Powering over a quarter of the world's electricity demand, global renewable energy capacity has soared to a staggering 3,372 gigawatts, a remarkable feat driven by solar's explosive 235-gigawatt growth in a single year.
Key Takeaways
- Global renewable energy capacity reached 3,372 GW by the end of 2022, sufficient to meet over 28% of global electricity demand.
- Solar photovoltaic capacity installations grew by 235 GW in 2022, accounting for 84% of all new renewable capacity added globally.
- Wind power capacity worldwide hit 899 GW in 2022, with onshore wind contributing 817 GW and offshore 82 GW.
- Global energy-related CO2 emissions rose 0.9% to 36.8 Gt in 2022.
- Electricity and heat production caused 40% of energy-related CO2 emissions in 2022.
- Coal accounted for 40% of fossil fuel CO2 emissions in 2022 at 15 Gt.
- Energy efficiency improvements saved 2,200 TWh globally in 2021.
- Global energy intensity fell 1.8% in 2021, better than pre-COVID average.
- Industry sector efficiency gains were 2% in advanced economies in 2021.
- Global clean energy investment reached $1.7 trillion in 2023.
- Renewables investment hit $495 billion in 2022, 12% up.
- Solar PV attracted $273 billion in 2022 globally.
- Paris Agreement led to 90% renewables policy coverage.
- 196 countries have NDCs with energy targets updated by 2023.
- EU REPowerEU aims 45% renewables by 2030.
Renewables are growing fast, but must triple to meet urgent climate goals.
Emissions and Climate Impact
- Global energy-related CO2 emissions rose 0.9% to 36.8 Gt in 2022.
- Electricity and heat production caused 40% of energy-related CO2 emissions in 2022.
- Coal accounted for 40% of fossil fuel CO2 emissions in 2022 at 15 Gt.
- Oil emissions were 11.5 Gt in 2022, 31% of total.
- Natural gas CO2 emissions hit 8 Gt in 2022, up 2.5%.
- China emitted 11.9 Gt CO2 in 2022, 32% of global total.
- US CO2 emissions from energy fell 0.8% to 4.8 Gt in 2022.
- EU27 emissions dropped 2.5% to 2.5 Gt in 2022.
- Renewables avoided 2.6 Gt CO2 emissions in 2022 compared to fossils.
- Methane emissions from energy sector were 135 Mt in 2021, 35% of anthropogenic.
- Power sector methane emissions reached 40 Mt in 2021.
- Oil and gas methane intensity averaged 3.5% in 2021.
- Global CO2 intensity of electricity generation fell to 468 gCO2/kWh in 2022.
- Renewables reduced power sector emissions by 500 MtCO2 in 2022.
- Net zero by 2050 requires 75% emissions cut from energy by 2030.
- Fugitive emissions from coal mining were 49 Mt methane in 2021.
- Transport sector CO2 was 8 Gt in 2022, 22% of total.
- Industry CO2 emissions 9 Gt in 2022, 25% share.
- Buildings CO2 3.2 Gt in 2022 from energy use.
- India emissions grew 4.7% to 2.8 Gt in 2022.
- Russia's energy CO2 up 7% to 2.1 Gt in 2022.
- Saudi Arabia's emissions rose 1.3% to 0.7 Gt.
- Global energy investment in clean tech hit $1.1 trillion in 2021.
Emissions and Climate Impact Interpretation
Despite a global rise in emissions, the statistics reveal a sobering truth: we are still addicted to fossil fuels, with coal leading the charge, even as the flickering lights of renewables and efficiency gains in the West offer a tantalizing glimpse of the detox path we desperately need to follow.
Energy Efficiency
- Energy efficiency improvements saved 2,200 TWh globally in 2021.
- Global energy intensity fell 1.8% in 2021, better than pre-COVID average.
- Industry sector efficiency gains were 2% in advanced economies in 2021.
- Buildings efficiency improved by 1.5% globally in 2021 via better appliances.
- Transport fuel efficiency up 1.2% in 2021 from EVs and hybrids.
- US energy consumption per GDP fell 2.1% in 2022.
- EU final energy consumption down 3.5% in 2022 due to efficiency.
- China's energy intensity target met with 2.7% reduction in 2022.
- LED lighting saved 1,200 TWh globally in 2021.
- Variable speed drives in industry saved 300 TWh in 2021.
- Heat pumps deployment avoided 100 MtCO2 in 2021.
- Data centers efficiency improved 10% YoY in 2022.
- Global average EV efficiency 3.5 times better than ICE vehicles.
- Building codes saved 10% energy in new constructions worldwide.
- Industrial electrification potential 30% energy savings by 2050.
- Demand-side flexibility reduced peak demand by 15% in pilots.
- Smart meters enabled 5-15% savings in households with feedback.
- Retrofit programs in Europe saved 200 TWh annually by 2022.
- Japan's Top Runner program improved appliance efficiency 30% since 1990s.
- Brazil's Procel label reduced lighting energy 70% since 1985.
- Global final energy demand grew only 0.7% in 2022 despite 4% GDP growth.
- Efficiency policies avoided 2 GtCO2 emissions in 2022.
Energy Efficiency Interpretation
While the world is frantically trying to produce more clean energy, these statistics prove we're finally getting equally serious about the embarrassingly low-hanging fruit: not using so much power in the first place.
Green Investments
- Global clean energy investment reached $1.7 trillion in 2023.
- Renewables investment hit $495 billion in 2022, 12% up.
- Solar PV attracted $273 billion in 2022 globally.
- Wind investment totaled $153 billion in 2022.
- EV and battery investment $445 billion in 2022.
- Hydrogen investment grew to $30 billion in 2022.
