die Erzeugung
production
The process of manufacturing or producing goods, energy, or raw materials.
Die Erzeugung von Strom aus erneuerbaren Energien nimmt zu.
The production of electricity from renewable energy sources is increasing.

production / generation
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production
The process of manufacturing or producing goods, energy, or raw materials.
Die Erzeugung von Strom aus erneuerbaren Energien nimmt zu.
The production of electricity from renewable energy sources is increasing.

'Erzeugung' (production/generation) is the noun form of the verb 'erzeugen' (to produce/generate). If you know the verb, you can easily derive the meaning of the noun: it is the process or result of producing or generating.
Das Kraftwerk erzeugt Strom für die ganze Region.
The power plant generates electricity for the whole region.
To specify what is being produced or created, German almost always uses the preposition 'von' (of/from) followed by a noun in the dative.
Die Erzeugung von sauberem Trinkwasser ist eine globale Herausforderung.
The production of clean drinking water is a global challenge.
The word 'Erzeugung' (production/generation) is often used in technical, economic, or scientific contexts. It often sounds more formal and abstract than, for example, 'Herstellung' (manufacturing/production).
Der Bericht analysiert die Erzeugung und den Verbrauch von Energie in Deutschland.
The report analyzes the generation and consumption of energy in Germany.
In the context of production, 'Erzeugung' (production) is often combined with energy, raw materials, or agricultural products. Typical phrases are 'die Erzeugung von Strom' (the generation of electricity), 'die landwirtschaftliche Erzeugung' (agricultural production), or 'die industrielle Erzeugung' (industrial production).
Die landwirtschaftliche Erzeugung von Bioprodukten steigt.
The agricultural production of organic products is increasing.
production
'die Produktion' and 'die Erzeugung' can both mean that something is produced. 'Produktion' is used especially for products, goods, and industrial processes. 'Erzeugung' also fits with energy and raw materials, for example electricity, heat, or milk. It often sounds a bit more factual or technical. The words can be confused because both describe a production process. As a simple guide: for factory-made products, 'Produktion' is very natural; for energy or raw materials, you often hear 'Erzeugung'.

Die Erzeugung von Strom aus Wind wird in der Region weiter ausgebaut.
The production of electricity from wind power is being further expanded in the region.
Die Produktion von Möbeln braucht gutes Holz und genaue Planung.
The production of furniture requires good wood and careful planning.