WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 205
Market Data
Physical Energy Flows
ENERGY IN
THE REGIONS
HOME
Renewables
2023: A record year for renewable capacity increase
• FIDs for utility-scale renewable projects
increased by 15% year-on-year to almost $400
billion in 2023, an all-time high.
FIGURE 12
FIDs for utility-scale renewable projects (2016-2023)
• FIDs for solar plants represented more than half
of the total at $220 billion – a new record and 2.5
times the amount approved in 2020.
Billion $ (2023, MER)
400
• Wind power recovered somewhat from the
previous year’s drop due to a strong recovery
in o昀昀shore FIDs, while fewer onshore wind
projects were approved.
300
• The total numbers of utility-scale deals continued
to increase signi昀椀cantly as the combined value
of deals above $1 billion more than doubled.
200
2017
2018
Solar
Onshore wind
2019
2020
O昀昀shore wind
2021
Other
Notes: Excludes large hydropower. “Other” includes biomass, waste-to-energy, geothermal, small hydro and marine.
Source: Gigafactories map, Benchmark 2023
2022
2023
205
2016
WEMO 2024
100
