Imagine a future where sunlight and wind have not only become our primary power sources, but are doing so at a speed and scale that was almost unimaginable just a decade ago, as evidenced by the fact that global renewable capacity additions have now doubled since 2013 to reach a staggering 510 GW in a single year.
Key Takeaways
- Global solar photovoltaic (PV) capacity reached 1,052 GW in 2022, marking a 24% increase from 2021
- In 2023, China added 217 GW of new solar PV capacity, accounting for 54% of global additions
- Utility-scale solar PV levelized cost of electricity (LCOE) fell by 89% between 2010 and 2022
- Global wind power capacity hit 1,017 GW by end of 2022, up 9% from 2021
- Offshore wind capacity reached 72 GW globally in 2023, with China leading at 37 GW
- Onshore wind LCOE decreased by 70% from 2010 to 2022
- Worldwide hydropower capacity exceeded 1,416 GW in 2022
- China operates 423 GW of hydropower, over 30% of global total in 2023
- Run-of-river hydropower accounts for 20% of global hydro capacity
- Global bioenergy capacity reached 150 GW in 2022
- Geothermal capacity stood at 15.6 GW in 2023, led by US with 3.8 GW
- Modern biomass power generation was 650 TWh in 2022
- Global renewables capacity investments hit $495 billion in 2022
- Renewables share of global electricity generation was 29.4% in 2022
- Annual renewable capacity additions reached 510 GW in 2023, double 2013 levels
Solar power boomed with sharply falling costs, as global wind and hydro capacities expanded rapidly.
BioGeo
1Global bioenergy capacity reached 150 GW in 2022
Verified2Geothermal capacity stood at 15.6 GW in 2023, led by US with 3.8 GW
Verified3Modern biomass power generation was 650 TWh in 2022
Verified4Geothermal LCOE fell 29% from 2010-2022 to $0.056/kWh
Directional5Biogas plants number over 220,000 globally, producing 100 TWh equivalent
Single source6Indonesia added 200 MW geothermal in 2023, total 2.3 GW
Verified7Solid biomass dominates with 80% of bioenergy capacity
Verified8Enhanced geothermal systems (EGS) pilots reached 50 MW by 2023
Verified9Bioenergy employment is 5.5 million jobs worldwide
Directional10Bioenergy supplied 10% of global energy in 2022
Single source11Geothermal direct use capacity 118 GWth in 2023
Verified12Advanced biofuels production 6 billion liters in 2023
Verified13Philippines geothermal 1.9 GW, 10% electricity
Verified14Waste-to-energy plants: 2,500 globally, 500 TWh equiv
Directional15Bioethanol production 130 billion liters in 2023
Single source16Geothermal exploration investment $500M/year needed
Verified17Biomethane potential 20-35 bcm/year in EU
Verified18Global pellet production 50 Mt in 2023
Verified19Geothermal in Kenya 900 MW, 45% electricity
Directional20Bioenergy LCOE $0.072/kWh in 2022
Single source21Global biodiesel production 45 billion liters 2023
Verified22Iceland 30% electricity geothermal
Verified23Anaerobic digestion biogas: 20 bcm/year potential EU
Verified24Wood chip biomass capacity 100 GW global
Directional25Superhot rock geothermal pilots 2023 US
Single source26BioCNG from waste: 1,000 stations global 2023
VerifiedBioGeo Interpretation
Despite geothermal's impressive cost plunge, bioenergy still heats the global energy party, hosting ten times the gigawatts, half the planet's renewables jobs, and a whole lot of solid biomass.
