According to the IEA report Global annual renewable capacity additions increased by almost 50% to nearly 510 gigawatts (GW) in 2023, the fastest growth rate in the past two decades. This is the 22nd year in a row that renewable capacity additions set a new record.

For the first time in Europe in the last quarter of 2023, electricity production from wind sources has exceeded coal.
In Portugal, renewable energies have supplied 61% of the consumed electricity in 2023, the highest recorded amount in this country.
In Germany in 2023, renewable energies set a record share of about 60% of electricity production. The wholesale market price of electricity in Germany was negative during 301 hours out of 8760 trading hours.

In 2023, an estimated 96% of newly installed, utility-scale solar PV and onshore wind capacity had lower generation costs than new coal and natural gas plants. Wind and solar PV systems will become more cost-competitive during the forecast period.

Full report available on Renewables2023 Analysis and forecast to 2028 (IEA)