507 gigawatts, equivalent to more than 840 coal plants.

In 2023, the world witnessed a surge in renewable electricity capacity, reaching an impressive 507 gigawatts, a nearly 50% increase from the previous year. That’s equivalent to more than 840 coal plants.[1] 96% of this newly installed, utility-scale solar and onshore wind capacity is cheaper than conventional coal or gas-powered electricity generation.

This growth was fuelled by continuous policy support across more than 130 countries, sparking a global shift towards sustainable energy. Among those countries, The People’s Republic of China (“China”) took centre stage in this renewable revolution. China had a particularly strong year-on-year expansion in its solar market, +116% from 2022, commissioning as much solar power as the entire world in 2022 combined.

This global momentum for renewable energy is set to continue over the next five years, with solar and wind leading as the main drivers of growth. As stated above, investing in renewable energy is cheaper than fossil fuel equivalents, and it positively contributes to clean air, improved energy security, and a stable climate.

Source: Renewables 2023: Analysis and Forecast to 2028, International Energy Agency

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[1] How is Electricity Measured?, Union of Concerned Scientists