Renewable Energy Boosts Global Power Generation in 2023, But Challenges Persist on Road to Net-Zero Emissions

In 2023, renewable energy accounted for a record 30% share of electricity generation globally, thanks to growth in solar and wind power. This was highlighted in a report by clean energy think tank Ember. The report also noted that there was record construction of solar and wind energy in 2023, paving the way for a decrease in fossil fuel generation in the near future.

However, despite this progress, renewable energy growth in 2023 would have decreased global power sector emissions only slightly. A rise in coal-fired generation offset some of these gains due to shortages in hydropower caused by drought conditions in many large economies. This is according to Ember, which stated that the International Energy Agency reported a rise in global energy-related emissions in 2023 despite a decline in fossil fuel use in developed countries.

Despite these challenges, Ember remains optimistic about the future. Forecasts indicate a decline in fossil fuel generation starting from 2024 and marking 2023 as the likely peak of power sector emissions. Dave Jones, Global Insights Programme Director at Ember, stated that the renewables future is here, with solar energy growing at a faster rate than expected, leading to an inevitable decline in power sector emissions.

Record investments have been made in renewables, 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. This remains a challenge for reaching COP28 goal of tripling renewables by 2030.