Blowing Away Expectations: Record-breaking year for wind energy in 2023

The release of the Global Wind Report by the Global Wind Energy Council (GWEC) depicts 2023 as a landmark year in the push for renewable energy, characterized by unprecedented growth. This surge in wind energy capacity not only reflects a significant technological advancement, but also comes from a broader commitment to sustainable energy practices worldwide.

 

The global wind industry witnessed an installation of a staggering 117 GW of new capacity in 2023, marking a 50% increase from the previous year. This monumental growth was driven by a 54% year-on-year increase in onshore wind capacity. With a new installed capacity of 106 GW in 2023, it soared past 100 GW for the first time. Offshore installations also had a robust showing, with 10.8 GW installed, making it the second-best year on record.

 

Another milestone was the global wind power capacity crossing the 1 TW mark, reaching a total of 1021 GW. This 13% year-over-year growth signifies not just quantitative increases but also qualitative improvements in how wind energy is integrated into national grids and economies.

 

The record-setting year can be attributed to several key drivers:

• Increased political ambition, exemplified by the COP28's historic decision to triple renewable energy by 2030, and nations having integrated clean energy into their national policies more aggressively.
• Momentum in offshore wind, mostly driven by China.
• Promising ambition among emerging markets and developing economies.

Following this record year, the GWEC has revised its 2024-2030 growth forecast upwards by 10% (107 GW) compared to last year’s outlook, to 1210 GW. Despite these achievements, challenges persist. The wind industry must triple its annual installations to at least 320 GW by 2030 to meet the COP28 and the 1.5°C pathway targets. The GWEC report offers comprehensive strategies to overcome these hurdles, including stable policy frameworks, accelerated permitting, global collaboration, grid improvements, and community engagement.

 

2023 was a year of remarkable achievements and pivotal shifts in the global wind industry. As we reflect on these advancements, it's clear that while the journey is challenging, the path forward is bursting with opportunities for significant impact. This continued momentum is essential for the deployment of renewable technologies, steering us towards a more sustainable and energy-secure world.

At Econopolis Strategy, our expertise extends to the realm of wind energy, with a particular focus on offshore endeavors. Our team has developed cutting-edge algorithms aimed at optimizing spatial utilization within the North Sea, where wind turbines and energy infrastructure are pivotal. Additionally, we've carried out an economic feasibility study concerning a man-made energy island off the Belgian coast, progressing from initial assessments to the formulation of tangible project financing models. To explore how our consulting team can empower your company's journey in the wind energy sector, we warmly encourage you to reach out. Connect with our consultants via LinkedIn or email us at luca.campion@econopolis.be for further insights and collaboration opportunities.