GSR2024 GlobalOverview Full Report With Endnotes Web

RENEWABLES 2024
GLOBAL STATUS REPORT
GLOBAL OVERVIEW
2024
Investment Challenges
Module Overview Policy and Targets
RENEWABLES 2024 GLOBAL STATUS REPORT – GLOBAL OVERVIEW and Finance and Opportunities
REN21 MEMBERS
GOVERNMENTS SCIENCE AND ACADEMIA INTER-GOVERNMENTAL INDUSTRY ASSOCIATIONS
Australia AEE – Institute for Sustainable ORGANISATIONS Africa Minigrid Developers Association European Heat Pump Association (EHPA) Long Duration Energy Storage Council
Technologies (AEE-INTEC) (AMDA) European Renewable Energies (LDES)
Austria Asia Pacific Energy Research
Alliance for Rural Electrification (ARE) Federation (EREF) Portuguese Association of Renewable
Brazil Council on Energy, Environment Center (APERC)
American Council on Renewable Global Off-Grid Lighting Association
and Water (CEEW) Asian Development Bank (ADB) Energy (APREN)
Denmark Energy (ACORE) (GOGLA)
Fundación Bariloche (FB) ECOWAS Centre for Renewable Asia Pacific Urban Energy Association Global Solar Council (GSC) RE100 / Climate Group (RE100)
Dominican Republic
International Institute for Applied Energy and Energy Efficiency (APUEA) Global Wind Energy Council (GWEC) RES4Africa Foundation (RES4Africa)
Georgia
Systems Analysis (IIASA) (ECREEE) Associação Lusófona de Energias Indian Renewable Energy Federation Solar Power Europe (SPE)
Germany Renováveis (ALER) (IREF)
International Solar Energy Society Electric Power Council of the Union Internationale des Transports
India Chinese Renewable Energy Industries International Geothermal Association (IGA)
(ISES) Commonwealth of Independent Publics (UITP)
Republic of Korea States (Executive Committee) Association (CREIA) International Hydropower Association (IHA)
National Renewable Energy Clean Energy Council (CEC) International Union of Railways / Union World Bioenergy Association (WBA)
Mexico (EPC)
Laboratory (NREL) Euroheat & Power (EHP) Internationale des Chemins de Fer (UIC) World Wind Energy Association (WWEA)
Morocco European Commission (EC)
Norway National Research University
Global Environment Facility (GEF)
Higher School of Economics
Panama Russia (HSE) International Energy Agency (IEA) NON-GOVERNMENTAL ORGANISATIONS
Río Negro Province, Argentina International Renewable Energy 350.org Global Women’s Network for the Energy Renewable Energy Institute (REI)
South African National Energy
South Africa Agency (IRENA) African Association for Rural Transition (GWNET) Renewables Grid Initiative (RGI)
Development Institute (SANEDI)
South Australia State, Australia Electrification (Club-ER) Greenpeace International SLOCAT Partnership on Sustainable,
The Energy and Resources Islamic Development Bank (IsDB)
Asociación Ivy ICLEI – Local Governments for Low Carbon Transport (SLOCAT)
Spain Institute (TERI) Latin American Energy
CDP Sustainability
United Arab Emirates Organization (OLADE) Solar Cookers International (SCI)
University of Technology – Institute Clean Cooking Alliance (CCA) Institute for Sustainable Energy Policies
United States for Sustainable Futures (UTS) Regional Center for Renewable (ISEP) Solutions for Our Climate (SFOC)
Climate Action Network International
Zimbabwe Energy and Energy Efficiency International Electrotechnical Sustainable Energy Africa (SEA)
World Resources Institute (WRI) (CAN-I)
(RCREEE) Commission (IEC) Sustainable Energy for All (SEforALL)
Coalition de Ciudades Capitales de las
United Nations Development International Institute for Sustainable The Global 100% Renewable Energy
Americas (CC35)
PRESIDENT MEMBERS AT LARGE Programme (UNDP)
Collaborative Labeling and Appliance
Development (IISD) Platform (Global 100%RE)
Jeune Volontaires pour l’Environnement
Arthouros Zervos Michael Eckhart United Nations Environment Standards Program (CLASP) Women Engage for a Common Future
(JVE)
Programme (UNEP) Energy Cities (WECF)
Rabia Ferroukhi Mali Folkecenter (MFC)
United Nations Industrial European Youth Energy Network (EYEN) Power for All World Council for Renewable Energy
EXECUTIVE DIRECTOR David Hales
Development Organization Fundación Renovables (FER) Power Shift Africa (WCRE)
Rana Adib Kirsty Hamilton (UNIDO) Global Forum on Sustainable Energy Renewable Energy and Energy World Future Council (WFC)
Peter Rae World Bank (WB) (GFSE) Efficiency Partnership (REEEP) World Wide Fund for Nature (WWF)
2
FOREWORD
We stand at a precipice, with the urgent need for a rapid transition to renewable energy underscored by escalating global crises and the encouraging
targets set at COP28. The role of renewable energy as a key solution to climate, energy, and economic challenges is more apparent than ever.
This yearʼs Renewables Global Status Report illuminates a complex landscape of progress tempered by persistent challenges. Despite record investments
in renewables, reaching USD 622.5 billion in 2023, we are still far from what is needed to meet our climate and sustainable development goals. Estimates
suggest that global investments need to reach at least USD 1.3 trillion annually between now and 2030 if we are to keep the 1.5°C target in reach.
The disparity in investment opportunities between high- and low-income countries, compounded by unequal access to capital, remains a major obstacle
to an equitable energy transition. Interest rates in emerging economies remain significantly higher than in advanced economies, further hindering
progress towards sustainability.
We find hope in the commitments made at COP28 – to triple renewable capacity and double energy efficiency by 2030. These pledges, however, risk
becoming empty promises unless they are backed up with immediate, drastic action.
As we celebrate our achievements, we remain acutely aware that radical action is necessary to keep pace with ever-growing energy demand and
significantly reduce greenhouse gas emissions. In 2023, renewable energy accounted for 86% of power capacity additions, a testament to progress. Yet
renewables represented just 12.9% of total final energy consumption in 2022.
The shift towards renewable energy is not just a necessity but an opportunity to create a more sustainable, equitable, and prosperous future. To seize
this opportunity, we must strengthen policies, increase investments, and foster technology and skill sharing at a global scale.
I extend my deepest thanks to the REN21 team and all contributors for their unwavering dedication and insight. As REN21 celebrates its 20 years.
I want to particularly acknowledge the REN21 community’s ongoing engagement in helping craft this comprehensive report. The GSR 2024 once
again exemplifies our collective commitment to accelerating the renewable energy transition.
We must act fast. We must act together. Let us respond to the momentous challenges and opportunities that confront us with renewed determination
and confidence that we can, and must, transition to renewables, now.
Rana Adib
Executive Director, REN21
3
RENEWABLE ENERGY POLICY NETWORK

