Global Electricity Review: Renewable Energy Reaches Record High

According to a report by Ember, a think tank, the growth of solar and wind energy has propelled renewable energy production to a record high of 30.3% of global electricity production in 2023, amounting to 1,631 TWh, up from 29.4% in 2022. This progress was driven by the increase in solar capacity in 2023. As a result, the global target set at COP28 can be achieved.

Ember provides a comprehensive analysis of the evolving electricity landscape, with data from 215 countries, including the latest 2023 figures for 80 countries, covering 92% of global electricity demand.

Reducing fossil fuel usage and emissions in the electricity sector is considered a cornerstone for winning the climate bet. At the climate summit in Dubai last year, over 100 countries agreed to triple renewable energy capacity by 2030.

According to the report, more than half of the global increase in solar and wind capacity occurred in China last year, with a 23.2% increase in solar energy and a 9.8% increase in wind energy. On the other end of the spectrum, the Middle East and Africa are lagging behind in solar energy deployment. However, some countries like South Africa and the United Arab Emirates have recorded promising increases from a very low base.

Ember forecasts that the continued growth of renewable energy will lead to a 2% decrease in electricity production from fossil fuels in 2024, bringing the total production from these polluting sources to less than 60% of global electricity production for the first time since at least 2000, when Ember's data began.

The permanent decline of fossil fuel usage in the electricity sector globally is inevitable, leading to a significant decrease in emissions in this sector. However, sector experts have stated that issues related to grid connections and permits for new projects must be urgently addressed to achieve the target.