While fossil fuels are still making headlines, a quiet revolution in global energy is accelerating, as evidenced by the record-breaking 510 gigawatts of renewable capacity added in 2022 alone, signaling a decisive shift towards a cleaner power grid.
Key Takeaways
- Global renewable energy capacity reached 3,372 GW at the end of 2022, representing 13.2% growth from 2021
- Solar photovoltaic capacity worldwide installed totaled 1,053 GW by end-2022, with China accounting for 392 GW of that
- Wind power capacity globally stood at 899 GW in 2022, increasing by 76 GW or 9% from the previous year
- Global electricity generation from renewables was 8,751 TWh in 2022, 29% of total
- Solar PV generation worldwide reached 1,319 TWh in 2022, up 26% from 2021
- Wind power generated 2,089 TWh globally in 2022, 7.4% of total electricity
- Global renewable capacity grew by 10% annually from 2012-2022 average
- Solar PV capacity tripled from 2018 to 2022, reaching 1,053 GW
- Wind capacity increased 75% since 2017 to 899 GW in 2022
- Global LCOE for solar PV fell 89% from 2010-2022 to $49/MWh
- Onshore wind LCOE dropped 70% since 2010 to $33/MWh globally in 2022
- Utility-scale solar PV LCOE averaged $48.5/MWh in 2022, down 3% YoY
- China hosts 44% of world renewable capacity end-2022
- EU renewable share 23% of total energy in 2022, target 42.5% by 2030
- United States Inflation Reduction Act to add 590 GW renewables by 2030
Renewable energy is rapidly expanding globally, led by major growth in solar power.
Capacity Statistics
- Global renewable energy capacity reached 3,372 GW at the end of 2022, representing 13.2% growth from 2021
- Solar photovoltaic capacity worldwide installed totaled 1,053 GW by end-2022, with China accounting for 392 GW of that
- Wind power capacity globally stood at 899 GW in 2022, increasing by 76 GW or 9% from the previous year
- Hydropower capacity worldwide was 1,296 GW at end-2022, with Asia holding 524 GW
- Bioenergy capacity reached 150 GW globally in 2022, up 6 GW from 2021
- Other renewables (geothermal, CSP, ocean) totaled 25 GW worldwide in 2022
- Europe had 671 GW of renewable capacity in 2022, led by Germany at 145 GW
- Asia's renewable capacity hit 1,666 GW in 2022, with China at 1,206 GW dominating
- Americas renewable capacity was 526 GW in 2022, Brazil leading with 160 GW
- Africa had 64 GW renewable capacity end-2022, South Africa at 7 GW top
- Oceania renewables at 36 GW in 2022, Australia 28 GW
- Global off-grid renewable capacity was 12 GW in 2022, mostly solar PV at 10 GW
- Distributed solar PV capacity worldwide reached 284 GW by 2022
- Onshore wind capacity globally was 837 GW in 2022, offshore 62 GW
- Pumped storage hydropower capacity totaled 160 GW worldwide in 2022
- Global renewable capacity share of total power capacity was 29.4% in 2022
- Utility-scale solar PV capacity hit 843 GW globally end-2022
- China's total renewable capacity was 1,206 GW in 2022, 39% of global total
- United States renewable capacity at 351 GW end-2022
- India renewables at 126 GW in 2022
- Brazil hydropower capacity 109 GW, total renewables 160 GW in 2022
- Germany 145 GW renewables end-2022
- Global CSP capacity 7 GW in 2022, mostly in China and Spain
- Geothermal capacity worldwide 15 GW end-2022
- Global renewables excluding large hydro reached 2,076 GW in 2022
- Annual renewable capacity addition in 2022 was 510 GW, 50% more than fossil fuels
- Solar PV added 269 GW globally in 2022, 73% of all new renewable capacity
- Wind added 76 GW in 2022, hydropower 24 GW
Capacity Statistics Interpretation
While the fossil fuel industry continues to throw a tantrum, the renewable energy revolution has already quietly moved into the neighborhood, installed solar panels, and is now powering nearly a third of the world's electricity capacity with a growth spurt that would make any teenager jealous.
