RENEWABLES 2024
GLOBAL STATUS REPORT

Global Overview

2024

MODULE OVERVIEW

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This overview sets the scene for the various modules in the Renewables 2024 Global Status Report Collection. It provides high-level trends on the status of renewables in the wider fossil fuel-dominated energy system in the context of global challenges such as climate change, development goals and the geopolitical landscape.

473
gigawatts (GW) renewable power capacity added in 2023
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623
billion USD global new investment in renewable power and fuels in 2023
151
countries with net zero targets in place in 2023, compared to 90 countries with established renewable energy targets

KEY FACTS

In 2023, global additions to renewable power capacity increased an estimated 36% to reach 473 GW, a new record for the 22nd consecutive year.

At the 2023 United Nations Climate Change Conference in Dubai, 130 countries pledged to triple renewable energy capacity and double the annual rate of energy efficiency improvements by 2030.

As countries reshaped trade and industrial policies in 2023, the United States launched more than 250 clean energy manufacturing projects following the adoption of the Inflation Reduction Act, and the European Union proposed the Net-Zero Industry Act and launched the first phase of the Carbon Border Adjustment Mechanism.

Employment in the renewables sector increased 8% in 2022 to reach 13.7 million jobs.

The number of people lacking electricity access globally fell from 756 million in 2022 to 745 million in 2023.

Global Context

In 2023, renewable energy globally was on a path of recovery and progress, set against persistent challenges and disparities among technologies and regions. The energy crisis of the previous year continued to abate, with the world witnessing a remarkable boom in solar photovoltaics (PV) and a significant surge in energy investments. 1 Global additions to renewable power capacity increased an estimated 36% in 2023 to reach around 473 gigawatts (GW), a new record for the 22nd consecutive year. 2 Solar PV drove the increase and accounted for three-quarters of all the renewable power capacity additions in 2023. 3

The progress in renewable power additions was global but varied across regions and technologies. In the United States, the only growth relative to 2022 was in solar PV, with its total installed capacity increasing more than 50% to nearly 33 GW, whereas wind power additions fell to their lowest level since 2014. 4 In the European Union (EU), solar PV capacity additions increased from 41 GW in 2022 to 56 GW in 2023, and wind power additions totalled 17 GW in 2023, up slightly from 2022. 5

China continued to dominate the renewable energy sector, commissioning an amount of solar PV capacity in 2023 alone that was equivalent to the total global solar PV additions in 2022. 6 China also operated around 30 GW of offshore wind power by the end of 2023, roughly half the global capacity. 7 These developments were counterbalanced by China's strong increase in energy production and consumption overall, including of fossil fuels. In 2023, the country approved 114 GW of coal power capacity, up 10% from 2022. 8 In total, China approved 218 GW of new coal power plants in the two-year period from 2022 to 2023, more than the total installed power capacity of Brazil. 9

The renewables sector also faced ongoing challenges in 2023. Geopolitical conflicts in Europe, the Middle East and elsewhere continued to disrupt supply chains and international transport, impacting energy markets. Global energy-related greenhouse gas emissions increased 1.1% to a record 37.5 billion tonnes of carbon dioxide (CO2), with emissions from coal contributing nearly two-thirds of the increase. 10 The Earth's average surface temperature was reportedly around 1.2 degrees Celsius (°C) higher than in the pre-industrial era, and extreme weather events, including record temperatures and heatwaves, became more frequent. 11 The year 2023 also was defined by growing protectionism, especially in the renewable energy sector. The EU and the United States took steps to reduce their strong reliance on China for minerals and for renewable energy components and technologies. 12

In many countries, concerns about energy security have accelerated the transition to renewables and energy efficiency; however, some other countries have opted to embrace fossil fuels for energy supply assurance. 13 Global investment in both fossil gas and coal infrastructure remains substantial. 14 Many developing countries have prioritised short-term economic growth over long-term energy transition. 15

Opposition to renewables has continued to challenge the sector's development, despite advancements in technology and growing awareness of environmental concerns. 16 Progress in renewable energy deployment, policy and investment worldwide remains unevenly distributed geographically, and this disparity highlights the enduring issue of energy inequality. 17 With roughly half of the world's population expected to face elections in 2024, the outcomes of these contests will be crucial to renewable energy developments, either enabling positive progress or putting a halt to some of the policy momentum. 18

Economic Overview

The global energy sector is navigating a complex macro-economic environment. 19 Although average inflation worldwide declined in 2023 – falling from a projected 8.7% in 2022 to around 6.9% – it was still well above the 2020 level of 3.2%. 20 Energy prices continued to shape the global economic landscape. In many countries, wholesale electricity prices remained high despite a notable drop in the prices of energy commodities such as fossil gas and coal in the first half of 2023. 21

Global investment in renewables grew 8% during the year to reach USD 622.5, up from USD 576 billion in 2022. 22 However, the renewables sector, once propelled by falling costs, low interest rates, and political support, is now contending with supply chain issues and operating in a context of rising interest rates that have inflated prices and tested the commitment of consumers and governments, despite unprecedented investment and progress in recent years. 23 As a consequence of this financial shift, some of the more costly renewable energy projects have been cancelled or delayed. 24

