Renewables are reshaping power systems worldwide. In 2023, global installed renewable capacity reached 3,875 GW, while investment climbed to USD 495 billion and clean electricity output rose. This page guides you through key themes across the industry—from solar and wind buildout to jobs, CO2 emissions reduction, and the factors shaping competitiveness.
Key Takeaways
- Global renewable power capacity additions reached 510 GW in 2023, an 87% increase from 2022 (272 GW).
- Global installed renewable power capacity reached 3,875 GW at the end of 2023.
- Wind power was 58% of renewable capacity additions in 2023.
- Renewable energy investment reached USD 495 billion in 2023.
- Global investment in renewables was USD 1.3 trillion over 2015-2023 cumulative (context in IRENA press release).
- The majority of renewable investment in 2023 was in solar and wind (combined share 90% in IRENA analysis).
- Global renewable energy-related CO2 emissions reduction is estimated at 1.6 billion tonnes in 2023 (substituted emissions estimate).
- IEA reports that solar PV and wind are the cheapest new-build power sources in most markets (LCOE competitiveness).
- The IRENA World Energy Transitions Outlook estimates solar PV cost declined by about 85% since 2010.
- China installed 216 GW of solar PV in 2023 (utility + distributed).
- China installed 64 GW of onshore wind in 2023.
- In 2023, global polysilicon production exceeded 700,000 tonnes.
- Renewable electricity generation reached 8,225 TWh in 2023 (IRENA estimate; includes hydropower).
- Renewable share of global electricity was 35.5% in 2023 (including hydropower).
- Solar PV generation reached about 1,900 TWh in 2023 (IRENA estimate).
In 2023 renewables surged with 510 GW added, 35.5 percent of electricity, and USD 495 billion invested.
Related reading
01 · Category
Capacity & Growth30 stats
01
Global renewable power capacity additions reached 510 GW in 2023, an 87% increase from 2022 (272 GW).
02
Global installed renewable power capacity reached 3,875 GW at the end of 2023.
03
Wind power was 58% of renewable capacity additions in 2023.
04
Solar PV accounted for 72% of renewable energy capacity additions in 2023.
05
Hydropower remained the largest source of renewable capacity at 1,386 GW in 2023.
06
In 2023, China added 312 GW of renewable power capacity, the largest share globally.
07
In 2023, the EU added 38.3 GW of renewable power capacity.
08
In 2023, the United States added 54 GW of renewable power capacity.
09
In 2023, India added 19.7 GW of renewable power capacity.
10
In 2023, Brazil added 7.2 GW of renewable power capacity.
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Total global solar PV capacity reached 1,419 GW at end of 2023.
12
Total global wind power capacity reached 1,004 GW at end of 2023.
13
Total global hydropower capacity reached 1,386 GW at end of 2023.
14
Total global bioenergy capacity reached 136 GW at end of 2023.
15
Total global geothermal capacity reached 15.7 GW at end of 2023.
16
Global renewable electricity generation reached 8,225 TWh in 2023.
17
Renewable electricity generated 35.5% of global electricity in 2023 (including hydropower).
18
Renewables produced 35% of electricity globally in 2022 (IRENA estimate; trend used as baseline).
19
The world’s top 10 markets accounted for 84% of all renewable capacity additions in 2023.
20
In 2023, offshore wind added 6 GW globally.
21
Global offshore wind capacity reached 65.4 GW at end of 2023.
22
China accounted for 48% of offshore wind additions in 2023.
23
The US added 0.9 GW of offshore wind capacity in 2023.
24
Europe added 4.1 GW of offshore wind capacity in 2023.
25
In 2023, utility-scale solar accounted for 64% of solar additions (share of installed capacity additions).
26
In 2023, distributed solar accounted for 36% of solar additions (share of installed capacity additions).
27
IEA projects global renewable power generation is expected to grow by 118 TWh in 2024.
28
IEA projects renewable power capacity is expected to reach 4,900 GW by 2028 (IEA Renewables 2023/2024 scenario discussion).
29
In the EU, renewables supplied 23.0% of energy consumption in 2022 (Directive Renewable Energy target context).
30
In the EU, renewables supplied 22.1% of final energy consumption in 2021.
Interpretation
Capacity & Growth Interpretation
In the Capacity and Growth category, global renewable power capacity surged by 87% to 510 GW in 2023, driven mainly by solar PV and wind while China added 312 GW, showing how rapidly expansion is accelerating worldwide.
report visual · Comparison
Solar PV leads renewables additions (2023)
In 2023, Solar PV held the dominant share of global renewable power capacity additions, leading Wind by a clear margin in the market mix.
