Some of the key highlights from the report are:
•Renewable power capacity additions set a record in 2023 with 473 GW of new installed capacity – a 54% increase compared to 2022 additions, and the largest annual growth since 2000.
• Total global renewables capacity in 2023 increased by 14% rate, from 3391 GW in 2022 to 3865 GW in 2023.
• In 2023, the global weighted average costs of electricity from newly-commissioned utility scale solar photovoltaic (PV), onshore wind, offshore wind, concentrated solar power (CSP) and hydropower fell.
• China represented the largest market for solar PV (63%), onshore wind (66%), offshore wind (65%) and hydropower (44%) in 2023. This was due to the country’s substantial renewable additions in 2023, which drove the decline in the global weighted average costs for these technologies.
• In 2023, the total renewable power deployed globally since 2000 had saved an estimated USD 409 billion in fuel costs in the power sector.
• Battery storage annual capacity additions increased from 0.1 GWh gross capacity in 2010 to 95.9 GWh gross capacity in 2023. Between 2010 and 2023, the costs of battery storage projects declined 89%, from USD 2 511/kWh to USD 273/kWh.
Access the complete report by IRENA here