The solar PV industry experienced a year of low profitability and valuation. In the United States, the stock prices of major solar companies were down 37-46% in 2023 due mainly to high interest rates, rising material costs, delays in permitting, excess inventory and slowed revenue growth. 25 For the offshore wind market, issues related to supply chain delays and rising demand – as well as higher raw material costs, shipping costs, interest rates and inflation – led to projects not being delivered in time or in some cases being shelved. 26

A renewable energy auction in the United Kingdom in the summer of 2023 failed to attract any bids from developers, and wind energy projects in the Netherlands, Norway and the United States also experienced extensive delays and price renegotiation. 27 After reporting a loss of USD 5 billion (EUR 4.6 billion) for the year, due mainly to quality problems at its Spain-based wind unit, Siemens Energy received loan guarantees from the German government and several banks for around EUR 12 billion (USD 13 billion). 28

The rising cost of capital i is especially concerning for emerging markets, where high interest rates are pushing countries towards a debt crisis. 29 As the cost of financing becomes more burdensome, countries are increasingly getting stuck in a vicious circle known as the climate debt trap ii and must urgently tackle rising debt. 30 Central bank rate hikes, aimed at controlling inflation, have increased borrowing costs, hindering the financing of capital-intensive renewable energy projects globally. 31

90%of solar PV manufacturing is concentrated in only 5 countries

The adverse context of higher interest rates worldwide has exacerbated the financial challenges for developing countries, which play a crucial role in addressing global climate change but now face greater investment hurdles. 32 Efforts to restructure international finance have gained attention, including through the Bridgetown Initiative iii . There is a need for both enhanced short-term liquidity mechanisms and long-term sustainable development funding to better manage the immediate impacts of crises and drive more robust reform of the global financial architecture. 33

Renewables and Global Trade

Global renewable energy trade is increasingly marked by protectionism, as governments impose restrictions to bolster domestic industries. This includes the deployment of incentives and policies favourable to local manufacturing and local incentives, driven by initiatives such as the EU's Carbon Border Adjustment Mechanism and the US Inflation Reduction Act (see Snapshot: United States.) 34

Globally, the trade landscape is increasingly shaped by “friend-shoring”, or the practice of relocating supply chains to, and sourcing inputs from, countries that are considered political and economic allies. 35 This trend is a response to the supply chain disruptions experienced in recent years, as well as a strategic move to align with countries that share similar commitments to climate and sustainability goals and to addressing concerns about human rights abuses. 36

China continued to dominate renewable energy manufacturing in 2023, particularly for solar PV, and was also a major supplier and manufacturer of critical minerals. 37 The country hosts more than 80% of the world's solar panel manufacturing capacity and is home to ten leading suppliers of solar PV manufacturing equipment. 38 Although China's dominance in the solar industry has been key to reducing costs globally, this high geographic concentration of supply chain activities presents risks. 39

Both the EU and the United States have expressed concerns about their over-reliance on Chinese renewable energy products: for example, China supplies more than 95% of the solar panels and parts installed in the EU. 40 The key aims of the EU's Net-Zero Industry Act and the Carbon Border Adjustment Mechanism are to incentivise local renewable energy manufacturing and impose a cost on carbon emissions for imported goods, thereby creating a financial incentive for non-EU countries to align with the region's climate goals. 41 The influx of inexpensive Chinese solar panels in Europe has boosted solar installations but also threatened local manufacturers with potential collapse, prompting the EU to consider protective measures. 42

China's growing dominance in the renewable energy component industry has influenced trade policy in the United States, which has increasingly turned to the EU, India, Cambodia, Malaysia, Thailand and Viet Nam to import solar panels (in addition to boosting domestic solar manufacturing capacity). 43 US support for India's solar industry may have unintentionally enabled the entry into the United States of illegal Chinese solar components (banned due to forced labour issues) through Indian-assembled products. 44 The move towards friend-shoring and on-shoring iv is, in part, a reaction to these challenges, offering a way to strengthen supply chains and diversify the supply of renewable products. 45

Critical minerals are essential raw materials used for manufacturing renewable energy technologies, electric vehicles and electricity networks. 46 In 2023, growth in the renewables sector drove surging interest in critical minerals – including a tripling in lithium demand, a 70% increase in cobalt demand and a 40% increase in nickel demand – as clean energy applications consume growing shares. 47 The market value of key energy transition minerals doubled in 2023 to USD 320 billion. 48 Despite overall price drops in 2023, many minerals remain costly for achieving energy transition goals. 49 Investment in critical minerals exploration and extraction has risen, with companies in China doubling their spending in 2022, and exploration activities booming across Africa, Australia, Brazil and Canada. 50 Investment in critical minerals increased 30% in 2022, with exploration spending rising 20%. 51

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Snapshot.UNITED STATES

The Inflation Reduction Act's One-Year Impact on US Clean Energy Progress

At the one-year mark following the signing of the US Inflation Reduction Act (IRA) of 2022, the legislation continued to show mixed results. Although rules and regulations on how to unlock finance from the IRA were still being published as of August 2023, the clean energy sector in the United States had made positive strides. The country experienced a boom in solar PV installations nationwide, as well as a surge of project announcements and developments across various industries.

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The Inflation Reduction Act's One-Year Impact on US Clean Energy Progress

At the one-year mark following the signing of the US Inflation Reduction Act (IRA) of 2022, the legislation continued to show mixed results. Although rules and regulations on how to unlock finance from the IRA were still being published as of August 2023, the clean energy sector in the United States had made positive strides. The country experienced a boom in solar PV installations nationwide, as well as a surge of project announcements and developments across various industries.