Hydro
1Worldwide hydropower capacity exceeded 1,416 GW in 2022
Verified2China operates 423 GW of hydropower, over 30% of global total in 2023
Verified3Run-of-river hydropower accounts for 20% of global hydro capacity
Verified4Pumped storage hydropower capacity is 160 GW globally
Directional5Brazil added 4.3 GW hydro capacity in 2023
Single source6Hydropower generated 4,150 TWh globally in 2022, 15% of electricity
Verified7Small hydro (<10 MW) capacity is 120 GW worldwide
Verified8Canada has 82 GW hydro capacity, 60% of its electricity
Verified9Hydropower LCOE averaged $0.047/kWh in 2022
Directional10Africa has untapped hydro potential of 300 GW
Single source11Hydropower capacity in India is 47 GW as of 2023
Verified12Three Gorges Dam: 22.5 GW largest hydro plant
Verified13Hydropower capacity factor averages 40-50% globally
Verified14Norway 92% electricity from hydro in 2023
Directional15Global hydro additions averaged 25 GW/year 2018-2022
Single source16Mekong River basin hydro potential 65 GW developed 25%
Verified17Marine current/tidal capacity 700 MW globally 2023
Verified18Hydro storage provides 90% of global energy storage
Verified19Russia hydro capacity 52 GW
Directional20Variable flow hydro output declined 10% due to droughts 2022
Single source21Hydropower in Asia-Pacific 70% global capacity
Verified22Itaipu Dam: 14 GW, 100 TWh/year average
Verified23Hydropower retrofits improved efficiency 5-10% recently
Verified24Venezuela Guri Dam 10 GW capacity
Directional25Global small hydro potential 173 GW untapped
Single source26Hydro drought impact: -100 TWh EU 2022
Verified27Turkey hydro capacity 32 GW end 2023
Verified28Pumped hydro additions 5 GW China 2023
VerifiedHydro Interpretation
While China leads the charge by harnessing rivers like a national hobby, the rest of the world is playing a serious game of catch-up—with droughts throwing wildcards into the mix—because this 4,150 TWh heavyweight remains the indispensable, if temperamental, backbone of our clean energy grid.
Market
1Global renewables capacity investments hit $495 billion in 2022
Verified2Renewables share of global electricity generation was 29.4% in 2022
Verified3Annual renewable capacity additions reached 510 GW in 2023, double 2013 levels
Verified4Clean energy investment to reach $2 trillion annually by 2030 per IEA
Directional5EU renewable target: 42.5% electricity from renewables by 2030
Single source6Global renewable jobs totaled 13.7 million in 2022
Verified7Net Zero by 2050 needs 11 TW renewables capacity by 2050
Verified8Developing countries added 80% of new renewable capacity in 2023
Verified9US Inflation Reduction Act to spur $1.2 trillion clean energy investment
Directional10Renewables overtook coal in electricity generation in 2023, 30% share
Single source11IEA: Renewables to meet 90% new electricity demand to 2028
Verified12Corporate PPA for renewables hit 25 GW in 2023
Verified13China renewables capacity 1,566 GW end 2023
Verified14Green hydrogen from renewables: 10 Mt planned by 2030
Directional15Auction prices for solar fell to $0.01/kWh in India 2023
Single source16Africa renewables investment $40B 2015-2022
Verified17Battery storage paired with renewables: 50 GW global 2023
Verified18Renewables capacity growth needs tripling by 2030 per COP28
Verified19Global clean energy manufacturing $200B investment 2023
Directional20India 500 GW non-fossil target 2030
Single source21Offshore wind auctions awarded 15 GW Europe 2023
Verified22Renewables financing gap $4T/year developing world
VerifiedMarket Interpretation
We are witnessing a financial and technological supernova hurtling towards its target, yet the sheer scale of what's left to build is a sobering reminder that this energy revolution must now sprint like an Olympian with the world on its back.
