According to the 2023 report by IEA, the gain in renewable electricity capacity reached an estimated 507 GW in 2023, up 50% from 2022. The rise in global renewable capacity can be attributed to the year-over-year expansion in China's renewable power market, with an increase of 116% and 66% in the solar PV and wind market respectively. The report predicts that the renewable power capacity will continue to grow in the next five years, with wind and solar PV having a 96% share in it. The popularity and growth of the solar and wind market can be attributed to lower generation costs compared to fossil and non-fossil alternatives. Moreover, the solar PV and wind capacity gains are forecasted to be twice by 2028, compared to 2022 levels, and reach 710 GW. The capacity additions of hydropower and bioenergy are projected to be lower compared to the past 5 years due to the decelerating development in emerging economies.
China is forecasted to experience a three-fold growth in its renewable electricity capacity in the next five years compared to the previous five, accounting for 56% of the global growth. China will develop a renewable capacity of almost four times more than the European Union, and five times more than the US from 2023 to 2028. The EU and the United States will be the second and third-largest growth markets, driven by supportive policies. Other regions such as Latin America and India are also expected to experience growth, with Brazil supporting large-scale projects. Middle East and North Africa are also moving toward cost-effective solar and wind power generation. However, Sub-Saharan African countries despite having a robust renewable potential, lag in capacity growth.
Renewable Energy Market
According to a report by The Business Research Company, the global renewable market was worth $1.02 trillion in 2023. The market is expected to grow at a compound annual growth rate (CAGR) of 8.8% and reach $1.55 trillion by 2028. The growth is driven by strong emerging markets and a rise in the use of renewable energy sources for power generation.
Some of the leading renewable energy companies in the market include Brookfield Renewable Corporation (NYSE:BEPC), Vestas Wind Systems A/S (OTC:VWDRY), and First Solar, Inc. (NASDAQ:FSLR). Let's discuss these companies in detail below.
Brookfield Renewable Corporation (NYSE:BEPC) is a leading renewable energy company. It has over $52 billion in power assets under management and boasts a robust renewable portfolio with a total installed capacity of 19,000 MW. On March 14, the Economic Times reported that the company has commissioned phase 1 of the Inter-State Transmission System connected to a renewable park in Bikaner, Rajhastan. Phase 1 of the project has been commissioned with a capacity of 268 MW. The total power capacity of the park will be 550 MW when fully commissioned. The power output of Brookfield Renewable Corporation's (NYSE:BEPC) site in Bikaner will cater to the energy demand of the commercial industrial segment.
Vestas Wind Systems A/S (OTC:VWDRY) is one of the biggest wind energy companies in the world. The company boasts a capacity of more than 154 GW of wind turbines in 87 countries. On March 19, the company announced that it had won a 51 MW order for the Cascante wind park in Spain. The order includes the provision and installation of eight V162-6.2 MW wind turbines along with a 20-year Active Output Maintenance service agreement. The delivery of turbines will begin in the fourth quarter of 2024, with commissioning planned for the first half of 2025. The wind farm will avoid 23,000 tonnes of CO2 emissions annually upon commissioning. Since 1991, Vestas Wind Systems A/S (OTC:VWDRY) has installed 5.2 GW of wind energy across over 140 wind parks in Spain.
First Solar, Inc. (NASDAQ:FSLR) is one of the biggest solar companies in the world, providing eco-friendly solar modules and solar technology solutions. On January 4, the company announced that it had entered into a captive Power Purchase Agreement (PPA) of 15 years with a leading corporate renewable energy provider in India, Cleantech Solar. Under the PPA, Cleantech Solar will develop 150 MW of photovoltaic solar and 16.8 MW of wind-generating assets in Tamil Nadu. This project will supply nearly 7.3 gigawatt-hours of clean energy to First Solar, Inc.'s (NASDAQ:FSLR) 3.3 GW solar manufacturing facility in Tamil Nadu, India.
With this context, let's have a look at the 25 countries with the highest renewable energy generation per capita.
