New figures show that renewable energy accounted for more than 30% of the world’s electricity last year, marking a significant milestone driven by the rapid growth of wind and solar power.
The Global Electricity Review, published Wednesday by climate think tank Ember, declares that the planet is approaching “a crucial turning point” towards clean energy. It forecasts a slight decline in global fossil fuel generation in 2024, followed by even larger declines in the years to come.
Dave Jones, global insights director at Ember, describes this as a significant move towards achieving 60% renewable electricity by 2030, crucial for meeting global climate goals.
Clean electricity has significantly slowed the growth of fossil fuels by almost two-thirds over the past decade according to the report. Renewables, which made up 19% of electricity in 2000, now account for over 30% of global electricity.
“The renewables future has arrived,” remarked Dave Jones, Ember’s director of global insights. “Solar, in particular, is accelerating faster than anyone thought possible.”
Ember states that solar was the primary contributor to electricity growth, adding more than double the amount of new electricity generation compared to coal in 2023.
For the 19th consecutive year, it was the fastest-growing electricity source and also claimed the title of the largest source of new electricity for the second consecutive year, surpassing wind power.
The first extensive review of global electricity data encompasses 80 countries, representing 92% of the world’s electricity demand, along with historical data for 215 countries.
Ember predicts that the surge in clean electricity will drive a 2% decline in global fossil fuel generation in the upcoming year.
Jones stated, “The decline of power sector emissions is now inevitable. 2023 was likely the pivot point – peak emissions in the power sector – a major turning point in the history of energy. But the pace of emissions falls depends on how fast the renewables revolution continues.”
While fossil fuel usage in the global electricity system may start to decline, it still maintains a significant presence in global energy, particularly in transport fuels, heavy industry, and heating.
According to a separate study by the Energy Institute last year, fossil fuels, including oil, gas, and coal, accounted for 82% of the world’s primary energy.
World leaders, under an agreement reached at the UN’s Cop28 climate change conference in December, are aiming to increase renewables to 60% of global electricity by 2030.
Achieving this goal would necessitate countries tripling their current renewable electricity capacity in the next six years, resulting in nearly halving power sector emissions.