Solar
1Global solar photovoltaic (PV) capacity reached 1,052 GW in 2022, marking a 24% increase from 2021
Verified2In 2023, China added 217 GW of new solar PV capacity, accounting for 54% of global additions
Verified3Utility-scale solar PV levelized cost of electricity (LCOE) fell by 89% between 2010 and 2022
Verified4Rooftop solar PV capacity worldwide exceeded 400 GW by end of 2022
Directional5Concentrated solar power (CSP) capacity stood at 26 GW globally in 2023, with 2.6 GW added that year
Single source6Solar PV module prices dropped to $0.11/W in 2023, down 50% from 2022
Verified7In the US, solar accounted for 14.7% of electricity generation in Q1 2024
Verified8India installed 14.8 GW of solar capacity in FY 2023-24
Verified9Floating solar PV capacity reached 13 GW globally by 2023
Directional10Bifacial solar modules captured 55% of global shipments in 2023
Single source11Global solar PV capacity reached 1,052 GW in 2022, marking a 24% increase from 2021
Verified12In 2023, annual solar PV additions were 447 GW globally
Verified13US residential solar installations grew 19% YoY to 4.7 GWdc in 2023
Verified14Perovskite solar cells achieved 34% efficiency in lab tests in 2024
Directional15Australia solar rooftop penetration reached 35% of households by 2023
Single source16Morocco's Noor Ouarzazate CSP plant has 580 MW capacity
Verified17Global solar irradiance averages 1,000-2,500 kWh/m²/year
Verified18Tandem solar cells hit 33.9% efficiency record in 2023
Verified19Vietnam added 11 GW solar in 2019-2020 boom
Directional20Global cumulative solar thermal capacity is 500 GWth
Single source21Global solar PV capacity reached 1,610 GWdc in 2023
Verified22Europe solar additions 56 GW in 2023
Verified23Commercial & industrial solar grew 20% to 15 GW global 2023
Verified24Agrivoltaics projects: 2 GW operational worldwide 2023
Directional25Saudi Arabia added 2.8 GW solar in 2023
Single source26Global PV waste projected 8 Mt/year by 2030
Verified27Solar PV capacity factor averages 20-25% globally
Verified28Japan solar capacity 83 GW end 2023
VerifiedSolar Interpretation
The sun is no longer just smiling upon us; it's laughing all the way to the grid, having bullied its way to over a terawatt of capacity through a relentless, price-slashing blitzkrieg led by China, which proves that when you make something absurdly cheap and efficient, even the most hard-headed utilities and homeowners will happily bow to the light.
Wind
1Global wind power capacity hit 1,017 GW by end of 2022, up 9% from 2021
Verified2Offshore wind capacity reached 72 GW globally in 2023, with China leading at 37 GW
Verified3Onshore wind LCOE decreased by 70% from 2010 to 2022
Verified4Europe added 17.4 GW of wind capacity in 2023, 50% offshore
Directional5US wind capacity generation share was 10.2% in 2023
Single source6Floating offshore wind capacity was 200 MW in 2023, expected to grow to 5 GW by 2029
Verified7Turbine average capacity factor for onshore wind improved to 37% in 2023
Verified8India commissioned 3.2 GW wind capacity in FY 2023-24
Verified9Global wind turbine installations totaled 116 GW in 2023
Directional10UK offshore wind capacity hit 14 GW in 2023
Single source11Offshore wind capacity grew 21% to 72 GW in 2023
Verified12US onshore wind added 6.5 GW in 2023
Verified13Average hub height for new onshore turbines reached 110m in 2023
Verified14Germany wind generation share 32% of electricity in 2023
Directional15Largest turbine: MingYang MySE 18.X-20MW offshore
Single source16Wind curtailment in China was 4.3% of generation in 2023
Verified17Brazil wind capacity reached 29 GW by 2023
Verified18Global wind LCOE $0.033/kWh for best sites in 2022
Verified19Denmark generates 55% electricity from wind in 2023
Directional20Hybrid wind-solar projects reached 10 GW globally by 2023
Single source21Global wind capacity 1,131 GW end 2023
Verified22US total wind capacity 149 GW end 2023
Verified23Fixed-bottom offshore wind LCOE $72/MWh best sites 2023
Verified24Spain wind share 25% electricity 2023
Directional25Next-gen 15MW+ offshore turbines: 5 GW ordered 2023
Single source26Wind repowering in US: 2 GW in 2023
Verified27Global wind supply chain value $100B in 2023
Verified28Portugal 30% electricity from wind 2023
VerifiedWind Interpretation
While the wind industry is now a towering, trillion-dollar global force capable of powering entire nations, its true success is measured not just in gigawatts but in the fact that it has finally become too cheap and too sensible for even the most stubborn grids to ignore.
