“The future of renewables is already here. Solar energy, in particular, is accelerating faster than anyone thought possible”. Dave Jones, Global Insights Programme Director at Ember, highlights in the fifth edition of the Global Electricity Review 2024 report that renewable energy generated more than 30% of the world’s electricity in 2023 thanks to the boost achieved by wind and the spectacular growth of solar. This is an “all-time record” that calls for “continued commitment to a 100% renewable electricity model”, according to the report by a group of independent global energy experts, a prestigious think-tank dedicated to collecting, selecting and analyzing data from the energy sector to promote the advancement towards a clean and electrified energy future.
The report analyzes electricity data from 215 countries and specifically includes the latest 2023 data from the 80 countries that represent 92% of global electricity demand. Among its conclusions, Global Electricity Review 2024 highlights that, since 2000, renewable energies has gone from generating 19% of the world’s electricity to accounting for more than 30% of global production. This achievement has been possible thanks to the spectacular growth of solar and the significant advance of wind energy, which together have gone from generating 0.2% of electricity in 2000 to 13.4% in 2023.
Solar energy was the fastest growing source of electricity generation worldwide, followed by wind, contributing more than twice as much as coal. Specifically, 102 countries reached a renewable generation share of 30% or more in 2023, compared to 98 in 2022. And in 69 of those countries the share of renewables exceeded 50%, compared to 66 in 2022.
Thanks to these advances, greenhouse gas emissions associated with electricity production fell by 12% in 2023 compared to 2007. The renewable energy revolution is breaking records and driving ever-cleaner electricity production. The world is now at a turning point where solar and wind are not only slowing emissions growth, but are beginning to reduce fossil generation.
A new paradigm in the renewables sector
The increase in renewable energy production is leading to a decrease in energy prices. This phenomenon presents both challenges and opportunities for the future of energy.
Could the rapid expansion of renewable energy compromise its viability in the market? The trend towards near-zero or negative prices, while beneficial for consumers, could discourage further investment in renewable energy due to reduced profitability.
“There is huge potential to expand the use of renewables beyond electricity. It is time to fully embrace renewables and take them beyond electricity generation,” says Alejandro Cabrera Muñoz, Co-founder & CEO at Green Eagle Solutions.
As we move towards broader electrification, even if initially powered by fossil fuels, we are paving the way for a future dominated by clean energy. “This strategy not only facilitates a smoother transition to renewables, but also ensures that our energy infrastructure is ready for a sustainable future,” says Alejandro.
“In this evolving landscape, power producers are continually seeking innovative ways to optimise energy trading. As Alejandro explains, “ARSOS is revolutionising renewable energy operations. As the leading automation suite for top-tier utilities and IPPs, ARSOS operates autonomously, providing customised care to hundreds of assets simultaneously. We currently support 25GW of energy production, enhancing both economic availability and profitability.”
The renewable energy sector “has reached a crucial milestone, fundamentally transforming the electricity market. As we witness these changes, the call to action is clear: it is time to be more ambitious with renewables, leading them to overtake traditional energy sources and secure a sustainable future,” concludes Alejandro.
