Hydropower led global renewable capacity in 2023
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Hydropower led global renewable capacity in 2023

Hydropower led global renewable capacity in 2023, which was also the first time more than 40% of global electricity came from zero-carbon sources, according to a pair of new reports published by BloombergNEF (BNEF).

Hydropower accounted for 14.7%, wind and solar combined for nearly 14% (a new record), and nuclear 9.4%, the reports said.

According to Power Transition Trends 2024 and the 2H 2024 Renewable Energy Investment Tracker, renewable power output rose more than 5% year-on-year, to make up nearly a third of global generation in 2023 – while fossil fuels including coal and gas represented just 6% of net new build, the lowest level ever.

Since the Inflation Reduction Act became law, the U.S. has seen half-annual investment levels rise 63%. The U.S. is the second-largest global market behind still-dominant China, which accounted for nearly one-third of all global renewable energy output, per the reports. Ten nations accounted for almost three-quarters of total renewable energy generation in 2023 — Brazil, Canada and India join China and the U.S. in the top five.

“We have seen a step-change in renewable energy compared to a few years before. There’s now no question this is the largest source of new power generation, wherever you go,” said Sofia Maia, the lead author of Power Transition Trends 2024.

In the first half of 2024, $313 billion was invested globally in renewable energy, roughly matching the first half of 2023. The reports’ authors suggest that means the sector as a whole is maintaining momentum.

“Oil majors may be reducing their focus on renewable energy, but this hasn’t made a dent in global investment,” said Meredith Annex, lead author of Renewable Energy Investment Tracker. “It’s clear that if there are projects ready and able to move forward, the capital will come. The focus should be on simplifying wind and solar development around the world.”

Ten economies accounted for nearly three-quarters of total renewable energy generation in 2023. Mainland China stood head and shoulders over its next-nearest competitor – as it has for a decade – with nearly one-third of all global renewable energy output last year. The U.S., Brazil, Canada and India rounded out the top five, which accounted for 60% of the world’s renewable generation last year.

Originally published in Renewable Energy World.