Cost and Investment
- Global LCOE for solar PV fell 89% from 2010-2022 to $49/MWh
- Onshore wind LCOE dropped 70% since 2010 to $33/MWh globally in 2022
- Utility-scale solar PV LCOE averaged $48.5/MWh in 2022, down 3% YoY
- Fixed-bottom offshore wind LCOE $77/MWh in 2022, down 15% from 2021
- Hydropower LCOE $0.047/kWh globally unsubsidized in 2022
- Global renewable energy investment reached $1.1 trillion cumulatively 2017-2022
- Clean energy investment $1.7 trillion in 2023, renewables $500 billion
- Solar PV investment $273 billion in 2022, wind $180 billion
- Developing countries renewable investment $244 billion in 2022, 49% of total
- China renewable investment $548 billion 2017-2022 cumulative
- LCOE for floating offshore wind $109/MWh in 2022, down 8%
- Bioenergy LCOE $0.106/kWh average in 2022
- Geothermal LCOE $0.056/kWh globally in 2022
- Solar PV module prices fell 31% in 2022 to $0.30/W
- Total cost of new solar PV down 12% YoY to $876/kW in 2022
- Wind turbine prices stable, onshore installation cost $1,247/kW globally 2022
- Global green bonds issuance for renewables $539 billion in 2022
- Capacity auctions awarded 206 GW renewables globally in 2022 at average $32/MWh
- Corporate PPA volume for renewables 26 GW in 2022
- Utility-scale solar total installed cost $1.3/Wac average in 2022 US, global similar
- Offshore wind investment needs $1.2 trillion by 2030 for targets
- LCOE unsubsidized solar PV competitive with fossil in 90% markets 2022
- Global renewable capacity subsidies implicit via low LCOE, but direct $100B+
- Asia 55% of global renewable investment in 2022
- Renewables met 82% of global electricity demand growth in 2022
Cost and Investment Interpretation
Once dismissed as a costly green fantasy, renewables have staged a ruthlessly efficient price coup, crashing the fossil fuel party and now powering most of the world’s growth while making the accountants grin.
Generation Statistics
- Global electricity generation from renewables was 8,751 TWh in 2022, 29% of total
- Solar PV generation worldwide reached 1,319 TWh in 2022, up 26% from 2021
- Wind power generated 2,089 TWh globally in 2022, 7.4% of total electricity
- Hydropower produced 4,221 TWh in 2022 worldwide, down 1.4% due to droughts
- Bioenergy electricity generation was 651 TWh in 2022 globally
- Geothermal generation totaled 102 TWh worldwide in 2022
- Other renewables (tidal, wave) generated negligible 1 TWh in 2022
- China renewable electricity generation 2,317 TWh in 2022, 31% of national total
- EU-27 renewables generated 1,177 TWh in 2022, 38% share
- United States renewable generation 952 TWh in 2022, 22% of total
- India renewables produced 295 TWh in 2022, 20% share
- Brazil hydropower dominated with 405 TWh renewables total 448 TWh in 2022
- Global clean power (renewables + nuclear) generated 12,164 TWh in 2022
- Solar share of global electricity rose to 4.7% in 2022 from 3.7% in 2021
- Wind electricity share globally 7.4% in 2022
- Hydropower share fell to 15% globally in 2022 from 16% average
- Bioenergy share of electricity 2.3% worldwide in 2022
- Renewables generated record 85% of electricity in Norway in 2022, mostly hydro
- Denmark wind and solar reached 58% of electricity in 2022
- Global solar generation grew by 250 TWh in 2022, fastest expanding source
- Offshore wind generated 120 TWh globally in 2022, up significantly
- Utility-scale solar PV output averaged 1,319 TWh from 1,053 GW capacity in 2022
- Onshore wind average generation 2,089 TWh from 899 GW in 2022 globally
- Global renewable heat production estimated at 20 EJ in 2022, mostly biomass
- Renewable transport fuels reached 4 EJ globally in 2022
- Total renewable energy supply (TES) was 29 EJ in 2022, 19% of total
Generation Statistics Interpretation
While renewables now power nearly a third of our global electricity, a feat once thought fanciful, we’re still betting heavily on the weather—sunny skies, gusty winds, and, crucially for hydropower, not too many droughts—to keep the lights on.
