China leads growth of renewable energy capacity in 2023

In wind alone, over 66% of the additions were from Beijing.

A recent report by the Energy Institute along with co-authors KPMG and Kearney revealed that China was a major driver in increasing the global capacity in renewable energy.

According to the latest Statistical Review of World Energy report, “solar and wind capacity continued to grow rapidly in 2023 beating the previous year’s record of 276 GW [gigawatts] by around 186 GW, a 67% increase.”

China added 55% of all renewable generation additions in 2023, more than the rest of the world combined, the report noted. Beijing overtook Europe on an energy per capita basis for the first time, it added. 

Solar accounted for 75% or 346 GW of the capacity additions with China contributing around a quarter of the growth. 

Meanwhile, wind logged a record year with over 115 GW of new projects coming online. Nearly 66% of the additions were in China and its total installed capacity is now equal to North America and Europe combined, the report noted.

Although Europe has the highest share of offshore in its wind portfolio with 12%, China has 37 GW versus Europe’s 32 GW, it added. 

“In a year where we have seen the contribution of renewables reaching a new record high, ever increasing global energy demand means the share coming from fossil fuels has remained virtually unchanged at just over 80% for yet another year,” said Simon Virley CB FEI, vice chair and head of energy and natural resources at KPMG in the UK

“With CO2 emissions also reaching record levels, it’s time to redouble our efforts on reducing carbon emissions and providing finance and capacity to build more low carbon energy sources in the global south where demand is growing at a rapid pace,” he added.