In 2023, renewable energy accounted for a record 30% share of electricity generation globally, driven by growth in solar and wind power. This was reported by clean energy think tank Ember. However, despite this significant growth, global power sector emissions rose in 2023 due to a rise in coal-fired generation caused by shortages in hydropower resulting from drought conditions in many large economies. The International Energy Agency (IEA) reported earlier this year that energy-related emissions reached a record high in 2023, emphasizing the importance of transitioning away from fossil fuels.
Ember remains optimistic about the future, stating that 2024 is likely to mark the beginning of a new era of declining fossil generation, with a decrease in power sector emissions. Dave Jones, Global Insights Programme Director at Ember, highlighted the rapid acceleration of solar energy and the inevitability of reducing emissions in the power sector.
While there was a nearly 50% surge in renewable capacity installations in 2023, primarily driven by solar photovoltaics and new installations in China, meeting the COP28 goal of tripling renewables by 2030 remains out of reach. Despite record investments in renewables, funding for clean energy deployment is insufficient to achieve the targets set in the Paris Agreement according to renewable energy think tank REN21’s annual report last month.