Growth Rates
- Global renewable capacity grew by 10% annually from 2012-2022 average
- Solar PV capacity tripled from 2018 to 2022, reaching 1,053 GW
- Wind capacity increased 75% since 2017 to 899 GW in 2022
- New solar PV additions grew 24% year-on-year to 269 GW in 2022
- Global renewable capacity expected to double by 2027 to 6,900 GW
- Renewables share in electricity to reach 42% by 2028 from 29% in 2022
- Annual renewable capacity growth rate averaged 295 GW/year 2017-2022
- China added 138 GW renewables in 2022, 27% of global additions
- Europe renewable capacity grew 11% in 2022 to 671 GW
- Solar PV growth rate 24% in 2022, wind 9%, hydro 2%
- Offshore wind capacity grew 25% to 62 GW in 2022
- Global renewables to grow 2.5x by 2030 per IEA NZE scenario
- Distributed solar grew 15 GW to 284 GW in 2022 globally
- Renewables electricity generation grew 510 TWh or 6% in 2022 despite hydro dip
- Solar generation up 26% YoY, wind 10%, bioenergy 4% in 2022
- Global renewable investments hit $495 billion in 2022
- Capacity factor for solar PV improved to 18% global average in 2022
- Wind capacity factor averaged 28% onshore globally in 2022
- Renewables share in total energy supply grew from 14% in 2012 to 19% in 2022
- Annual growth in renewable power capacity 50% higher than fossil in 2022
- Solar to add 630 GW annually by 2030 for net zero
Growth Rates Interpretation
While we're still patting ourselves on the back for tripling solar capacity, the numbers coldly insist we need to be running, not walking, toward a future where adding a China's worth of renewables every year is just the baseline.
Policy and Regional Data
- China hosts 44% of world renewable capacity end-2022
- EU renewable share 23% of total energy in 2022, target 42.5% by 2030
- United States Inflation Reduction Act to add 590 GW renewables by 2030
- India renewable capacity target 500 GW non-fossil by 2030, 126 GW achieved 2022
- Brazil auctioned 16 GW renewables in 2022, hydro dominant policy
- Africa renewable potential 10 TW, current 64 GW, policy gap in SA/others
- Australia renewable target 82% electricity by 2030, capacity 36 GW 2022
- Global 168 countries have renewable targets as of 2023
- Feed-in tariffs phased out, auctions dominant in 80 countries 2022
- Vietnam approved 16 GW solar/wind PDP8 plan to 2030
- Germany Energiewende: 145 GW renewables, 46% electricity share 2022
- Morocco 52% renewable target by 2030, 37% solar/wind policy drive
- Global South renewables 1,047 GW capacity 2022, policy investments rising
- IRENA member states 168, pushing tripling renewables by 2030 COP28 pledge
- Net-zero pledges require 3x renewable capacity growth 2023-2030
- Latin America renewables 60% electricity share 2022, hydro-led policies
- Saudi Arabia NEOM green hydrogen policy, 4 GW RE target phase 1
- South Africa REIPPPP procured 6.4 GW since 2011, policy success
- Global renewable jobs 13.7 million in 2022, China 5.3 million
- EU REPowerEU plan accelerates 45% renewables electricity by 2030
- Japan aims 36-38% renewables by 2030, post-Fukushima policy
- Global rooftop solar policy incentives in 100+ countries 2022
- World added 510 GW renewables 2022, policy-driven surge in Asia/Europe
- 130 countries pledged tripling RE capacity at COP28 2023
Policy and Regional Data Interpretation
While the global renewable energy sprint is led by heavyweights like China and the EU, the true marathon for a sustainable future hinges on translating the immense potential of continents like Africa into actual policy and power.
Sources & References
- Reference 1IRENAirena.orgVisit source
- Reference 2OURWORLDINDATAourworldindata.orgVisit source
- Reference 3EMBER-CLIMATEember-climate.orgVisit source
- Reference 4GWECgwec.netVisit source
- Reference 5IEAiea.orgVisit source
- Reference 6ABOUTabout.bnef.comVisit source
- Reference 7NRELnrel.govVisit source
- Reference 8CLIMATEBONDSclimatebonds.netVisit source
- Reference 9ENERGYenergy.ec.europa.euVisit source
- Reference 10MNREmnre.gov.inVisit source
- Reference 11EPEepe.gov.brVisit source
- Reference 12ENERGYenergy.gov.auVisit source
- Reference 13BUNDESNETZAGENTURbundesnetzagentur.deVisit source
- Reference 14MASENANOWmasenanow.comVisit source
- Reference 15OLADEolade.orgVisit source
- Reference 16PIFpif.gov.saVisit source
- Reference 17DOE-IRPdoe-irp.co.zaVisit source
- Reference 18COMMISSIONcommission.europa.euVisit source
- Reference 19ENECHOenecho.meti.go.jpVisit source
- Reference 20REN21ren21.netVisit source
- Reference 21UNFCCCunfccc.intVisit source