The downward trend of fossil-fueled power generation

In 2022, global renewable generation capacity increased by a record 295 GW or 9.6%, reaching a total of 3372 GW. 83% of all new power capacity added was produced by renewables, demonstrating their resilience and growing popularity.

Renewable Capacity Statistics 2023, released by the International Renewable Energy Agency (IRENA) shows that renewable energy continues to grow at record levels despite global uncertainties, confirming the downward trend of fossil-fueled power generation.

Although many countries increased their renewable capacity, growth was concentrated in a few regions such as Asia, the USA, and Europe. China added the newest capacity, with 141 GW. Solar and wind power dominated new generating capacity, contributing 90% to the share of all new renewable capacity. To limit global warming to 1.5°C, renewable power capacity additions need to triple by 2030.

Source: EvWind