Private investors were showing great confidence in the US clean energy transition as of mid-2023, with USD 278 billion in new investments announced, linked to the creation of 170,000 new jobs. The roll-out of the IRA also unlocked USD 70 billion in grants, rebates and other non-loan funding. Manufacturing announcements included 272 new clean energy projects spanning a diverse range of sectors, including 84 wind and solar manufacturing projects, 91 battery manufacturing sites and 65 electric vehicle manufacturing facilities.

The IRA is expected to supercharge the shift to electric vehicles, with incentives for consumers as well as automakers. The US Postal Service alone received USD 3 billion for clean vehicles in 2022 as part of the IRA. Guidelines for home energy rebate programmes also were introduced, featuring substantial provisions targeting low-income households. In the power sector, announcements included plans to replace a coal-fired plant in Puerto Rico with a solar and storage plant, and plans by a Michigan utility for 15 GW of new solar and wind power capacity. Although incentives for hard-to-abate energy-intensive industries were not yet rolled out, funding was allocated for tax rebates and demonstration projects.

The US renewable energy landscape also experienced setbacks in 2023. Several large projects were cancelled or rescheduled; energy trading stocks plummeted in the second half of the year; and electric car sales did not reach targets. Plans for some offshore wind projects were cancelled, and automakers Ford, General Motors and Tesla announced scale-backs of electric vehicle plants. Chinese solar giants also entered the race to build factories in the United States, leveraging the IRA's subsidies to expand their manufacturing footprint and help meet America's clean energy goals, despite the US aim to reduce its reliance on foreign solar production.

Source: See endnote 34 for this module.

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Renewables Manufacturing Capacity and Employment

Renewable energy manufacturing capacity has experienced robust growth. 52 In the decade between 2013 and 2023, solar manufacturing increased 10-fold globally, driven by rising demand for clean energy and by industrial policies that enabled economies of scale and spurred demand. 53 However, the solar manufacturing industry has grappled with a utilisation rate of around 40%, well below the 70% expected in a fully mature industry. 54 Inefficiencies are attributed to persistent supply chain bottlenecks and to more rapid growth in solar manufacturing capacity than in PV deployment. 55

Global employment in renewable energy grew 8% in 2022 to reach 13.7 million jobs.

Solar manufacturing is highly concentrated geographically, with just five countries hosting more than 90% of the global capacity for producing solar modules. 56 China leads with around 80% of overall solar PV manufacturing capacity, followed by Viet Nam, India, Malaysia and Thailand. 57 China accounts for 60% of the global manufacturing capacity for solar PV, wind, and batteries combined, as well as 40% of electrolyser manufacturing. 58 Europe retains strong manufacturing capacity for wind turbine components. 59 In the case of critical minerals, supply chains remain highly concentrated in a handful of countries, posing a risk for future renewable energy deployments. 60

In early 2024, manufacturers in Europe warned of potential closures of solar panel plants as less-expensive Chinese imports undercut local producers. 61 Europe's solar industry requires accelerated funding to support supply chain development, reduce reliance on Asian imports and foster new technologies. 62 EU leaders have sought to support and expand the region's solar manufacturing capacity through policies such as the Net-Zero Industry Act, which targets producing 40% of renewable components locally. 63 However, a shortage of skilled workers threatens these goals, as Europe struggles to meet the rising demand for solar products. 64

Global employment in the renewable energy sector grew 8% in 2022 (latest data available) to reach 13.7 million jobs. 65 This was double the number a decade prior and represents more than one-fifth (21%) of all jobs in the energy industry. 66 Two-thirds of renewable energy employment was based in Asia, and China alone was home to 41%. 67 Around one-third of all renewable energy jobs are in solar PV, totalling 4.9 million in 2022. 68 Hydropower jobs increased 2.3% in 2022 to 2.5 million, while biofuels maintained 2.5 million jobs (mainly in the agriculture sector). 69 Wind power employment was steady at around 1.4 million jobs, with most of the positions in China and Europe. 70 However, the renewable energy sector overall continued to face a shortage of skilled workers, as the number of workers obtaining relevant qualifications in renewables has not kept pace with demand. 71

Renewable Energy and Climate Change

In 2023, the impacts of climate change were increasingly apparent around the world. 72 The year was deemed the warmest on record globally and was marked by devastating natural calamities, including massive floods, raging wildfires, severe droughts, landslides, cyclones and storms. 73 These disasters led to the displacement and deaths of tens of thousands of people worldwide. 74 Notable events included severe flooding in China, Hong Kong, Mexico, the Mediterranean region, and Western Europe, as well as extreme drought conditions in parts of the world including the Amazon rainforest. 75

During the year, countries enhanced their collaboration on renewable energy and penned several related international agreements. The United States and India agreed to launch a renewable energy technology platform, with a focus on wind and geothermal energy, energy storage and hydrogen. 76 The United States and China, in a side negotiation at the G20 summit in Bali, Indonesia, reached a climate agreement to speed renewable energy development and accelerate the reduction of fossil fuels. 77 The We Mean Business Coalition, representing more than 130 companies with a combined annual revenue of nearly USD 1 trillion – including giants such as eBay, IKEA and Volvo Cars – pushed for a fully decarbonised power sector in developed regions by 2035 and in emerging economies by 2040, in an effort to end fossil fuel consumption and ramp up clean energy production. 78

