Renewable energies accounted for 14.6% of global energy consumption in 2023

• The share of renewable energy in global energy consumption reached 14.6% in 2023, thanks to the record growth of solar and wind energy.
• China is a world leader in renewable energy production and capacity expansion, particularly in wind and solar.

Despite the rapid growth of renewables, overall energy demand continues to outstrip supply, leading to increased fossil fuel consumption.

In June, the Energy Institute launched 2024 Statistical Review of World Energy. The analysis provides a comprehensive picture of supply and demand for major energy sources at the country level. Each year I write a series of articles covering the Review’s findings.

In previous articles, we discussed:

Today I will discuss renewable energy with a focus on increasing wind and solar power.

Overview

In 2023, renewable energy sources have grown to new heights. The share of renewable energy in total primary energy consumption reached 14.6%, 0.4% over the previous year.

Solar and wind power led global electricity production from renewable sources to a record 4,748 TWh, marking a 13% increase from the previous year. This increase accounted for 74% of all net additional electricity generated worldwide.

Solar led the charge, with 346 GW of new capacity, beating the 2022 record by 67%. China contributed a quarter of this growth. Europe has also made significant progress, adding more than 56 GW of solar capacity, accounting for 16% of total global capacity growth.

Global consumption of renewable sources (excluding hydropower). Robert Rapier

Wind power also grew to new highs, with more than 115 GW of new capacity installed – another record. China once again led the way, accounting for nearly 66% of these additions. China’s total installed wind capacity now rivals that of North America and Europe combined. Offshore wind, a growing frontier in renewable energy, saw Europe take the largest share at 12%, but China wasn’t far behind, boasting 37GW to Europe’s 32GW.

Meanwhile, the share of biofuels in the global energy mix has increased. Production is up more than 17% from 2022, with the United States and Brazil leading the way. In 2024, production of biogasoline (predominantly ethanol) and biodiesel reached an almost equal split, with the US, Brazil, and Europe consuming most of these renewable fuels.

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China dominates the world’s renewable energy production. In particular, both China and India – which have seen dramatic increases in fossil fuel consumption in recent years – have increased their consumption of renewables at double-digit rates over the past decade.

Top 10 renewable energy producers in 2023. Robert Rapier

There are a few caveats to note about this table. First, it excludes hydropower. The reason is that although hydropower generation contributes as much as wind and solar power, hydropower growth has been relatively flat for years. This table basically shows the growth trajectory of modern renewables such as wind and solar power.

Second, the numbers are reported as “equivalent energy input,” which is the amount of fuel that would be required by the heat output. This explains the lower efficiency of converting coal, for example, into electricity. In other words, for a given amount of solar energy, the table calculates how much coal or natural gas would be needed to produce that much energy.

ConCluSIonS

Renewable energy, especially wind and solar, continues to grow rapidly. With record growth in capacity and production, these modern renewables continue to supplement traditional energy sources.

China continues to dominate the renewable energy sector, driving much of the global expansion, while the US, Europe and Brazil also make significant contributions, particularly in biofuels.

As the world strives to reduce carbon emissions and transition to cleaner energy, renewables will play a critical role in shaping a sustainable and resilient energy future. However, to date, overall energy demand continues to outpace the growth of renewables, which has meant that fossil fuel consumption has also continued to grow.

Of Robert Rapier

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