Here’s how renewables have grown so far in 2023
Wind and solar are mushrooming globally, but drought is throwing a wrench in the works – here’s what renewable growth is looking like in 2023.
Emissions from global electricity generation plateaued in the first half of 2023, with a slight increase of 0.2% compared to the same period last year, according to a report published today by energy think tank Ember. However, despite the growth of wind and solar, it was adverse hydro conditions – likely exacerbated by climate change – that prevented emissions from falling.
(Ember’s report analyzes electricity data from January to June 2023, compared to the same period last year, across 78 countries representing 92% of global electricity demand.)
Wind and solar were the only two renewable sources that significantly increased their share of global electricity, together providing 14.3% of global electricity in the first half of 2023, compared to 12.8% in the same period last year.
Solar, in particular, is growing at a rapid pace (+16%, +104 TWh), with 50 countries setting new monthly records for solar generation in the first half of 2023. China continues to be the leader in solar generation, providing a massive 43% of global growth, while the EU, US, and India each accounted for about 12%.
But the first half of this year saw a historic fall in hydro generation (-8.5%, -177 TWh) due to droughts, with China accounting for three-quarters of this. As a result, fossil fuel generation increased slightly to meet the deficit created by hydro overall, but in China, coal generation increased to a new record high (+8%, +203 TWh).
Had global hydro generation been at the same level as last year, power sector emissions would have fallen by 2.9% – and had hydro generation been unchanged year-over-year, China’s coal generation would have increased far more slowly.
Despite the hydro deficit, it could have been worse – low electricity demand growth helped to suppress emissions growth. Global electricity demand rose only 0.4% in the first half of 2023 compared to the same period last year, which is much lower than the 10-year historic average (+2.6%).
Falls in demand in some major economies due to factors like warmer weather, policy measures to reduce demand, and reduced energy use due to the cost of living crisis led to significant declines in coal power, most notably in the EU (-23%). As a result, emissions fell in the EU (-17%), Japan (-12%), the US (-8.6%), and South Korea (-3%). Moderate demand growth in India led to slow growth in coal generation, which slowed down the country’s emissions rise to 3.1% in the first half of 2023 compared to 11% in the same period last year.
Malgorzata Wiatros-Motyka, the lead author of the report and senior electricity analyst at Ember, said:
It’s still hanging in the balance if 2023 will see a fall in power sector emissions.
While it is encouraging to see the remarkable growth of wind and solar energy, we can’t ignore the stark reality of adverse hydro conditions intensified by climate change. The world is teetering at the peak of power sector emissions, and we now need to unleash the momentum for a rapid decline in fossil fuels by securing a global agreement to triple renewables capacity this decade.
Read more: Here’s how solar and wind kept the Texas grid online in 2023’s brutal summer heat
Photo: China News Service
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Environment
Communication is now even more important to getting renewable projects off the ground, experts say
(From left) CNBC’s Steve Sedgwick moderates an IoT panel with Cenk Alper, CEO of Sabanci Holding, Christina Shim, chief sustainability officer of IBM, and Mitesh Patel, interim CEO and COO of SunCable International, at CONVERGE LIVE on March 13, 2025.
Renewable energy companies can shorten the long approval process needed for their projects by communicating better with stakeholders, according to experts.
Christina Shim, IBM’s chief sustainability officer, said sponsors need to focus on the business value — in addition to the environmental benefits — when discussing their projects.
“That being said … there are some triggering words now, depending on where you sit around the world, and I think the more that you can quantify business value for what you’re doing and tie it to, again, the business operations and business decision making, it’s only going to be more and more important,” Shim said Thursday.
“As long as the outcomes are the same, you just need to make sure that you’re communicating in an appropriate way with the right stakeholders.”
She compared it to how one might talk to a CFO, versus an investor, versus someone in procurement. “You kind of have to talk about things a little bit differently.”
Mitesh Patel, interim CEO and COO at SunCable International, agrees that adjusting communication for the right audience is crucial.
“For politicians, the voters are their constituency, not your project or not your company. You have to help them translate what benefits your project will bring to the constituents,” said Patel, whose company is developing a project to deliver solar energy from Australia to Singapore via undersea cables.
The project, called Australia-Asia PowerLink, is valued around $24 billion and expected to supply Singapore with 1.75 gigawatts of electricity — or around 15% of its electricity needs, according to the company.
The comments by Shim and Patel, who were speaking to CNBC’s Steve Sedgwick on a panel in Singapore, come as renewable energy projects often take many years to get off the ground.
A report from the Global Infrastructure hub, which is part of the World Bank’s Public-Private Infrastructure Advisory Facility, noted the complex nature of preparation needed before an infrastructure project gets underway. It put the average project preparation time at 6 years but said it can take up to 14 years if the project is not planned properly.
Cenk Alper, CEO of Sabanci Holding, a Turkish conglomerate, said the biggest obstacle to getting renewable energy projects off the ground is often regulatory.
“The biggest problem is still government — the permits. Because from licensing to making a project ready, the total time is longer than the construction time,” he said.
