IRENA – Renewable power generation

In 2023, there was a significant increase in renewable power capacity additions, reaching a record 473 GW of new installed capacity, a 54% increase compared to the previous year. The total global renewables capacity also saw a 14% growth, reaching 3,865 GW in 2023. The costs of electricity from solar, wind, and hydropower technologies decreased globally, with China leading the market in solar PV, onshore wind, offshore wind, and hydropower. The global deployment of renewable power since 2000 has resulted in savings of an estimated USD 409 billion in fuel costs. Battery storage capacity additions have increased significantly, with costs declining by 89% between 2010 and 2023. Despite fossil fuel prices returning to post-2010 levels, renewable technologies remain competitive, with onshore wind and solar PV costs significantly lower than fossil fuel solutions in 2023. This trend is attributed to the remarkable decline in costs for renewable technologies over the years.