25 Countries with the Highest Renewable Energy Generation Per Capita
Wind turbines against a backdrop of the sky, signifying the power of renewable energy.
Methodology
To compile our list of the 25 countries with the highest renewable energy generation per capita, we utilized the Statistical Review of World Energy by the Energy Institute. The database records the renewable energy generation of countries from renewable sources including wind, geothermal, solar, biomass, and waste, as of 2022. To calculate the per capita renewable energy generation for each country, we divided their renewable energy generation in terawatt hours (TWh) by their population in 2022, which we sourced from the World Bank. Then, we converted our calculated per capita renewable energy generation into Kilowatt-hours (kWh). The 25 countries with the highest renewable energy generation per capita are listed below in ascending order of their per capita renewable energy generation (kWh).
Key:
Terawatt-hour (TWh)= 1,000,000,000,000 watt-hour
Kilowatt-hour (kWh)= 1,000 watt-hours
25 Countries with Highest Renewable Energy Generation Per Capita
25. China
Renewable Energy Generation (2022): 1,367 TWh
Population (2022): 1.41 billion
Renewable Energy Generation per Capita: 968.04 kWh
China is ranked among the countries with the highest renewable energy generation per capita. In 2022, the country generated 1,367 TWh of renewable energy. The per capita renewable energy generation of the country was 968.04 kWh.
24. France
Renewable Energy Generation (2022): 68 TWh
Population (2022): 67.97 million
Renewable Energy Generation per Capita: 999.92 kWh
France ranks 24th on our list. The country generated 68 terawatt hours of renewable energy in 2022. The per capita renewable energy generated by the country was 999.92 kWh.
23. Japan
Renewable Energy Generation (2022): 152.1 TWh
Population (2022): 125.12 million
Renewable Energy Generation per Capita: 1,215.20 kWh
Japan is ranked 23rd on our list. In 2022, the country generated 1,215.20 kilowatt hours of renewable energy per capita. The total renewable energy generation of the country was 152.1 TWh.
22. Italy
Renewable Energy Generation (2022): 72 TWh
Population (2022): 58.94 million
Renewable Energy Generation per Capita: 1,221.81 kWh
Italy is one of the top countries with the highest renewable energy generation per capita. The country generated 1,221.81 kWh of renewable energy per capita in 2022. It is ranked 22nd on our list.
21. Canada
Renewable Energy Generation (2022): 52.1 TWh
Population (2022): 38.92 million
Renewable Energy Generation per Capita: 1,337.26 kWh
Canada ranks 21st on our list. In 2022, the total renewable energy generation of the country was 52.1 TWh. The per capita renewable energy generation of the country was 1,337.26 kWh in 2022.
20. Luxembourg
Renewable Energy Generation (2022): 0.9 TWh
Population (2022): 653,100
Renewable Energy Generation per Capita: 1,389.37 kWh
Luxembourg produced 0.9 terawatt hours of renewable energy in 2022. The per capita renewable energy of the country was 1,389.37 kWh in 2022. It is ranked 20th on our list.
19. Chile
Renewable Energy Generation (2022): 30.1 TWh
Population (2022): 19.60 million
Renewable Energy Generation per Capita: 1,532.96 kWh
Chile is ranked among the countries with the highest renewable energy generation per capita. In 2022, the total renewable energy generation of the country was 30.1 TWh. Its per capita renewable energy generation was 1,532.96 kWh.
18. Austria
Renewable Energy Generation (2022): 15.2 TWh
Population (2022): 9.04 million
Renewable Energy Generation per Capita: 1,676.61 kWh
Austria is ranked 18th on our list. The country generated 15.2 TWh of renewable energy in 2022. The per capita renewable energy generated by the country was 1,676.61 kWh.
17. Greece
Renewable Energy Generation (2022): 18.5 TWh
Population (2022): 10.42 million
Renewable Energy Generation per Capita: 1,778.01 kWh
Greece generated 18.5 TWh of renewable energy in 2022. The per capita generation of the country was 1,778.01 kWh. Greece is placed 17th among the countries with the highest renewable energy generation per capita.