At the 2023 UN Climate Conference in Dubai, United Arab Emirates (COP 28), the outcome for the renewable energy sector was complex and nuanced. 79 Notably, renewables and energy efficiency were mentioned in the conference's final text, aligning with global efforts to achieve sustainable climate, energy and economic objectives. 80 For the first time, countries agreed on the need to “transition away from fossil fuels to renewables”. 81

In a key COP 28 commitment, 130 countries pledged to triple the world's renewable energy capacity and to double the annual rate of energy efficiency improvements by 2030, in a push to limit global warming to 1.5°C above pre-industrial levels by the end of the century. 82 The signatories collectively accounted for 40% of the global CO2 emissions from fossil fuel combustion, 37% of the emissions from global energy demand and 56% of global GDP. 83 However, China and India, two of the largest emitters of greenhouse gases, were not among the pledge participants. 84 (See Snapshot: China and India.)

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Snapshot.CHINA AND INDIA

Why China and India Have Hesitated to Sign the Global Pledge to Triple Renewables

As a side agreement at the UN Climate Conference (COP 28) in Dubai in November 2023, countries agreed on a new Global Renewables and Energy Efficiency Pledge, which aims to triple the world's renewable energy capacity to 11,000 GW and to double energy efficiency improvements by 2030. As of early 2024, 130 had signed the pledge; however, it continued to face challenges in garnering universal support, with both India and China abstaining from participation.

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Why China and India Have Hesitated to Sign the Global Pledge to Triple Renewables

As a side agreement at the UN Climate Conference (COP 28) in Dubai in November 2023, countries agreed on a new Global Renewables and Energy Efficiency Pledge, which aims to triple the world's renewable energy capacity to 11,000 GW and to double energy efficiency improvements by 2030. As of early 2024, 130 had signed the pledge; however, it continued to face challenges in garnering universal support, with both India and China abstaining from participation.

China has been the world's largest and fastest growing producer of renewable energy for the last decade, and in 2023 the country installed more new solar power capacity (up 55% from 2022) than all other countries combined, including the United States. India ranked fourth globally for renewables installed capacity in 2023, adding 13.5 GW during the year. Despite being key drivers of the global energy transition and dominant players in renewables, both India and China were notably absent from the tripling pledge.

Their abstention from the pledge was driven by several common concerns as well as by country-specific issues. The shared concerns related mainly to the two countries' stances on coal, in addition to financial considerations, national priorities and broader strategic perspectives on climate negotiations. Moreover, China is likely to face challenges achieving the ambitious energy efficiency target in the pledge, and India voiced concern about the lack of specifics regarding financial and technical support for developing countries.

Meanwhile, both China and India have committed to the goals outlined in the separate G20 New Delhi Leaders Declaration, adopted in September 2023. Similar to the Global Renewables and Energy Efficiency Pledge, the New Delhi declaration includes a significant aim to triple renewable energy capacity by 2030 and to double energy efficiency efforts. However, the Delhi agreement and the COP 28 pledge differ importantly in their approaches to the transition away from coal use.

The COP 28 pledge presents a more stringent set of requirements, calling for an end to all investments in unabated new coal-fired power plants. This would be a significant challenge for both China and India, globally the top coal-consuming countries. In 2023, these two nations collectively accounted for more than one-third (37%) of the total annual CO2 emissions globally, and they are responsible for building most of the world's new unabated coal-fired power plants. Although the G20 agreement calls for phasing down unabated coal power, it emphasises the importance of supportive transitions tailored to national circumstances, rather than stringent commitments for all countries.

China is on track to achieve its 2030 target for 1,200 GW of renewable capacity five years early. However, doubts exist about the country's ability to realise the ambitious 4% annual energy efficiency improvement stipulated in the COP 28 pledge. This would require significant structural shifts in both China's power system and overall economy. Additionally, China is believed to have already maximised many of its opportunities for efficiency improvements, and recent economic slowdowns will likely complicate progress. Finally, the country's preference for the UN Framework Convention on Climate Change (UNFCCC) as the primary platform for climate decision making has led to China's reluctance to endorse additional side commitments outside the UNFCCC framework, due to concerns about accountability and effective implementation.

Beyond its stance on a coal phase-out, India's decision not to sign the COP 28 pledge stemmed from a focus on addressing national priorities and securing additional funding support. Although India emphasises its ambitious renewable energy targets, it has hesitated to commit to actions that might hinder national development, since energy access and security are top priorities in the country's energy transition. India also emphasised the need for greater financial and technical assistance from developed countries to help developing countries achieve ambitious renewable energy targets. In India, as in much of the developing world, the financial demands required to attain global renewable targets (such as the International Energy Agency's net zero scenario) greatly exceed the country's current investment and funding capacities.

Source: See endnote 84 for this module.

