Renewable energy is on the rise, and according to a recent report by Rystad Energy, it will make up more than one-third of the global power generation mix in 2024. This milestone comes after renewable energy surpassed 30% in 2023.
Key Findings from the Report
Renewable Energy Sources
- Solar
- Wind
- Hydropower
- Bioenergy
- Other small sources
These sources are expected to account for 33.4% of the global power mix this year.
Non-Fossil Energy Sources
Including nuclear energy, non-fossil energy sources are anticipated to exceed 42.5% of the global power mix in 2024. The trend is clear: by 2028, non-fossil sources could surpass fossil fuels in power generation.
Coal’s Continuing Dominance
Despite the growth in renewables, coal is still expected to provide just over one-third of global electricity in 2024.
Investment in Renewables
Rystad Energy’s report highlights significant capital expenditure in the renewables sector:
- USD 750 billion (EUR 690bn) in 2024.
- Solar photovoltaic (PV) continues to lead in investments and installations.
Solar PV Leading the Charge
In 2023, over 550 GW AC of renewable energy capacity was installed, with solar PV accounting for more than 340 GW AC. Mainland China was a major contributor, with 217 GW AC of solar installations.
Mainland China’s Role
China’s substantial contribution underscores its critical role in the global shift towards renewable energy.
Visual Insights
To better understand these changes, here are some key visual highlights:
Renewable Energy Growth (2023 vs 2024)
- 2023: 30% of global power mix
- 2024: 33.4% of global power mix
Capital Expenditure in Renewables (2024)
- Total: USD 750 billion
- Leading Sector: Solar PV
Global Solar PV Installations (2023)
- Total Installations: 340 GW AC
- China’s Contribution: 217 GW AC
Conclusion
The rise of renewables is clear and significant. With renewable energy set to account for over one-third of global power in 2024, the shift towards a greener, more sustainable future is well underway. As investments grow and technology advances, the dominance of fossil fuels is being challenged, paving the way for a cleaner energy landscape.
