More Than 40% of World’s Electricity Came From Zero-Carbon Sources in 2023
Investments in renewables continue to outpace fossil fuels, a BloombergNEF report finds
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Zero-carbon technologies comprised more than 40% of global electricity generation for the first time in 2023, according to a report released Tuesday from BloombergNEF.
Renewable energy sources like wind and solar made up 17% of total electricity generation, and hydroelectric and nuclear power contributed 24%. Fossil fuels including coal and natural gas produced 57% of global electricity last year.
“We’ve consistently seen the penetration of renewables rising every year, and this year we hit quite a few milestones that had felt harder to reach in past years,” said Meredith Annex, head of clean power at BNEF.
One such milestone: Solar and wind represented more than 90% of global energy capacity additions last year, a step up from 2022. Global wind capacity also crossed the one-terawatt threshold. And Brazil, the country with the cleanest power mix of the G-20 economies, hit 88% renewable power generation in 2023.
“It just shows the momentum that the space is having. A lot of that does tie into the investment story, where you’ve got rising—skyrocketing, honestly—investment into solar,” Annex said.
Mainland China accounted for almost a third of total renewable energy output last year. The country recently reached its 2030 target for wind and solar energy six years early, according to a statement from its National Energy Administration, and it has pulled back on permits for new coal-fired power plants. The country’s rapid deployment of renewables has some analysts wondering if it will reach peak fossil fuel consumption this year. Declining emissions in China would signal a turning point because it is the world’s largest polluter, comprising nearly a third of global greenhouse gas emissions, according to the International Energy Agency.
Despite rapid growth in renewables, countries’ current commitments aren’t sufficient to limit global warming to 1.5 degrees Celsius, the goal outlined in the 2015 Paris Agreement, according to the IEA. Advanced economies would need to slash emissions by 80% by 2035 to meet the goal.
At last December’s COP28, a global climate conference hosted by the United Nations, participating countries agreed to triple renewable energy capacity by 2030. BNEF has forecast that achieving this goal would require investments in renewables to increase to 1.6 times 2023 levels from 2024 to 2030.
So far, that increase hasn’t materialised. Global investments in renewables are roughly on par with 2023 levels, at $313 billion in the first half of 2024, according to the new BNEF analysis. “We’re expecting steady growth, but steady growth does not get you to net zero,” Annex said.
The topline numbers obscure bigger changes under the surface. Average spending in the U.S. is up by about 63% compared with levels before the 2022 Inflation Reduction Act, which offers generous subsidies and tax breaks to promote decarbonisation. And while Chinese investment is actually down 4% from the same period in 2023, Annex said the dip is due to cheaper equipment for wind and solar, not a decline in demand.
The second half of this year will be a “defining moment,” for the investment landscape, Annex said. Steady growth “is definitely a positive, and it could be a sign that the industry as a whole is reaching a new kind of status quo, but we need to help expand even faster if we’re going to be in line with net zero.”
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With US$40 million already committed, the Global Talent Fund is attracting investor attention with a strategy focused on building globally scalable consumer brands alongside high-profile talent.
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A new investment fund targeting celebrity-founded consumer brands has secured US$40 million in commitments and is rapidly approaching its US$50 million fundraising target, signalling growing investor appetite for alternative opportunities beyond traditional asset classes.
The Global Talent Fund, which has a maximum raise of US$100 million, focuses on building and investing in consumer businesses alongside celebrities, athletes, and influential personalities who play an active role as co-founders rather than simply endorsing products.
The strategy is based on the belief that changes in consumer behaviour, particularly the rise of social media and digital engagement, have fundamentally altered how brands are built and scaled.
GTF founding partner Jeremy Hunt, who is helping lead the fund’s strategy, said consumers increasingly feel connected to personalities they follow online and are more willing to support products developed by those individuals.
“Consumers are searching for content to engage with, and when a celebrity they like or follow takes them on the journey of creating a product or brand, they genuinely feel part of that process,” he said.
The fund is targeting high-growth consumer sectors including wellness, hydration, beauty and recovery, areas Hunt believes continue to benefit from strong global demand and ongoing innovation.
Rather than backing celebrity endorsement deals, the fund is seeking businesses where talent is deeply involved in product development, brand creation and long-term growth.
According to Hunt, authenticity remains one of the biggest differentiators between successful celebrity-backed brands and those that fail.
“The consumer can see clearly if someone is simply being paid to promote a product,” he said. “The winners are typically the brands where the celebrity has genuinely helped build the business from the ground up.”
The model has attracted support from several prominent Australian investors and business families, reflecting broader interest in alternative investments with global growth potential.
Hunt said consumer brands offered a level of tangibility that many investors found appealing.
“Consumer brands are what we touch, feel, smell and taste every day,” he said. “Our investors understand the growth potential in the model, but they also want to be part of the journey.”
The fund’s rapid progress towards its fundraising target comes amid growing recognition that celebrity influence, when combined with strong commercial execution and scalable business models, can create significant enterprise value.
With several high-profile celebrity-founded businesses generating billion-dollar exits in recent years, supporters of the strategy believe the opportunity remains in its early stages.
For more information, contact marc@kanerbridge.com.au
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