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Several efforts during COP 28 were aimed at phasing out fossil fuels. Nine additional countries – Cyprus, the Czech Republic, the Dominican Republic, Iceland, Kosovo, Malta, Norway, the United Arab Emirates and the United States – joined the Powering Past Coal Alliance, bringing the total number of signatories to 60. 85 In addition, Kenya, Samoa and Spain joined the Beyond Oil and Gas Alliance, for a total of 19 members. 86 At COP 28, Colombia became the first major oil-exporting country to sign the fossil fuel non-proliferation treaty, bringing the number of signatories to 11 countries. 87

During the Dubai event, 50 fossil fuel companies, representing 40% of the global production, signed the Oil and Gas Decarbonization Charter, pledging to end gas flaring by 2030 and to reach net zero emissions in their operations by 2050. 88 However, the charter was widely criticised for being a prime example of greenwashing, as it said nothing about eliminating emissions from global fossil fuel use. 89

Such commitments, while significant, underscore the need for a co-ordinated approach that includes a rapid phase-out of fossil fuels to achieve a fully sustainable energy system. 90

Other noteworthy outcomes from COP 28 included the Supercharging Battery Storage Initiative to support innovation for better energy storage solutions (backed by Australia, Canada, the European Commission and the United States) and the launch of the Utilities for Net Zero Alliance, gathering 31 partners including major utilities. 91 Such initiatives highlight the rise in international co-operation and action on renewables, despite the challenge of aligning all major emitters under unified commitments. 92

Total Final Energy Consumption

Modern renewables represented 13% of the global TFEC in 2022, the same share as in 2021.

The world's total final energy consumption (TFEC v ) grew 5% in 2022 to 399 exajoules (EJ), reflecting widespread economic recovery from the impacts of the COVID-19 pandemic. 93 Modern renewables vi represented 13% of the global TFEC in 2022, the same share as in 2021. 94 (See Figure 1.) Oil and coal use have also increased. Fossil oil consumption averaged 101.1 million barrels a day in 2022, slightly above the pre-pandemic record of 101.0 million barrels a day. 95 Coal consumption rose 1.4% in 2023 to surpass 8.5 billion tonnes annually for the first time ever. 96 For fossil gas, the annual growth in consumption has slowed from an average of 2.5% in 2017 to an average of 1.6% during 2021-2022. 97

FIGURE 1.Total Final Energy Consumption by Source, 2012 and 2022

FIGURE 1.

Source: IEA, REN21. See endnote 94 for this module.

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Global energy-related CO2 emissions continued their upward trajectory in 2023 (following a brief decline early in the pandemic), rising by 410 million tonnes (1.1%) to reach 37.4 gigatonnes. 98 Emissions from coal combustion accounted for more than two-thirds of the increase (71%), followed by oil (25%) and fossil gas (4%). 99 By sector, CO2 emissions in 2023 increased in the transport sector by 239 million tonnes (58% of the total increase), in the power sector by 197 million tonnes and in the industry sector by 39 million tonnes; in contrast, emissions decreased in the buildings sector, falling by 92 million tonnes due to efficiency gains and mild winters. 100

The distribution of TFEC varies across sectors and end-uses. In 2022, the industry sector accounted for 34% of TFEC, followed by the buildings sector (30%), transport (26%), other vii (6%) and agriculture (3%). 101 The industry sector remained the largest consumer of energy, particularly in energy-intensive sub-sectors such as iron and steel, chemicals, and non-metallic minerals. 102 Renewables represented nearly 17% of the industry sector's TFEC in 2021. 103

In the buildings sector, energy consumption increased 1% in 2021. 104 Modern renewables represented nearly 16% of the sector's TFEC. 105 The transport sector grew a robust 7% in 2021, due mainly to a 20% increase in the energy demand for aviation. 106 (Despite this surge, as of 2021 aviation's energy consumption had not fully rebounded to pre-pandemic levels. 107 ) Renewables represented only 4% of the transport sector's TFEC. 108 Energy consumption in the agriculture sector increased 4.4% in 2021, surpassing 2019 levels by 1%, with renewables representing 16% of TFEC in 2021, similar to 2020. 109

Iceland continues to have the highest share of renewable energy in TFEC, at 83% in 2023, with a strong reliance on hydropower and geothermal.

In 2021, Iceland remained the country with the highest share of renewable energy in TFEC, at 83%, due to the strong presence of hydropower and geothermal; it was followed by the Lao People's Democratic Republic (PDR) (73%) and Gabon (66%), both of which rely heavily on hydropower. 110 (See Figure 2.)

FIGURE 2.Renewable Share of Total Final Energy Consumption, by Country, 2021

FIGURE 2.

Note: The top 10 countries with the largest renewable share in TFEC in 2021 were Iceland, Lao PDR, Norway, Gabon, Paraguay. Sweden, Uruguay, Finland, Brazil and Latvia. Some countries with over 30% renewable energy in TFEC do not yet have universal energy access. As of 2022, Lao PDR (97%), Gabon (93%) and Madagascar (32%) did not have universal access to electricity.
The top 10 countries with the largest increase in renewable share in TFEC (2011-2021) were Lao PDR, Albania, Sweden, Uruguay, Finland, Gabon, Norway, Nepal, Estonia and Montenegro.

Source: IEA, REN21. See endnote 110 for this module.