72% share of renewable power capacity additions in 2023 were Solar PV.72%
58% share of renewable power capacity additions in 2023 were Wind.58%
40% of renewable capacity additions in 2023 were Solar PV.40%
26% of renewable capacity additions in 2023 were Wind.26%
source-verifiedirena.org · iea.org2023
02 · Category
Finance, Jobs & Policy30 stats
01
Renewable energy investment reached USD 495 billion in 2023.
02
Global investment in renewables was USD 1.3 trillion over 2015-2023 cumulative (context in IRENA press release).
03
The majority of renewable investment in 2023 was in solar and wind (combined share 90% in IRENA analysis).
04
Global renewable energy jobs reached 13.7 million in 2023.
05
Solar PV accounted for 4.9 million jobs in 2023 (largest sector).
06
Wind energy accounted for 1.4 million jobs in 2023.
07
Hydropower accounted for 1.0 million jobs in 2023.
08
Bioenergy accounted for 0.9 million jobs in 2023.
09
Geothermal accounted for 0.1 million jobs in 2023.
10
IRENA estimates 5.7 million direct jobs in renewables in 2023.
11
IRENA estimates 8.0 million indirect jobs in renewables in 2023.
12
Global venture capital investment in clean energy was about USD 40 billion in 2023 (reported in IEA/CPI clean energy VC).
13
Public investment (government support) remained a key share of renewables finance in 2023 (share 40% in IEA).
14
The Inflation Reduction Act’s tax credits are expected to support 1.6-2.4 million jobs (NREL labor analysis).
15
The Inflation Reduction Act includes about USD 369 billion in energy and climate spending and tax incentives.
16
In 2022, EU renewable energy support schemes totaled EUR 85 billion.
17
The EU “Fit for 55” package includes a target of at least 42.5% renewables in energy by 2030 (binding target).
18
In the US, the federal Production Tax Credit (PTC) value is 0.027-0.037 USD/kWh depending on year and adjustment (for wind in inflation-adjusted amounts).
19
In the US, the federal Investment Tax Credit (ITC) provides 30% credit for solar and storage for projects meeting requirements (as of IRA baseline).
20
The EU Renewable Energy Directive requires member states to reach at least 42.5% renewables by 2030, with an ambition to 45%.
21
India’s National Solar Mission target is 100 GW by 2022 (Phase I target).
22
India’s National Wind Mission target is 60 GW by 2022.
23
China’s 14th Five-Year Plan target includes 1,200 GW of wind and solar by 2025 (stated in plan guidance).
24
China’s “dual carbon” policy aims for peak carbon emissions by 2030 and carbon neutrality by 2060.
25
The Green Climate Fund approved about USD 1.6 billion for renewable energy projects by 2023 (as per GCF portfolio summary).
26
The Global Environment Facility approved grants and funds for renewable energy and energy efficiency; 2023 approvals for climate change mitigation were USD 1.0+ billion (CEF/GEF data).
27
In 2023, global clean energy investment increased to USD 1.8 trillion (IEA World Energy Investment).
28
IEA reports total energy investment in 2023 was about USD 2.8 trillion.
29
The IEA estimates that investment in clean energy needs to reach USD 4 trillion per year by 2030 to meet net zero (stated target).
30
IRENA estimates that renewable energy investment shortfall is USD 1.3 trillion annually for 2023-2030.
Interpretation
Finance, Jobs & Policy Interpretation
In the Finance, Jobs & Policy space, renewables kept accelerating in 2023 with USD 495 billion invested and 13.7 million jobs created, showing how policy and capital are translating into major employment growth led by solar with 4.9 million jobs and wind with 1.4 million.
03 · Category
Emissions, Lcoe & Performance30 stats
01
Global renewable energy-related CO2 emissions reduction is estimated at 1.6 billion tonnes in 2023 (substituted emissions estimate).
02
IEA reports that solar PV and wind are the cheapest new-build power sources in most markets (LCOE competitiveness).
03
The IRENA World Energy Transitions Outlook estimates solar PV cost declined by about 85% since 2010.
04
The IRENA World Energy Transitions Outlook estimates onshore wind cost declined by about 49% since 2010.
05
IRENA Renewable Power Generation Costs 2023 reports global weighted average LCOE for utility-scale solar PV at USD 0.04-0.10 per kWh range depending on region.
06
IRENA Renewable Power Generation Costs 2023 reports LCOE for onshore wind at USD 0.03-0.12 per kWh depending on region.
07
IRENA Renewable Power Generation Costs 2023 reports LCOE for offshore wind at USD 0.07-0.20 per kWh depending on region.
08
NREL reported a solar PV median module efficiency of 20.6% in 2023 (technology benchmark).
09
NREL best research-cell efficiency record as of 2024: silicon single-junction 26.1%? (NREL chart latest record).