- China invested $546 billion in clean energy in 2022.
- US clean energy investment $303 billion in 2022.
- Europe $200 billion in clean energy 2022.
- Green bonds issuance reached $500 billion in 2022.
- IRA in US to mobilize $1.7 trillion clean investment by 2030.
- Global corporate PPA volume 26 GW in 2022.
- Venture capital in climate tech $42 billion in 2022.
- Nuclear new build investment $33 billion in 2022.
- CCUS investment doubled to $3 billion in 2022.
- Energy storage investment $17 billion in 2022, up 30%.
- Offshore wind financing $50 billion in 2022 deals.
- India renewable investment $14.5 billion in FY2022.
- Africa clean energy funding $40 billion 2015-2022 cumulative.
- Blended finance unlocked $2 billion for renewables in 2022.
- Global sustainable debt issuance $1 trillion in 2022.
- Pension funds allocated 2.5% to green energy in 2022.
- Taylor rule for green investment suggests 30% portfolio shift.
- Asia-Pacific clean energy FDI $100 billion in 2022.
- Latin America renewables FDI $20 billion 2022.
- EU taxonomy aligned €250 billion investment 2022.
- Global net zero pledges cover $130 trillion assets.
Green Investments Interpretation
The staggering influx of capital, from solar's star power to the quiet rise of hydrogen and the tectonic policy shifts, proves the energy transition is no longer a speculative fantasy but a global financial stampede where even the bond market is wearing green.
Renewable Energy Capacity
- Global renewable energy capacity reached 3,372 GW by the end of 2022, sufficient to meet over 28% of global electricity demand.
- Solar photovoltaic capacity installations grew by 235 GW in 2022, accounting for 84% of all new renewable capacity added globally.
- Wind power capacity worldwide hit 899 GW in 2022, with onshore wind contributing 817 GW and offshore 82 GW.
- Hydropower capacity stood at 1,296 GW globally in 2022, providing 15% of the world's electricity.
- Bioenergy capacity reached 150 GW in 2022, mainly from solid biomass at 104 GW and biogas at 22 GW.
- Concentrated solar power capacity was 7.4 GW at the end of 2022, with China leading at 2.8 GW.
- Geothermal power capacity totaled 15.6 GW globally in 2022, with the US at 3.8 GW and Indonesia at 2.4 GW.
- Ocean energy capacity remained at 0.6 GW in 2022, primarily tidal stream at 0.5 GW.
- China added 76 GW of solar PV in 2022, representing 32% of global additions.
- Europe installed 42 GW of wind power in 2022, led by Germany with 13 GW onshore.
- India reached 70 GW solar capacity by end-2022, up 165% from 2020.
- US wind capacity grew to 141 GW in 2022, with Texas at 40 GW.
- Brazil's hydropower capacity was 110 GW in 2022, 60% of its electricity mix.
- Australia's rooftop solar reached 18 GW by 2022, with 3 million installations.
- Morocco's Noor Ouarzazate CSP plant at 580 MW is the world's largest.
- Global renewables capacity needs to triple to 11,000 GW by 2030 for net zero.
- Offshore wind pipeline reached 234 GW globally in early 2023.
- Floating solar capacity hit 6 GW by end-2022, led by Asia.
- Vietnam added 11 GW solar in 2022 after 2021 boom.
- South Africa's REIPPPP program reached 6.4 GW renewables by 2022.
- Japan's geothermal potential is 23 GW, with 0.6 GW installed in 2022.
- Global solar module prices fell 42% in 2022 to $0.30/W.
- Wind turbine prices dropped 6% in 2022 to $0.84/W onshore.
- Utility-scale solar LCOE averaged $0.049/kWh in 2022, down 89% since 2010.
- Fixed-bottom offshore wind LCOE was $0.075/kWh in 2022, 60% cheaper than 2010.
Renewable Energy Capacity Interpretation
While the renewable energy train has impressively left the station with solar firmly in the conductor's seat, we're still several high-speed laps shy of the net-zero finish line.
Sustainability Policies
- Paris Agreement led to 90% renewables policy coverage.
- 196 countries have NDCs with energy targets updated by 2023.
- EU REPowerEU aims 45% renewables by 2030.
- US IRA provides $369 billion clean energy incentives.
- China's 14th FYP targets 25% non-fossil energy by 2025.
- India's 500 GW non-fossil capacity by 2030 pledge.
- Brazil's 50% renewables in power by 2030 policy.
- South Korea's 21.6% renewables by 2030 target.
- Japan's GX strategy 36-38% emissions cut by 2030.
- Australia's 82% renewables by 2030 commitment.
- Global coal phase-out pledges cover 90% capacity post-2030.
- 130 countries committed to methane pledge reducing 30% by 2030.
- EU ETS covers 40% GHG emissions with 62% cut target by 2030.
- California's 100% clean electricity by 2045 mandate.
- UK's ban on new gas boilers from 2025.
- Feed-in tariffs in 100+ countries supporting 500 GW renewables.
- Carbon pricing covers 23% global emissions at $40/t avg.
- Net metering adopted in 50 US states for solar.
- Renewable portfolio standards in 30 US states at 20-100% targets.
- Global subsidies for renewables $200 billion vs $1 trillion fossils in 2022.
- 80 countries have hydrogen strategies by 2023.
- IEA recommends tripling renewables capacity to 11 TW by 2030.
- UN Sustainable Development Goal 7 targets universal energy access by 2030.
Sustainability Policies Interpretation
While the world's climate pledges can feel like a cacophony of acronyms and targets, these statistics collectively reveal a serious and surprisingly coordinated global pivot, proving that for all our bickering, humanity has finally, and wittily, decided to bet the house on not burning it down.
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