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Electricity

Electricity generation worldwide increased an estimated 2.5% in 2022, to reach 28,294 terawatt-hours (TWh). 111 The sector's modest yet steady growth reflects the continuous expansion in global electricity needs. 112 Renewable electricity generation grew an estimated 8% in 2022 to 8,540 TWh; the combined growth in wind and solar PV generation was enough to meet 80% of the increase in the total global electricity demand for the year. 113 This significant growth reflects the shift towards greater use of renewables, which supplied around 30% of the world's total electricity generation in 2022. 114

Wind and solar PV experienced record generation growth to achieve a combined 12% share in the global electricity mix in 2022, up from 10% in 2021. 115 Solar PV was the fastest growing electricity source for the 18th consecutive year, soaring 24% in 2022. 116 Wind power followed closely with a 17% increase in generation. 117 The expansion of renewables was widely distributed globally, with 60 countries generating more than 10% of their electricity from wind and solar power in 2022. 118

Global renewable power capacity increased 36% in 2023, adding 473 GW globally to reach a cumulative total of 3,870 GW by year's end. 119 Wind and solar PV together accounted for 97% of the renewable capacity additions, and renewables represented 86% of the total power capacity additions (from all energy sources) in 2023. 120

Electricity Demand

Electricity demand varies greatly by sector. In recent years, the buildings sector has shifted towards a higher share of electricity use, driven by the adoption of electric heating, cooling, and cooking solutions and other appliances. Electricity consumption in the sector increased 2.5% in 2022. 121

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In the transport sector, electricity demand surged in 2022, particularly in road transport where electricity use has grown 60% since 2019. 122 The rapid integration of electric vehicles has signalled the shift towards lower-carbon transport modes. 123 Nearly 14 million electric and plug-in-hybrid vehicles were sold worldwide in 2023, a 31% increase from 2022. 124 These vehicles accounted for nearly 15.8% of all vehicle sales globally, up from 13% in 2022. 125 Emerging markets account for only a fraction of electric vehicle sales, but these have experienced notable growth, especially for electric two- and three-wheelers. 126 India, Indonesia and Thailand were among the fastest growing markets for electric vehicles in 2022. 127 In some developed markets, electric vehicles now account for up to half of all cars sold, a significant milestone in the transition towards lower-carbon transport. 128

The industry sector has shown a similar trend towards electrification, especially for less energy-intensive industries that have lower thermal requirements. Between 2011 and 2021, the share of electricity use in industry increased from 22% to 26%. 129 In the agriculture sector, electricity accounted for nearly 30% of the energy use in 2021, with 9% of total energy consumption coming from renewable electricity. 130

Access to Electricity and Clean Cooking

The number of people without access to electricity fell from 756 million in 2022 to an estimated 745 million in 2023.

After setbacks during the COVID-19 pandemic, access to electricity globally appears to have improved, with the number of people without electricity access falling from 756 million in 2022 to an estimated 745 million in 2023. 131 In sub-Saharan Africa, the population without electricity access grew for three consecutive years but was projected to level off in 2023. 132 Across Africa overall, only 58% of the population had electricity access as of 2022. 133 Globally, a total of 113 countries still lacked universal access to electricity that year, and 59 of them had no targets for electricity access. 134

Finance remains a barrier for countries to implement energy access solutions. In 2022, development finance for renewable energy generation was USD 7.8 billion, representing only a tiny fraction of the total amount invested in all renewables globally (USD 576 billion). 135 (See Sidebar 2.)

As of 2023, one in three people globally still used traditional biomass, coal and kerosene for cooking. 136 This has severe repercussions for people's health and the environment. 137 Although access to clean cooking has increased in Asia and Latin America, nearly 1 billion people in Africa – almost 70% of the continent's population – lacked clean cooking facilities in 2022. 138

Energy Systems and Infrastructure

The world's energy systems and infrastructure have continued to face both complex challenges and opportunities as system operators and energy planners adapt to new realities. 139 Traditional business models that have long served the generation sector have proved inadequate for the evolving needs of electricity grids and transmission and distribution networks, which rely heavily on public finance. 140 Globally, an estimated 3,000 GW of renewable energy projects were still awaiting connection to the grid as of 2023, signalling a growing bottleneck. 141 (See Sidebar 1.)

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Globally, deployment time spans for essential grid infrastructure such as high-voltage transmission lines can extend up to 15 years. 142 Substantial investment is needed in grid infrastructure for reliable energy supply, as the current pace of grid development lags behind the requirements for a successful energy transition. 143 Developing economies are faced with compounded financial challenges, where utilities need to invest in grid expansions while also strengthening their existing grids, all in a context of limited resources and a cost of borrowing several times higher than in advanced economies. 144

Regional interconnections enable the efficient transmission of renewable energy sources, enhancing grid stability and supporting the integration of larger shares of renewables across regions and continents. In August 2023, as a side initiative at the 41st ASEAN Ministers on Energy Meeting, four Southeast Asian countries – Lao PDR, Malaysia, Singapore and Thailand – agreed to a Power Integration Project, signing a memorandum of understanding on 18 potential locations to set up cross-border transmission lines. 145

The market for energy storage has also expanded. 146 Pumped storage remains the most widely deployed storage technology (with 10.5 GW added in 2022, bringing the total to 175 GW), and utility-scale battery storage is growing rapidly (with 11.1 GW added in 2022, bringing the total to 28 GW). 147 The battery storage sector faces challenges related to rising costs, strained supply chains and the burgeoning demand for similar resources from the electric vehicle market, which could complicate expansion. 148 Utility-scale battery storage systems have experienced a strategic shift towards diverse revenue streams, such as ancillary services and capacity auctions viii . 149