10
NREL reports that commercial wind turbine capacity factors for onshore typically range from 30% to 45%.
11
NREL reports typical utility PV capacity factor range 15% to 25% for many US regions.
12
Average lifecycle GHG emissions for wind are around 11 gCO2e/kWh (IPCC/LCI synthesis).
13
Average lifecycle GHG emissions for solar PV are around 48 gCO2e/kWh (IPCC/LCI synthesis).
14
Average lifecycle GHG emissions for hydropower are around 24 gCO2e/kWh (IPCC).
15
IPCC SR15 reports that lifecycle emissions from renewables are much lower than fossil fuels (e.g., coal ~820 gCO2e/kWh).
16
Ember data: global wind+solar capacity factor averaged 0.26 in 2023 (performance in data portal).
17
Ember data: global wind+solar generation share reached 12% in 2023 (without hydro).
18
IEA estimates that renewables can reduce global CO2 emissions by about 7.9 Gt CO2 annually by 2030 if properly accelerated (from IEA Renewables 2023 impact discussion).
19
IPCC AR6 WG3 estimates that renewables have mitigation potential and reduced emissions relative to fossil electricity. (specific figure for electricity generation emissions).
20
Lazard LCOE comparison shows utility-scale solar LCOE range 24-70 USD/MWh and wind 24-75 USD/MWh (Lazard Version 17.0).
21
Lazard LCOE comparison shows unsubsidized costs for new gas combined cycle range 41-99 USD/MWh.
22
Lazard LCOE comparison shows coal LCOE range 68-162 USD/MWh.
23
IEA estimates renewable electricity generation avoided about 1.0-1.5 GtCO2 in 2022 due to increased generation (IEA tracking).
24
NREL reported record single-day solar output growth: US solar set a record 73.6 GW in operation in 2023? (NREL PV installed).
25
IPCC AR6: typical lifetimes for wind turbines 20-25 years and solar PV 25-30 years (in assessment).
26
IEA analysis: solar PV module degradation is commonly around 0.3% per year (industry standard).
27
IEA analysis: wind turbine average annual energy production degradation is typically 0-1% per year with proper maintenance.
28
NREL report: PV degradation rates for modern modules are often about 0.4%/year average based on field data.
29
IRENA: average annual energy production for utility PV ranges 1,200-1,800 kWh/kWp depending on location.
30
IRENA: typical onshore wind specific generation is 1,800-3,500 MWh per MW per year depending on wind regimes.
Interpretation
Emissions, Lcoe & Performance Interpretation
In 2023, renewable energy delivered an estimated 1.6 billion tonnes of CO2 emissions reductions while costs kept falling, with solar PV down about 85% and onshore wind down about 49% since 2010 and both now among the cheapest new-build sources in most markets based on LCOE, underscoring the Emissions, Lcoe & Performance momentum.
More related reading
04 · Category
Supply Chain, Materials & Grid30 stats
01
China installed 216 GW of solar PV in 2023 (utility + distributed).
02
China installed 64 GW of onshore wind in 2023.
03
In 2023, global polysilicon production exceeded 700,000 tonnes.
04
In 2023, global module shipments were about 430 GW (industry tracker summary).
05
In 2023, the top 5 module manufacturers accounted for over 60% of global shipments (concentration share).
06
In 2023, rare earth use for permanent magnets is a constraint for some wind supply chains (NdPr share).
07
IEA: clean energy transitions could drive demand for lithium to about 42 times higher by 2040 in some scenarios (critical minerals).
08
IEA: demand for graphite could rise by 25 times by 2040 in some scenarios (critical minerals).
09
IEA: demand for nickel could rise by 42 times by 2040 in some scenarios (critical minerals).
10
IEA: demand for copper could increase by about 2x by 2040 in clean energy scenarios.
11
IEA: demand for cobalt could increase by 3-5x by 2040 in clean energy scenarios.
12
IEA: demand for silver could increase by about 2x by 2040 (photovoltaics).
13
Global demand for lithium from batteries is expected to be about 1.8 million tonnes by 2030 (IEA).
14
IEA: global grid investment needs to rise to about USD 1 trillion per year by 2030 to integrate renewables (grid investment scale).
15
IEA: transformers production and supply constraints are key bottlenecks; lead times can exceed 12 months (grid equipment).
16
IEA: in 2022, about 56% of new transmission investment was for renewables integration (share).
17
IRENA: battery storage capacity additions reached 42 GW in 2023.
18
IRENA: global energy storage capacity reached 214 GW in 2023 (battery storage headline).
19
IRENA: lithium-ion dominates new storage additions at over 90% share.
