New wind installation surge by 50% in 2023 to hit a new record
![New wind installation surge by 50% in 2023 to hit a new record](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/04/10919048.jpg)
The wind energy industry recorded a 50% increase in capacity installation in 2023 despite a turbulent political and macroeconomic environment, according to an industry report on Tuesday.
The total new installation was 117 gigawatts (GW) last year, with onshore wind hitting an all-time high record of 106 GW, while offshore wind accounted for 10.8 GW.
The Global Wind Energy Council (GWEC) report argued that the wind energy industry needs to triple this amount annually by the end of the decade to meet the climate targets.
The industry must install at least 320 GW a year by 2030, taking cumulative capacity to 3 terawatts (TW), the report said.
China was the top market for wind installations, followed by the United States, Brazil, Germany, and India.
Also read: India’s Mahindra Group to invest ₹1,200 crore in hybrid solar, wind project
“Growth is highly concentrated in a few big countries like China, the US, Brazil and Germany, and we need many more countries to remove barriers and improve market frameworks to scale up wind installations”, said GWEC’s Chief Executive Ben Backwell.
China set a new record with 75 GW of new installations commissioned, representing nearly 65% of the global total. Latin America also experienced record growth of 21%, led by Brazil, which had 4.8 GW of new installations.
GWEC has revised its forecast upwards for 2024-2030 by 10% after the cumulative wind power capacity passed 1 TW for the first time last year.
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