Residential energy storage, the smallest segment, is expected to increase alongside the growing interest in energy independence and self-consumption. 150 Lithium-ion batteries have gained market share due to their lower cost and high efficiency, while alternatives such as sodium-ion batteries are reaching commercial scale. 151

The development of public infrastructure for electric vehicles has remained strong. By the end of 2022, around 2.7 billion public charging points had been installed globally, up 55% from 2021. 152 Battery swapping ix has emerged as a viable option in some countries, offering advantages in both charging time and cost. 153 China leads in this technology, having installed large numbers of swapping stations for two- and three-wheelers as well as trucks and passenger cars. 154

Global hydrogen demand grew 3% in 2022 to 95 million tonnes. 155 However, the uptake of renewable hydrogen has been slow, accounting for just 0.7% of total hydrogen demand that year. 156 This modest growth reflects the large economic challenges facing the industry, with sharply higher costs for renewable hydrogen in 2023 due to factors such as higher labour and material costs, an increase in the cost of capital of 3 to 5 percentage points, and a 30% surge in the cost of renewable power. 157

Globally, China has emerged as a leader in the deployment of electrolysers used to produce hydrogen. 158 Driven by large-scale projects, the country's share of the global electrolyser capacity was expected to increase from less than 10% in 2020 to 50% by the end of 2023. 159 In 2023, China accounted for more than 40% of the projects that had reached the final investment decision stage. 160

Hydrogen's potential as a decarbonisation solution has increased with ongoing discoveries of white hydrogen, or hydrogen that can be found naturally and has the capacity to replenish. 161 The environmental benefits of renewable hydrogen depend critically on how it is produced and which sectors it is used in. 162 The use of clean hydrogen can be strategically targeted towards those industries and activities where direct electrification is not feasible, such as certain manufacturing processes, heavy transport and energy storage. 163

Sector coupling refers to the linking of the electricity sector with other end-uses such as thermal energy for buildings and industry, and the transport sector. This can be a strategic way to integrate higher shares of variable renewable electricity into energy systems while also increasing the share of renewables in non-electricity sectors. It can minimise the curtailment of renewable energy generation by increasing system flexibility, using the surplus electricity from other end-use sectors and storing it for later use (whether in batteries, or as thermal energy or renewable hydrogen). 164 Sector coupling has gained momentum globally but is concentrated mainly in Europe and North America. 165

Among new players in the sector coupling market in 2023, a German start-up began developing reactors for the direct conversion of renewables into e-fuels and green chemicals, and a US start-up offered a power-to-heat conversion technology that uses refractory bricks to store and deliver heat, providing industries with a low-cost electrification option. 166 Municipal utilities in Germany have shown interest in sector coupling as a way to avoid lost earnings from overproduction or a lack of grid integration. 167 In Denmark, the world's largest e-methanol plant came online in 2023 to produce green fuels and to supply excess heat to local district heating, benefiting 3,300 households. 168 The plant is directly connected to a solar park and will produce green methanol and renewable hydrogen. 169

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Footnotes

i The cost of capital measures the cost that a business incurs to finance its operations. It measures the cost of borrowing money from creditors or raising it from investors through equity financing.

ii The climate debt trap refers to already indebted countries needing to borrow more as their climate vulnerabilities go up.

iii The Bridgetown Initiative is a policy proposal announced by the prime minister of Barbados at the United Nations (UN) Climate Change Conference in Sharm El Sheikh, Egypt, in 2022. It became a central discussion item during the 2023 Paris Summit for a New Global Financing Pact.

iv On-shoring is the process of sourcing or relocating production and manufacturing within domestic borders.

v Total final energy consumption (TFEC) is the sum of energy used by the end-users across all sectors, including industry, transport, residential, commercial and agriculture. It represents the energy that consumers directly utilise for heating, manufacturing, driving, cooking and other processes after it has been converted from primary energy sources into usable forms such as electricity, refined fuels and thermal heat. TFEC excludes the energy used for conversion processes and losses incurred during energy production and energy transport.

vi Modern renewables does not include traditional uses of bioenergy such as direct burning of wood fuels, agricultural by-products and dung burned for cooking and heating purposes.

vii „Other“ includes energy consumption that has not been specified elsewhere, including energy use for military purposes.

viii Ancillary services are all services required by transmission or distribution system operators to enable them to maintain the integrity and stability of the system as well as the power quality. Capacity auctions are competitive procurement mechanisms to secure electricity supply and safeguard against possible blackouts.

ix Battery swapping allows battery electric vehicles to quickly exchange a discharged battery pack for a fully charged one.