The situation in Europe is worse, he added, citing a project where connecting to the grid took two years.
Alper said Western countries need to streamline the approval process for renewable energy projects, noting China has embarked on more projects in the last five years than the rest of the world combined.
A new study from the REPEAT Project led by Princeton University’s ZERO Lab warns that the repeal of Inflation Reduction Act (IRA) tax credits could decimate the growing EV manufacturing sector.
The report “Potential Impacts of Electric Vehicle Tax Credit Repeal on US Vehicle Market and Manufacturing” clearly outlines the risks. The Princeton study states that repealing the IRA federal tax credits and the EPA’s clean vehicle regulations would sharply reduce EV demand.
Specifically, EV sales could drop around 30% by 2027 and nearly 40% by 2030 compared to sticking with the policies implemented by the Biden administration. That means the share of EVs among new cars sold would shrink dramatically – from about 18% to 13% by 2026 and from 40% to just 24% by 2030.
“While no one has a perfect crystal ball, this is our best attempt to survey available quantitative forecasts and develop an outlook on US EV sales,” explained the study’s project leader, Jesse D. Jenkins, assistant professor at Princeton’s Department of Mechanical & Aerospace Engineering and Andlinger Center for Energy & Environment in an email. “The report is also the only analysis I’m aware of to date that draws the connection to US manufacturing as well.”
Here’s why this matters: The report points out that repealing these policies wouldn’t just slow down EV adoption – it could seriously derail the US manufacturing renaissance now underway. Up to 100% of planned expansions for EV assembly plants could be canceled or shuttered. Battery manufacturing would also take a huge hit, with between 29% and 72% of battery cell production capacity becoming redundant by 2025. That means factories under construction or those just coming online would be at risk.
To put that into perspective, an Environmental Defense Fund report released in January found that $197.6 billion worth of investments in EV and battery manufacturing have been announced at 208 facilities around the US, with two-thirds announced since the passage of the Inflation Reduction Act in August 2022.
It’s probably a good time to point out that, in order to qualify for IRA federal tax credits, EVs must be domestically assembled, use battery components that have been substantially domestically produced, and use critical minerals produced, processed, or recycled in North America or free trade agreement countries.
Why, then, is the Trump administration torpedoing an industry that’s achieving the very thing it says it wants to achieve, which is to boost domestic manufacturing and jobs?
And let’s not forget the broader EV supply chain – materials, parts, and component suppliers across the country would also suffer, though these effects haven’t even been fully quantified yet.
Bottom line: Repealing the tax credits and regulations wouldn’t just slow down EV sales – it would threaten the jobs, investments, and communities counting on America’s EV manufacturing boom.
Read more: Republican districts lose billions as clean energy cancellations surge
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The Optiq, Cadillac’s most affordable EV, just got a price cut. Despite being on the market for less than two months, GM cut lease prices by nearly $100 a month. Here’s how you can snag the deal.
GM cuts lease prices on Cadillac’s most affordable EV
Compared to Cadillac’s other electric vehicles, like the Escalade IQL, which starts at over $130,000, and the Vistiq, which has a price tag of over $77,000, the Optiq already looks like a steal at about $55,000.
Cadillac’s electric SUV arrived in January with lease prices starting at $489 per month. Although this was already its cheapest SUV (gas or EV), GM is making it even more affordable this month.
The 2025 Cadillac Lyriq is now listed at just $399 for 24 months with $4,929 due at signing. In less than two months, the OPTIQ’s lease prices have fallen by $90, or almost 20%. The deal is for the 2025 Cadillac Optiq AWD Luxury 1 with an MSRP of $54,390.
Cadillac’s lease deal runs through March 31. However, there are a few limitations you should know about. The deal includes a $2,000 loyalty or conquest offer.
The fine print states you must be a lessee of a 2020 model year or newer non-GM vehicle for at least 30 days. According to online car research firm CarsDirect, this extends to 2011 and newer electric vehicles from a competitor brands such as Tesla, Rivian, Porsche, BMW, Ford, and Honda, among several others.
At 190″ long, 75″ wide, and 65″ tall, the Cadillac Optiq is about the same size as the Tesla Model Y (187″ long x 76″ wide x 64″ tall).
Powered by an 85 kWh battery pack, the electric SUV has a driving range of up to 302 miles. With 150 kW DC fast charging, the Optiq can gain up to 79 miles of range in about 10 minutes.
| 2025 Cadillac Optiq trim | Starting Price (including destination) |
Driving Range (EPA-estimated) |
| Luxury 1 | $54,390 | 302 miles |
| Luxury 2 | $56,590 | 302 miles |
| Sport 1 | $54,990 | 302 miles |
| Sport 2 | $57,090 | 302 miles |
Inside, the Optiq features a massive 33″ infotainment and “segment-leading” cargo (57 cubic feet) and second-row space.
GM has been introducing new deals on new EV models all year. Chevy’s new Equinox, Blazer, and Silverado EVs are all available with 0% APR with leases starting as low as $299 per month.
Ready to take advantage of the savings? We can help you get started. Check out our links below to find deals on GM’s most popular EVs in your area.
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