Renewable Energy Achieves Record High in 2023, But Fossil Fuel Generation Stays Strong

In 2023, renewable energy accounted for a record 30% share of electricity generation globally, driven by growth in solar and wind power. This was highlighted in a report by clean energy think tank Ember. Despite this progress, the International Energy Agency reported a rise in global energy-related emissions due to shortages in hydropower caused by drought conditions in many large economies, which offset some of the gains made by renewable energy.

Ember remains optimistic about the future, stating that forecasts indicate a decline in fossil fuel generation starting in 2024. This marks 2023 as the likely peak of power sector emissions. Dave Jones, Global Insights Programme Director at Ember, noted that solar energy is growing at a faster rate than expected, leading to an inevitable decline in power sector emissions. However, reaching the COP28 goal of tripling renewables by 2030 remains a challenge despite nearly a 50% increase in renewable capacity installations last year. Record investments 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.