Report Says Record Wind Energy Capacity Installed in 2023

Last year was a record year for wind-capacity installations with more than 100 gigawatts of new wind power installed, a recent industry trade association report says. According to the Global Wind Energy Council’s latest Global Wind Report, new installations across the globe increased by 50% from 2022 to last year, making 2023 the best year on record for new wind-project installations.

As years of technological advancements have made developing and deploying renewables cheaper and cheaper, wind-capacity installation rates in the United States and across the globe steadily increased before peaking in 2023 with 117 gigawatts of new capacity in only 12 months. The most recent Global Wind Report analyzed the global wind-energy sector and the challenges it has faced in recent years as it strived to expand in line with green-energy goals.

According to the report, the rise in the number of new wind-capacity installations shows that the world is “moving in the right direction” in its efforts to fight climate change. Even so, study authors noted that the global wind industry would have to ramp its yearly growth to at least 320 gigawatts by the end of the decade to help triple global installed green-energy generation capacity by 2030, as per the COP28 pledge, and meet the Paris Agreement’s 2.7 Fahrenheit global warming cap.

GWEC CEO Ben Backwell said that while it was great to see accelerated growth in the wind industry, much more action is needed to unlock further growth. Such growth would be necessary for the wind sector to contribute to global renewable-energy generation and bring the world closer to carbon neutrality. Nonetheless, Electricity Sector Association of Kenya CEO George Aluru notes that the report shows that wind energy is gaining more understanding and appreciation worldwide due to its value as a source of green energy.

Wind energy is a renewable source of power that will play a critical role in the world’s transition from fossil fuels to renewables. Alongside solar, geothermal, nuclear energy and other renewables, wind will be key to weaning the world’s industries off of fossil fuels and cutting greenhouse-gas emissions in the fight against climate change.

The report found that China was responsible for the majority of onshore and offshore wind installations (65%) followed by North America, Brazil and Germany. Christian Andresen, research manager at SINTEF Energy Research, posits that the wind industry has accelerated its growth by “attracting investment and gaining maturity,” a tactic he believes could result in a snowball effect that causes future growth.

Companies such as Turbo Energy S.A. (NASDAQ: TURB) that are in the business of making storage solutions for photovoltaic energy may be enabling this proliferation of renewables around the world since it is hard to rely on these green energies if energy storage solutions are lacking.

NOTE TO INVESTORS: The latest news and updates relating to Turbo Energy S.A. (NASDAQ: TURB) are available in the company’s newsroom at https://ibn.fm/TURB

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