On May 14, 2024, Renouvelle published an article titled “30% of Global Electricity Production from Renewables in 2023,” highlighting a significant milestone in the global energy transition. According to the EMBER think tank report, more than 30% of global electricity production in 2023 came from renewable sources, driven primarily by the growth in wind and solar capacity.
EMBER’s analysis, based on data from 215 countries, shows that this increase results from the ongoing expansion of solar installations, with global capacity rising from 1.5 TW to a projected 6 TW by 2030, representing 55% of all renewable energy sources. This growth is expected to reduce fossil fuel-based energy production starting in 2025, contributing to a decline in associated CO₂ emissions.
The European Union has played a pivotal role in this transition, accounting for approximately 17% of global growth in solar and wind energy in 2023. With fossil fuels making up just 33% of its electricity mix, the EU boasts the lowest proportion globally. The remainder of the EU’s electricity mix includes 23% nuclear, 17.5% wind, 12% hydro, and 9% solar energy.
The rapid growth of renewable energy presents attractive investment opportunities. The solar and wind sectors, in particular, offer high potential returns due to the continuous increase in installed capacity and favorable policies supporting the energy transition. Investors are advised to diversify their portfolios by including renewable energy assets while closely monitoring regulatory and technological developments that could impact the market.
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