Abstract:

The report shows renewables generated a record 30 percent of global electricity in 2023, driven by growth in solar and wind especially from China. It suggests that 2023 marks a significant turning point in the power sector, as it is likely the year when peak emissions were reached, signaling the beginning of a decline in fossil fuel generation on a global scale. According to the report, solar power emerged as the leading supplier of electricity growth, adding more than twice as much new electricity generation as coal in 2023. The projected growth of clean electricity gives confidence that a new era of declining power emissions is on the horizon, with an anticipated 2 percent decrease in global fossil fuel generation in 2024.