More than 40% of world’s electricity came from zero-carbon sources in 2023

illuminem summarizes for you the essential news of the day. Read the full piece on the Wall Street Journal or enjoy below:

🗞️ Driving the news: In 2023, over 40% of global electricity was generated by zero-carbon sources for the first time, as highlighted by BloombergNEF's latest report
• Renewable energy sources like wind and solar accounted for 17%, while nuclear and hydroelectric power added another 24%. Meanwhile, fossil fuels remained the source for 57% of global electricity production

🔭 The context: Investment in renewables continues to surpass fossil fuels, with solar and wind representing more than 90% of new global energy capacity in 2023
• Mainland China, responsible for a third of global renewable output, achieved its 2030 wind and solar goals six years early
• However, the current growth rate in renewables investment is insufficient to meet the 1.5°C target of the Paris Agreement

🌍 Why it matters for the planet: The increasing share of zero-carbon electricity marks significant progress toward decarbonization and climate goals
• However, to prevent the worst impacts of climate change, much faster and larger-scale investment in clean energy is necessary
• Without accelerated commitments, global warming targets remain out of reach

⏭️ What's next: The latter half of 2024 will be crucial in determining whether investments in renewables can gain momentum to meet the ambitious targets set by international climate agreements
• Although steady growth is positive, a considerable upsurge in funding is required to align with net-zero goals

💬 One quote: “We’re expecting steady growth, but steady growth does not get you to net zero,” said Meredith Annex, head of clean power at BNEF

📈 One stat: Global investments in renewables hit $313 billion in the first half of 2024, roughly matching 2023 levels, according to BloombergNEF

Click for more news covering the latest on energy transition and energy sources