Clean Energy deployment in 2023
In recent years, the deployment of key technologies for sustainable energy has accelerated, driven by policy support and ongoing cost reductions. According to the latest IEA report, titled "The Clean Energy Market Monitor," investment in Clean Energy surged by nearly 50% from 2019 to 2023, reaching USD 1.8 trillion in 2023 and maintaining an annual growth rate of approximately 10% during this period.
While the Clean Energy Economy has emerged as a significant industrial sector and a vital contributor to the global economy, its benefits remain disproportionately concentrated, with the majority of Clean Energy deployment occurring in China and advanced economies.
The above-mentioned IEA report offers a timely and comprehensive overview of Clean Energy deployment for 2023 across a selected range of technologies:
·????? Clean Energy expansion surpassed the growth of fossil fuels by a ratio of two-to-one. Despite the stagnation of hydroelectric power and the decline of nuclear power due to drought and forced outages in the European Union, low-emission electricity production increased by around 1,800 TWh.
·????? Fossil fuel-based electricity generation grew by slightly less than 850 TWh, while Clean Energy consumption exceeded fossil fuel consumption by around two times in end uses.
·????? Global Clean Energy deployment reached unprecedented levels in 2023, with annual additions of solar PV and wind power increasing by 85% and 60%, respectively. Combined capacity additions for these two technologies amounted to almost 540 GW.
However, Clean Energy deployment in 2023 remained heavily concentrated in advanced economies and China, with the rest of the world lagging behind.
·????? China and advanced economies accounted for 90% of wind and solar PV capacity additions, as well as over 95% of global electric car sales.
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·????? Electric car sales surged by approximately 35% in 2023, reaching 14 million vehicles or one-in-five sales globally. China led the market with one-in-three cars sold being electric, followed by one-in-four in the European Union.
·????? Hydrogen electrolyzer capacity additions increased by 360% in 2023, primarily driven by China, while the United States also accelerated deployment, albeit from a modest starting point.
Energy efficiency progress fell short, with the IEA's latest assessment indicating an energy intensity improvement of approximately 1% in 2023, significantly below the COP28 pledge to double the long-term rate of energy intensity improvement by 2030.
Notably, the deployment of solar PV and wind power played a pivotal role in avoiding annual coal demand, saving around 320 and 235 Mtce of coal demand, respectively. The deployment of wind power and solar PV also contributed to avoiding approximately 180 bcm of natural gas demand annually on an energy equivalent basis, with electric cars accounting for the majority of avoided oil demand, which amounted to nearly 1 mb/d in energy equivalent terms.
Collectively, Clean Energy technologies contributed to avoiding around 2.2 billion tonnes (Gt) of CO2 emissions annually from 2019 to 2023. This substantial reduction underscores the critical role of these technologies in mitigating global emissions.