In 2023, the largest regional investments into renewable energy came from China and Europe. China alone invested over 273 billion U.S. dollars, while Europe contributed roughly 134 billion to sustainable energy technologies. Investment in the United States was also significant on a global scale.
U.S. clean energy consumption
The United States is one of the largest consumers of renewable energy worldwide. Though hydroelectric power was the most common source of renewable electricity until 2018, wind took over in that year, reaching 425 terawatt hours in 2023. In recent years, wind and solar accounted for most of the new installed capacity. Investment in renewables in the United States is expected to increase greatly in the next years with the introduction of the Inflation Reduction Act, the most significant climate legislation in U.S. history.
Renewables in Europe
Germany holds a significant position as a leading consumer and producer of renewables worldwide, notable for its onshore wind capacity. Spain, the United Kingdom, and France are also among the largest installers of total wind power capacity in the world. Biomass is another major source of renewable energy for Europe, particularly in the heating and cooling sector.
