Renewable energy highlights of 2023
In 2023, the renewable energy sector continued its exponential growth, solidifying its position as a cornerstone of the global energy landscape. Significant milestones were reached, with renewable sources increasingly outpacing traditional fossil fuels in new capacity additions worldwide.
Here's a quick look at the year on renewables ?
Solar installation records ??
Solar energy will likely exceed hydropower in total capacity, when the final figures for 2023 are released.
?China, Europe, and the U.S. each set installation records for a single year.
Solar is currently the most affordable kind of electricity in most countries. Solar panel prices in Europe declined by 40% between December 2022 and November 2023, reaching new lows.
The IEA predicted that more than 440 gigawatts of renewable energy would be added by 2023. That is more than the entire installed power capacity of Germany and Spain combined.?
A big milestone for wind ??
Worldwide wind installations are expected to be enough to power roughly 80 million households, making 2023 a record year.
In June, the industry celebrated the achievement of 1 TW of installed wind energy globally. It took more than 40 years to reach this milestone, but the second terawatt may be completed in less than seven years.
The rise of batteries ??
The electric vehicles industry registered a growing trend, with one in every five vehicles sold in 2023 being electric, according to the IEA.
Experts believe that the industry will continue to investigate alternative ways of creating batteries without relying on toxic materials, as well as ways of making components more sustainable.
In 2024, renewable energy are expected to continue its upward surge, driven by various factors shaping the global energy landscape
Keep up with Universal Kraft newsletter?to follow up on the exciting renewables energy news of 2024