16. Portugal
Renewable Energy Generation (2022): 20.1 TWh
Population (2022): 10.41 million
Renewable Energy Generation per Capita: 1,933.30 kWh
Ranked 16th on our list, Portugal generated 20.1 TWh of renewable energy in 2022. The country's per capita renewable energy generation was 1,933.30 kWh.
15. United Kingdom
Renewable Energy Generation (2022): 129.5 TWh
Population (2022): 66.97 million
Renewable Energy Generation per Capita: 1,934.16 kWh
The United Kingdom is one of the top countries with the highest renewable energy generation per capita. The country generated 1,934.16 kWh of renewable energy per capita in 2022. The total renewable energy generation of the country was 129.5 TWh.
14. Belgium
Renewable Energy Generation (2022): 23.1 TWh
Population (2022): 11.68 million
Renewable Energy Generation per Capita: 1,980.17 kWh
In 2022, Belgium generated 23.1 terawatt hours of renewable energy. The per capita energy generation of the country from renewable sources was 1,980.17 kWh. It is ranked 14th on our list.
13. United States
Renewable Energy Generation (2022): 719.5 TWh
Population (2022): 333 million
Renewable Energy Generation per Capita: 2,158.93 kWh
The United States has the second-largest total renewable energy generation in the world. It generated 719.5 TWh in 2022. The per capita renewable energy generated by the country was 2,158.93 kWh.
12. Spain
Renewable Energy Generation (2022): 103.3 TWh
Population (2022): 47.77 million
Renewable Energy Generation per Capita: 2,161.61 kWh
Spain is ranked among the countries with the highest renewable energy generation per capita. In 2022, the country produced 103.3 TWh of renewable energy. The per capita renewable energy generation of the country was 2,161.61 kWh.
11. Estonia
Renewable Energy Generation (2022): 3 TWh
Population (2022): 1.34 million
Renewable Energy Generation per Capita: 2,230.37 kWh
Estonia ranks 11th on our list. The country generated 3 TWh of renewable energy in 2022. The per capita renewable energy generated by the country was 2,230.37 kWh.
10. New Zealand
Renewable Energy Generation (2022): 12.4 TWh
Population (2022): 5.12 million
Renewable Energy Generation per Capita: 2,416.25 kWh
New Zealand generated 12.4 TWh of renewable energy in 2022. The per capita renewable energy of the country was 2,416.25 kilowatt hours. It is ranked 10th on our list.
9. Ireland
Renewable Energy Generation (2022): 12.5 TWh
Population (2022): 5.13 million
Renewable Energy Generation per Capita: 2,441.87 kWh
Ireland is ranked 9th on our list of countries with the highest renewable energy generation per capita. The country generated 2,441.87 kWh of renewable energy per capita in 2022. The total renewable energy generation of the country was 12.5 TWh.
8. Netherlands
Renewable Energy Generation (2022): 48.3 TWh
Population (2022): 17.70 million
Renewable Energy Generation per Capita: 2,730.52 kWh
The Netherlands is ranked 8th on our list. The country generated 48.3 TWh of renewable energy in 2022. The per capita renewable energy generation of the country was 2,730.52 kWh.
7. Norway
Renewable Energy Generation (2022): 15.4 TWh
Population (2022): 5.46 million
Renewable Energy Generation per Capita: 2,815.55 kWh
Norway generated 2,815.55 kWh of renewable energy per capita in 2022. The total renewable energy generation of the country was 15.4 TWh. Norway ranks 7th on our list.
6. Germany
Renewable Energy Generation (2022): 236.5 TWh
Population (2022): 83.79 million
Renewable Energy Generation per Capita: 2,822.26 kWh
Germany is ranked 6th on our list of countries with the highest renewable energy generation per capita. The country generated 236.5 TWh of renewable energy in 2022. The per capita renewable energy generated by the country was 2,822.26 kWh.
