Renewables Over Electricity in 2023

By Snehal Singh, 01 February, 2023

Renewable energy is expected to maintain progress and achieve desired results in 2023 along with technology upgradation and cash flow. The major driving factor for growth will be the government’s support with futuristic measures.

According to reports, the future of renewables looks brighter and more attractive. The Russian- Ukraine war has been an eye opening for countries especially Europe, to value renewable energy’s benefits.

As per the data, renewables may account for 38 percent of global electricity in comparison to 30 percent from coal by 2027. Almost 33 percent of global electricity will come from renewables by 2024. The sustainability of renewables is more, and in 2023, it will make good sense in business.

Based on research and inputs taken from natural resources’ leaders worldwide, there are predictions for the sector to reimagine itself as greener on the scale. According to reports, natural resources companies ranging from mines to oil and gas will invest in clean or renewable energy technology.

The main factors pushing these renewables into the mainstream are lower production cost, concern over climate change, evolving policies of global energy, and increasing pressures from investors on companies dealing with energy to adopt environmental and social governance policies, as one of the reports says. Another factor leading to the move towards renewables can be the high prices of electricity and fossil fuels which eventually makes renewable power more attractive economically.

Net Renewable Capacity Additions by Technology
This image shows net renewable capacity additions by technology, 2017-2023

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