20
IEA: vanadium redox flow battery market is small but used for longer-duration storage (share <1%).
21
IEA: grid-scale battery costs fell by about 85% between 2010 and 2020.
22
BloombergNEF: average global battery pack price in 2023 was USD 139/kWh.
23
BloombergNEF: battery pack prices fell to USD 132/kWh in 2024 estimate (latest as per press release).
24
IRENA: global green hydrogen electrolysis capacity reached 0.9 GW by end of 2023.
25
IEA: electrolyser costs declined by ~60% between 2010 and 2020 (historical).
26
IEA: global demand for electrolyser-grade power is rising; capacity expansions can drive several TWh electricity demand by 2030.
27
IEA: renewable energy penetration in power systems is increasing, requiring more flexible generation and storage.
28
IEA: curtailment of renewables is a persistent issue; in some regions it can be 5-10% of potential generation (typical range).
29
IRENA: curtailment rates for wind and solar can reach 20% in constrained grids (high end).
30
IEA: high renewable shares often require grid reinforcement and interconnection; investment needs to grow.
Interpretation
Supply Chain, Materials & Grid Interpretation
In the Supply Chain, Materials and Grid category, China’s 216 GW of 2023 solar and 64 GW of onshore wind growth is matched by a volatile upstream race for inputs, with global polysilicon topping 700,000 tonnes and module shipments reaching about 430 GW in 2023 while the top five manufacturers held over 60% share and rare earth constraints still pose risks for some wind magnet supply chains.
05 · Category
Electricity Generation, Trade & Market30 stats
01
Renewable electricity generation reached 8,225 TWh in 2023 (IRENA estimate; includes hydropower).
02
Renewable share of global electricity was 35.5% in 2023 (including hydropower).
03
Solar PV generation reached about 1,900 TWh in 2023 (IRENA estimate).
04
Wind generation reached about 1,400 TWh in 2023 (IRENA estimate).
05
Hydropower generation was about 4,400 TWh in 2023 (IRENA estimate).
06
Bioenergy generation was about 270 TWh in 2023 (IRENA estimate).
07
Geothermal generation was about 85 TWh in 2023 (IRENA estimate).
08
Global wind capacity reached 1,004 GW at end of 2023; wind is a major contributor to electricity generation.
09
Global solar PV capacity reached 1,419 GW at end of 2023.
10
Ember: Wind and solar accounted for 11.5% of global electricity generation in 2023.
11
Ember: Share of generation from solar in 2023 was 4.6% globally.
12
Ember: Share of generation from wind in 2023 was 6.9% globally.
13
Ember: In 2023, renewables (wind+solar+other) provided 30% of electricity in the US.
14
Ember: In 2023, renewables provided 38% of electricity in Germany.
15
Ember: In 2023, renewables provided 40% of electricity in Spain.
16
IEA: Electricity from renewables reached 34% of global electricity generation in 2022 (IEA electricity mix).
17
IEA: Wind and solar provided 12% of global electricity generation in 2022 (IEA).
18
Global electricity generation increased by 2% in 2023 (IEA).
19
Renewable electricity output grew by 7% in 2023 (IEA estimate).
20
Global electricity generated from solar increased by 23% in 2023 (IEA).
21
Global electricity generated from wind increased by 11% in 2023 (IEA).
22
EU electricity generated from renewables reached 44% of total generation in 2022 (Eurostat/EMBER).
23
In 2022, wind and solar were the largest growth components of EU renewables (Eurostat).
24
In 2023, Germany generated 64.5 TWh from wind.
25
In 2023, Spain generated 28.7 TWh from solar.
26
In 2023, UK generated 42.0 TWh from wind.
27
In 2023, US generated 187 TWh from wind.
28
In 2023, US generated 147 TWh from solar.
29
IRENA: renewable electricity generation by 2050 could reach 20,000-40,000 TWh depending on pathway (long-term range).
30
Global renewable power additions created 510 GW new capacity in 2023 which would generate additional energy (context).
Interpretation
Electricity Generation, Trade & Market Interpretation
In 2023, renewable electricity generation hit 8,225 TWh, with renewables providing 35.5% of global power, underscoring how quickly clean generation is reshaping the Electricity Generation, Trade & Market landscape.
Reference
Cite This Report
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APA
Marie Larsen. (2026, February 13). Renewables Industry Statistics. Gitnux. https://gitnux.org/renewables-industry-statistics
MLA
Marie Larsen. "Renewables Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/renewables-industry-statistics.
Chicago
Marie Larsen. 2026. "Renewables Industry Statistics." Gitnux. https://gitnux.org/renewables-industry-statistics.
Sources & references
62 datasets cited across this report · attribution is report-level
+36 additional datasets cited (not shown individually)