2023 saw a step change in renewable capacity additions, driven by China’s solar PV market

In 2023, a significant shift occurred in renewable capacity expansions, with China's solar PV market playing a pivotal role. Solar PV accounted for a substantial portion, approximately three-quarters, of the global renewable capacity growth. The global annual additions of renewable capacity surged by nearly 50% to approximately 510 GW, marking the highest growth rate witnessed in the past twenty years. . Notably, while Europe, the United States, and Brazil observed record-high increases in renewable capacity, China's momentum was exceptional. In 2023, China's newly commissioned solar PV capacity alone matched the entire global capacity added in 2022, with its wind power additions also experiencing a remarkable 66% year-on-year increase.

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