Zorlu Energy wind turbines installed in Jhampir near Gharo Sindh Pakistan. Photo Credit: Muhammad Aqib/Getty Images

Environment The World3. October 2024

Renewable Energy Sources Reach Highest Numbers Ever

For the first time in history, zero-carbon sources accounted for more than 40% of all electricity generated in 2023, and global net power capacity additions coming from wind and solar soared at 91%.

The momentum towards clean power has accelerated – wind and solar representing close to 91% of net new power capacity additions in 2023 – up from 83% in 2022. Fossil fuels including coal and gas represented only 6% of net new build, an all-time low.

In 2023, hydropower accounted for 14.7%, and solar and wind for 13.9% – an all-time high. As for nuclear, its share was 9.4%. In the first half of 2024, renewable energy projects have secured $313 billion of new investment, similar to the first half of 2023, meaning that the renewable energy industry could have similar soaring numbers for 2024. China remains the most significant contributor to new renewable energy investments. Pakistan has become the fifth-largest market for new solar investment, up from 14th in the same period last year.

Source:
Bloomberg

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