Global hydropower hits 1,412 GW in 2023, investment still lagging
POWER & RENEWABLE ENERGY

Global hydropower hits 1,412 GW in 2023, investment still lagging

Global hydropower capacity increased by 13.5 GW to 1,412GW in 2023, with pumped storage hydropower (PSH) rising by 6.5 GW to 182GW, according to the latest World Hydropower Outlook from the International Hydropower Association (IHA). Despite this growth, the report indicates a downward trend, posing a risk to achieving global decarbonisation targets by 2050.

To meet net zero targets, a growth rate of just over 26 GW per year is needed from now until 2030. Eddie Rich, CEO of IHA, emphasised that hydropower is crucial for a reliable energy and water system, noting that it not only provides electricity but also storage, flexibility, reliability to support solar and wind, access to clean water, irrigation, and control of droughts and floods.

Doubling hydropower capacity by 2050 requires a cumulative investment of approximately $ 3.7 trillion, or about $ 130 billion annually, which is more than double the current level of funding. Rich also pointed out that increased investment in water infrastructure, such as dams and reservoirs, is necessary due to more frequent droughts and floods caused by climate change, and these infrastructures should be powered wherever possible.

The IHA?s assessment of the ?big 100? pipeline of projects under development suggests that this acceleration is attainable in the early years of the next decade, but further action is needed to increase the delivery rate. Malcolm Turnbull, IHA President, highlighted that as more variable power is developed through solar and wind, the demand for hydropower to provide balance and flexibility will also increase when the wind does not blow and the sun does not shine.

Global hydropower capacity increased by 13.5 GW to 1,412GW in 2023, with pumped storage hydropower (PSH) rising by 6.5 GW to 182GW, according to the latest World Hydropower Outlook from the International Hydropower Association (IHA). Despite this growth, the report indicates a downward trend, posing a risk to achieving global decarbonisation targets by 2050. To meet net zero targets, a growth rate of just over 26 GW per year is needed from now until 2030. Eddie Rich, CEO of IHA, emphasised that hydropower is crucial for a reliable energy and water system, noting that it not only provides electricity but also storage, flexibility, reliability to support solar and wind, access to clean water, irrigation, and control of droughts and floods. Doubling hydropower capacity by 2050 requires a cumulative investment of approximately $ 3.7 trillion, or about $ 130 billion annually, which is more than double the current level of funding. Rich also pointed out that increased investment in water infrastructure, such as dams and reservoirs, is necessary due to more frequent droughts and floods caused by climate change, and these infrastructures should be powered wherever possible. The IHA?s assessment of the ?big 100? pipeline of projects under development suggests that this acceleration is attainable in the early years of the next decade, but further action is needed to increase the delivery rate. Malcolm Turnbull, IHA President, highlighted that as more variable power is developed through solar and wind, the demand for hydropower to provide balance and flexibility will also increase when the wind does not blow and the sun does not shine.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code