Renewable Energy Consumption Hits New Record High

Sustainable Development Goals (SDGs) and the 2024 Statistical Review of World Energy

Overview

1. In June, the Energy Institute released the 2024 Statistical Review of World Energy, which provides a comprehensive picture of supply and demand for major energy sources on a country-level basis.
2. Renewable energy sources reached new heights in 2023, with renewables’ share of total primary energy consumption reaching 14.6%, a 0.4% increase from the previous year.
3. Solar and wind power drove global renewable electricity generation to a record-breaking 4,748 TWh, accounting for 74% of all net additional electricity generated worldwide.

The Growth of Wind and Solar Power

• Solar power led the charge, with 346 GW of new capacity, a 67% increase from the previous year. China contributed a quarter of this growth, while Europe added over 56 GW of solar capacity.
• Wind power also soared to new heights, with over 115 GW of new capacity installed. China was responsible for nearly 66% of these additions, and China’s total installed wind capacity now rivals that of North America and Europe combined.
• Offshore wind saw Europe holding the highest share at 12%, but China wasn’t far behind with 37 GW compared to Europe’s 32 GW.

The Role of Biofuels

• The share of biofuels in the global energy mix increased, with production growing by over 17% from 2022. The United States and Brazil were the leading producers.
• Bio-gasoline (predominantly ethanol) and biodiesel production reached a near-even split in 2024, with the U.S., Brazil, and Europe consuming the majority of these renewable fuels.

The Top Producers

• China dominates the world’s renewable energy production, with India also experiencing double-digit growth in renewable consumption over the past decade.
• The table of top renewable energy producers excludes hydropower and reports “Input-equivalent energy,” which accounts for the lower efficiencies of converting coal or natural gas into electricity.

Conclusions

• Renewable energy, particularly wind and solar, continue to grow at rapid rates, supplementing traditional energy sources.
• China, the U.S., Europe, and Brazil play significant roles in the renewable sector, driving global expansion.
• Renewables will play a critical role in shaping a sustainable and resilient energy future as the world strives to reduce carbon emissions and transition to cleaner energy.
• However, overall energy demand continues to outpace the growth in renewables, leading to continued growth in fossil fuel consumption.

SDGs, Targets, and Indicators

SDGs Addressed in the Article:

1. SDG 7: Affordable and Clean Energy
2. SDG 13: Climate Action
3. SDG 15: Life on Land

Specific Targets Based on the Article’s Content:

• SDG 7.2: Increase substantially the share of renewable energy in the global energy mix
• SDG 13.2: Integrate climate change measures into national policies, strategies, and planning
• SDG 15.2: Promote the implementation of sustainable management of all types of forests

Indicators Mentioned or Implied in the Article:

• Renewables’ share of total primary energy consumption
• Global renewable electricity generation
• New capacity of solar power
• New capacity of wind power
• Share of biofuels in the global energy mix
• Renewable energy consumption growth rates in China and India

Table: SDGs, Targets, and Indicators

Source: forbes.com