According to a new report, in 2023 Solar energy production increased by 23% and wind energy production increased by 10%. This increase in renewable energy comes at a time when electricity generation from fossil fuels such as coal and gas is showing only modest growth, up just 0.8%.

This shift towards renewable energy is a marked departure from past trends, where the share of renewables in global electricity production was only 19% in 2000.

Analysts predict that Fossil fuels will lose their dominant position in the next decade in the energy landscape.

The popularity of renewable energy sources is increasing / Photo: EMBER

Why is this happening?

The growth of renewable energy can be explained by several factors.

• The falling costs of solar panels and wind turbines are making them increasingly competitive.
• Additionally, stringent environmental regulations adopted by many countries have encouraged decision-making regarding “green” energy.
• It is also worth considering the increasing public pressure on governments and companies to prioritize sustainable development.

But challenges remain. Despite growth in renewable energy, global hydropower generation is expected to decline in 2023, partially offset by coal and gas.

In addition, global electricity demand, which increases by approximately 2% every year, creates significant difficulties in meeting this demand by relying only on “green” energy sources. Meeting this demand will require serious investments in wind and solar power plants.

However, the general trend still points to confident steps towards a renewable energy future. EMBER predicts a gradual reduction in fossil fuel use over the next decade, leading to significant reductions in greenhouse gas emissions. While achieving full decarbonization will require a concerted effort, events in 2023 underscore the irreversible nature of this transition.2