Commercial, Solar, Wind  -  August 30, 2024

BloombergNEF: Clean Electricity Sets New Records

The global transition to clean power reached new milestones and is expected to continue at the current pace, according to the latest report from research provider BloombergNEF (BNEF).

The report demonstrated that for the first time zero-carbon sources made up over 40% of the electricity the world generated in 2023. Hydro power accounted for 14.7%, wind and solar contributed almost as much at 13.9% — a new record high — and nuclear’s share was 9.4%, according to the report.

BNEF: Power Transition Trends 2024 and the 2H 2024 Renewable Energy Investment Tracker also showed that nearly 91% of global net power capacity additions came from solar and wind in 2023 versus 6% from fossil fuels, renewable energy attracted $313 billion of new investment in the first half of 2024 — similar to the same period in the prior year — and renewable power output rose more than 5% year-on-year to make up nearly a third of global generation in 2023.

The renewable energy industry looks set to repeat a similar goal again in 2024, as renewable energy projects secured $313 billion of new investment in the first half of the year, which is on par with the first half of 2023. 

Despite seeing a 4% decline on the back of cheaper equipment, China continues to dominate new renewable energy investments. The U.S. was the second largest market in the first half of 2024 and has seen half-annual investment levels rise 63% since the Inflation Reduction Act passed. Pakistan skyrocketed to be the fifth-largest market for new solar investment, up from 14th in the same period last year.

“We have seen a step-change in renewable energy compared to a few years before. There’s now no question this is the largest source of new power generation, wherever you go,” said Sofia Maia, lead author of Power Transition Trends 2024.