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  282. Emma Gordon, “How Can Sustainable Debt Support China's Energy Transition?”, International Energy Agency, 30 October 2023, https://www.iea.org/commentaries/how-can-sustainable-debt-support-chinas-energy-transition. 282
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  286. Hortense Bioy, “Global ESG Funds Hit With Outflows for First Time in Q4”, Morningstar, Inc., 2 February 2024, https://www.morningstar.com/sustainable-investing/globally-esg-funds-suffer-first-ever-quarterly-outflows-fourth-quarter-2023; International Monetary Fund Climate Finance Policy Unit, “Climate Finance Monitor”, 1 February 2023, https://www.imfconnect.org/content/dam/imf/News%20and%20Generic%20Content/GMM/Special%20Features/Climate%20Finance%20Monitor%20Q4%202022.pdf. 286
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  294. Hortense Bioy, “Global ESG Funds Hit With Outflows for First Time in Q4”, Morningstar, Inc., 2 February 2024, https://www.morningstar.com/sustainable-investing/globally-esg-funds-suffer-first-ever-quarterly-outflows-fourth-quarter-2023.294
  295. Alastair Marsh, “JPMorgan's Exit from Climate Group Sparks ‘Greenhushing' Debate”, Wealth Management, 20 February 2024, https://www.wealthmanagement.com/etfs/bloomberg.com/news/articles/2024-02-16/what-s-greenhushing-jpmorgan-s-climate-group-exit-brings-new-term-to-light. 295
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  297. The Business Times, “China Proposes New ESG Rules to Keep Up with Europe”, 21 February 2024, https://www.businesstimes.com.sg/esg/china-proposes-new-esg-rules-keep-europe. 297
  298. The Business Times, “China Proposes New ESG Rules to Keep Up with Europe”, 21 February 2024, https://www.businesstimes.com.sg/esg/china-proposes-new-esg-rules-keep-europe. 298
  299. Hortense Bioy, “Global ESG Funds Hit With Outflows for First Time in Q4”, Morningstar, Inc., 2 February 2024, https://www.morningstar.com/sustainable-investing/globally-esg-funds-suffer-first-ever-quarterly-outflows-fourth-quarter-2023. 299
  300. International Monetary Fund, ‘Global Financial Stability Report, October 2022: Navigating the High-Inflation Environment', IMF, October 2022, https://www.imf.org/en/Publications/GFSR/Issues/2022/10/11/global-financial-stability-report-october-2022.300
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  302. MSCI, “ESG Investing: ESG Ratings”, accessed 24 February 2023, https://www.msci.com/our-solutions/esg-investing/esg-ratings; Cam Simpson, Akshat Rathi and Saijel Kishan, “The ESG Mirage”, Bloomberg, 10 December 2021, https://www.bloomberg.com/graphics/2021-what-is-esg-investing-msci-ratings-focus-on-corporate-bottom-line. 302
  303. Mattias Taeger, “‘Double Materiality': What Is It and Why Does It Matter?” Grantham Research Institute on Climate Change and the Environment, 21 April 2021, https://www.lse.ac.uk/granthaminstitute/news/double-materiality-what-is-it-and-why-does-it-matter; Malin Emmerich and Karsten Loeffler, personal communication with REN21, 8 March 2024.303
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  306. Box 2 from the following sources: fossil fuel CEO from Ben Stockton and Amy Westervelt, “Inside the Campaign That Put an Oil Boss in Charge of a Climate Summit”, The Intercept, 25 October 2023, https://theintercept.com/2023/10/25/cop28-uae-oil-climate-sultan-al-jaber; USD 100 billion and strong confidence from Jillian Ambrose, “Big Five Oil Companies to Reward Shareholders with Record Payouts”, The Guardian, 1 January 2024, https://www.theguardian.com/business/2024/jan/01/oil-companies-shareholders-payouts-bp-shell-chevron-exxonmobil-totalenergies; fossil fuel spending from International Energy Agency, “The Oil and Gas Industry in Net Zero Transitions”, 2023, https://www.iea.org/reports/the-oil-and-gas-industry-in-net-zero-transitions; Shell job cuts from Ron Bousso, “Exclusive: Shell Cuts Low-carbon Jobs, Scales Back Hydrogen in Overhaul by CEO”, Reuters, 25 October 2023, https://www.reuters.com/sustainability/climate-energy/shell-cuts-low-carbon-jobs-scales-back-hydrogen-ceo-overhaul-sources-2023-10-25; investor reactions from “Shell under fire from Europe's largest asset manager over climate policy “, Financial Times, 15 January 2024, https://www.ft.com/content/8e530a5c-6f67-424a-a9d9-a14d395ee4c1; France from “Environmental Groups File Complaint Against France's TotalEnergies over Climate Impact”, Reuters, 2 October 2023 https://www.reuters.com/sustainability/environmental-groups-file-complaint-against-frances-totalenergies-over-climate-2023-10-02. 306
  307. Climate Policy Initiative, “Global Landscape of Climate Finance 2023”, 2023, https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf. 307
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  322. Mike Scott, “ESG Watch: COP28 a Milestone in Terms of Ambition, but Falls Short on Finance”, Reuters, 14 December 2023, https://www.reuters.com/sustainability/sustainable-finance-reporting/esg-watch-cop28-milestone-terms-ambition-falls-short-finance-2023-12-14. 322
  323. Mike Scott, “ESG Watch: COP28 a Milestone in Terms of Ambition, but Falls Short on Finance”, Reuters, 14 December 2023, https://www.reuters.com/sustainability/sustainable-finance-reporting/esg-watch-cop28-milestone-terms-ambition-falls-short-finance-2023-12-14. 323
  324. Glasgow Financial Alliance for Net Zero (GFANZ), “About Us”, 2022, https://www.gfanzero.com/about; GFANZ, “GFANZ Launches Latin America & Caribbean Network to Support Climate Finance in the Region”, 23 October 2023, https://www.gfanzero.com/press/gfanz-launches-latin-america-caribbean-network-to-support-climate-finance-in-the-region.324