In 2023, over 40% of the world’s electricity came from zero-carbon sources, with wind and solar contributing nearly 14% of the total.
According to BloombergNEF (BNEF), clean electricity has reached significant milestones.
BNEF’s reports, Power Transition Trends 2024 and the 2H 2024 Renewable Energy Investment Tracker show that wind and solar accounted for almost 91% of net new power capacity additions in 2023.
Fossil fuels, including coal and gas, represented just 6% of new additions, the lowest level ever recorded.
Renewable energy attracted $313 billion (£236bn) in new investments in the first half of 2024, maintaining the same level as the first half of 2023.
China continued to lead in renewable energy investments, followed by the US and Pakistan, which saw significant increases in their investment levels.
The Power Transition Trends 2024 report highlights that global power-generating capacity reached 8.9 terawatts in 2023.
Wind power achieved a milestone of 1 terawatt of installed capacity, while solar deployment surged with an additional 428 gigawatts of capacity added, bringing the total to 1.6 terawatts.
The top ten economies accounted for nearly 75% of global renewable energy generation, with China contributing about one-third of the total.
The US, Brazil, Canada and India were the next largest contributors.
Despite a decrease in investment in wind energy in the first half of 2024, which fell to $90.7 billion (£68.5bn), the overall investment in renewable energy remains strong.
Solar investment saw a slight increase, reaching $221 billion (£167bn).
However, the wind sector faces challenges with permitting and grid interconnection.
