Milestone for Global Renewables Generation

Zero-carbon sources made up over 40% of the electricity the world generated for the first time ever last year, according to new research.

Two reports from BloombergNEF show that 14% of this power came from wind and solar, and almost 91% of global power capacity additions came from those sources, versus 6% from fossil fuels.

This momentum is set to continue, with renewable energy attracting $313bn of new investment in the first half of 2024. This is a similar amount to the same period in 2023.

“We have seen a step-change in renewable energy compared to a few years before,” said Sofia Maia, a lead author of the BloombergNEF research. “There’s now no question this is the largest source of new power generation, wherever you go.”

The World Economic Forum’s Fostering Effective Energy Transition 2024 report notes that while there has been a marked increase in the adoption of clean energy sources, there is still work to be done.

A lack of consistent and balanced progress highlights that many countries are facing energy transition challenges, it says – and public-private collaboration to create innovative solutions, mobilize investment and reform policy is needed.