 2022, equivalent to powering 100 million average US homes
- US solar capacity reached 139 GWdc by end of 2022
- Module shipment prices fell 45% year-over-year in 2022 due to oversupply
- Brazil's solar capacity grew 20-fold from 2 GW in 2019 to 40 GW in 2023
- Agrivoltaics systems cover 10 GW globally by 2023, combining solar with agriculture
- Japan's cumulative solar PV capacity hit 83 GW in 2022
- Solar irradiance in deserts like Sahara could generate 4,300 TWh/year, 300 times global electricity demand
- Topcon solar cells reached 25.4% efficiency in mass production by 2023
- Vietnam added 11 GW solar in 2019-2020
- Global solar R&D investment reached $5.5 billion in 2021
- Netherlands solar capacity overtook coal in 2022 with 18 GW installed
- Solar PV avoided 2.2 Gt CO2 emissions in 2022 globally
- US community solar grew to 5 GW by 2023, serving 1 million subscribers
- Global solar supply chain dominated by China with 80% polysilicon production
- Concentrating PV systems achieved 42.1% efficiency record in 2022
Solar Energy Interpretation
The global solar surge, now generating enough power for 100 million U.S. homes and driven by a near 90% drop in costs, is illuminating a future where we might finally stop arguing about the weather and just harness it.
Wind Energy
- Global onshore wind capacity reached 899 GW by end of 2022, up 8% from 2021
- Wind power added 77 GW globally in 2022, accounting for 19% of renewable capacity growth
- Offshore wind capacity hit 35 GW in 2021, with China leading additions at 16.9 GW
- LCOE for onshore wind decreased 3% to $0.033/kWh in 2022 from 2021
- US wind capacity reached 144 GW by end 2022, generating 10.3% of electricity
- Europe installed 25 GW onshore and 2.6 GW offshore wind in 2022
- Floating offshore wind capacity was 167 MW globally end 2022, with potential for 200 GW by 2050
- Brazil added 3.2 GW wind in 2022, total capacity 25 GW
- Wind turbine average size grew to 3.4 MW onshore in 2022
- UK's offshore wind capacity reached 13.9 GW by 2022, powering 13 million homes
- Global wind LCOE projected to fall 37% by 2027 for fixed-bottom offshore
- India wind capacity at 42 GW end 2022, with 2.4 GW added
- US capacity factor for onshore wind averaged 36.5% in 2022
- Germany added 4.2 GW onshore wind in 2022 despite permitting delays
- Global wind generated 2,100 TWh in 2022, avoiding 1.5 Gt CO2
- Vietnam's wind capacity reached 4.5 GW by 2023
- Next-gen 15 MW offshore turbines entering commercialization in 2023
- Spain wind generation covered 25% of electricity in 2022
- Australia wind capacity at 10 GW end 2022
- Wind industry employed 1.25 million globally in 2022
- Denmark generated 55% electricity from wind in 2022
- Global offshore wind pipeline 321 GW as of 2023
- Canada added 1 GW wind in 2022, total 14 GW
- Wind R&D investment $4 billion in 2021 globally
- Turkey wind capacity 11.3 GW end 2022
- Ireland wind share 36% of electricity in 2022
Wind Energy Interpretation
While the world's political winds often blow hot air, the turbines are spinning serious results: global onshore capacity hit a breezy 899 GW, costs are falling faster than a poorly planned kite, and Denmark is already living in 2050 by generating over half its electricity from wind.
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