Sources & References
- Reference 1IRENAirena.orgVisit source
- Reference 2IEAiea.orgVisit source
- Reference 3NRELnrel.govVisit source
- Reference 4EIAeia.govVisit source
- Reference 5MNREmnre.gov.inVisit source
- Reference 6WORLDBANKworldbank.orgVisit source
- Reference 7WOODMACwoodmac.comVisit source
- Reference 8GWECgwec.netVisit source
- Reference 9WINDEUROPEwindeurope.orgVisit source
- Reference 10RENEWPOWERrenewpower.inVisit source
- Reference 11RENEWABLEUKrenewableuk.comVisit source
- Reference 12HYDROPOWERhydropower.orgVisit source
- Reference 13NRCANnrcan.gc.caVisit source
- Reference 14AFDBafdb.orgVisit source
- Reference 15THINKGEOENERGYthinkgeoenergy.comVisit source
- Reference 16ABOUTabout.bnef.comVisit source
- Reference 17ENERGYenergy.ec.europa.euVisit source
- Reference 18WHITEHOUSEwhitehouse.govVisit source
- Reference 19OURWORLDINDATAourworldindata.orgVisit source
- Reference 20SEIAseia.orgVisit source
- Reference 21CLEANENERGYCOUNCILcleanenergycouncil.org.auVisit source
- Reference 22SOLARGISsolargis.comVisit source
- Reference 23ASEase.orgVisit source
- Reference 24CLEANENERGYWIREcleanenergywire.orgVisit source
- Reference 25MINGYANGmingyang.comVisit source
- Reference 26CWEAcwea.org.cnVisit source
- Reference 27ABEEOLICAabeeolica.org.brVisit source
- Reference 28ENSens.dkVisit source
- Reference 29POWERMINpowermin.gov.inVisit source
- Reference 30CTGctg.com.cnVisit source
- Reference 31SSBssb.noVisit source
- Reference 32MRCMEKONGmrcmekong.orgVisit source
- Reference 33DOEdoe.gov.phVisit source
- Reference 34ISWAiswa.orgVisit source
- Reference 35IEABIOENERGYieabioenergy.comVisit source
- Reference 36ECec.europa.euVisit source
- Reference 37PELLETFOCUSpelletfocus.netVisit source
- Reference 38EMBER-CLIMATEember-climate.orgVisit source
- Reference 39LEVELTENENERGYleveltenenergy.comVisit source
- Reference 40NEAnea.gov.cnVisit source
- Reference 41MERCOMINDIAmercomindia.comVisit source
- Reference 42SOLARPOWEREUROPEsolarpowereurope.orgVisit source
- Reference 43REPDrepd.gov.saVisit source
- Reference 44METImeti.go.jpVisit source
- Reference 45ATBatb.nrel.govVisit source
- Reference 46REEree.esVisit source
- Reference 47POWERMAGpowermag.comVisit source
- Reference 48RENOVAVEISrenovaveis.apren.ptVisit source
- Reference 49ITAIPUitaipu.gov.brVisit source
- Reference 50KENYAGEOTHERMALkenyageothermal.orgVisit source
- Reference 51ENERGYenergy.gov.mvVisit source
- Reference 52ENERGYenergy.govVisit source
- Reference 53UNFCCCunfccc.intVisit source
- Reference 54PIBpib.gov.inVisit source