In 2023, renewable energy accounted for a record 30% share of electricity generation globally, driven by growth in solar and wind power, according to a report by clean energy think tank Ember. The report highlighted that there was record construction of solar and wind energy in 2023, paving the way for a decrease in fossil fuel generation in the near future.
Although renewable energy growth in 2023 would have decreased global power sector emissions, a rise in coal-fired generation offset some of these gains due to shortages in hydropower caused by drought conditions in many large economies. Despite this setback, Ember remains optimistic about the future, stating that forecasts indicate a decline in fossil fuel generation starting in 2024 and marking 2023 as the likely peak of power sector emissions.
Dave Jones, Global Insights Programme Director at Ember, stated that the renewables future is here, with solar energy growing at a faster rate than expected, leading to an inevitable decline in power sector emissions. Despite a nearly 50% increase in renewable capacity installations last year, primarily driven by solar photovoltaics and new installations in China, reaching the COP28 goal of tripling renewables by 2030 remains a challenge. Record investments in renewables have been made, but current funding for clean energy deployment falls short of what is needed to achieve the targets set out in the Paris Agreement to limit global warming to 1.5 degrees Celsius.