Wind energy had a big year, adding 117 GW of global capacity

More wind power capacity was installed last year than ever before

4/19/24 11:42AM

Blowin’ in the wind

2023 was a huge year for wind energy. Indeed, 117 gigawatts of new capacity was installed around the world, up 50% on the previous year’s figure and reversing two years of stalling progress, per a new report from the Global Wind Energy Council (GWEC).

While that’s an all-time high for global wind production and a promising step in the shift towards cleaner energy, the GWEC did warn that the goal to triple installed renewable energy generation by 2030 — which was agreed by more than 100 governments at COP28 last year — would require growth within the industry to “rapidly accelerate”. New capacity would need to reach 320 GW a year by the end of the decade to track towards the goal.

Cleaning up

The world’s been increasingly turning to turbines as a source of renewable energy, with wind now accounting for more than 10% of utility-scale electricity generation in the US. That shift is expected to continue too: according to the International Energy Agency, wind and solar will account for 95% of all renewable growth until 2028.

Global capacity from new onshore wind energy installations alone climbed to over 100 gigawatts for the first time ever last year. According to estimates from the Department of the Interior, that magnitude of new capacity would theoretically be enough to power 22.5-30M US homes each year.

Go deeper: How 73,352 turbines are fanned out across the US.

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The UAE’s OPEC exit will hit the group in the barrels

After just shy of 60 years in OPEC, its membership even predating its status as a nation-state, the United Arab Emirates yesterday announced its shocking departure from the oil production group, effective May 1, as the knock-on effects of the Iran war continue to play out across the Middle East and the energy landscape.

For context, the UAE produces the third-highest amount of oil in the group, per April data and OPEC’s latest set of annual statistics.

According to the cartel’s 2025 Annual Statistical Bulletin, the OPEC group was collectively exporting some 19 million barrels of crude oil a day last year, with the United Arab Emirates accounting for some 14% of that daily output.

UAExit means UAExit

The nation, whose energy minister told Reuters yesterday that the decision was taken “after a careful look at current and future policies related to level of production” and wasn’t made following discussions with any other country, made up a healthy share of the group’s total confirmed crude oil reserves, as well.

Of the 12 nations in the core group, which was founded by just five oil superpowers back in September 1960, only two (Iraq and Saudi Arabia) exported more barrels of crude oil daily, pumping out 3.36 million and 6.05 million barrels, respectively, each day to nations around the world.

For its part, the UAE said it will “continue its responsible role by gradually and thoughtfully increasing production, in line with demand and market conditions,” per the official state news agency. Clearly, the nation now wants a little more control of just how much oil it can pump around the world, with the UAE having to eat a large proportion of lost revenues due to its healthy abundance and OPEC restrictions.