FOR THE 21st CENTURY
REN21 is unique. It is the only global, multi-stakeholder network dedicated to renewables.  
We create an enabling environment to support renewable uptake. Together, we build

knowledge, shape dialogue and debate, and communicate this information to strategically drive
the deep transformations needed to make renewables the norm.
Shifting to renewables is more than a fuel switch; it requires engaging with market players and
society at large. REN21 works in close cooperation with its community, providing a platform
for all stakeholders to engage and collaborate.
Through these collective efforts, REN21 builds bridges and amplifies positive and sustainable
energy solutions. Our goal: enable decision-makers to make the shift to renewable energy
happen – now.
4
20 YEARS OF REN21
This year marks two decades since the inception of REN21 – an opportunity to celebrate 20 years of instrumental
contributions to the advancement, shaping and understanding of renewable energy worldwide.
Established in 2004, REN21 emerged from the collective vision of global pioneers who convened to call for accelerated
commitments towards renewable energy adoption. For two decades, REN21 has been pivotal in elevating renewables
to the forefront of global agendas for leaders and decision makers across all stakeholder groups, enabling knowledge
exchange, dialogue and debate about the global transition to renewables.
The 20th-anniversary celebration of REN21 is also the occasion to acknowledge REN21’s flagship knowledge product,
the Renewables Global Status Report. Since the GSR’s first release in 2005, REN21 has published 18 editions of the
report, crafted annually with the most up-to-date insights, facts and stories from thousands of contributors spanning
diverse regions and sectors. The GSR has been central to fulfilling REN21’s mission, becoming a reference for many
and positioning REN21 as the global trusted voice on renewables.
20 YEARS OF CROWD-SOURCED, CROWD-OWNED KNOWLEDGE AND DATA

REN21’s data and knowledge collection method is unique, drawing upon the organisation’s global multi-stakeholder
community of experts. Contributors from across the globe are invited to submit data, insights and stories on annual
- S O U R C E D DATA
CROWD LEDGE developments in renewable energy technologies, market trends, policies and local perspectives, resulting in a
AND KNOW
comprehensive and diverse dataset.
REN21 performs rigorous data validation and fact-checking throughout the report’s development, ensuring accuracy
and reliability. Validation of the data is a collaborative and transparent process conducted through open peer reviews.
Collectively, hundreds of experts contribute to making the GSR one of the most authoritative and comprehensive
publications in the field of renewables. Alongside its wealth of key facts and figures, the GSR is openly accessible,
fostering a shared language that shapes the sectoral, regional and global debate on the energy transition.
5
RENEWABLES GLOBAL STATUS REPORT

2024 COLLECTION
RENEWABLES 2024
GLOBAL OVERVIEW
Since 2005, REN21’s Renewables Global Status Report (GSR)
has spotlighted ongoing developments and emerging trends
that shape the future of renewables. It is a collaborative effort
involving hundreds of experts. Structured as a collection of five
2024
publications, this year’s 19th edition of the GSR reflects key
RENEWABLES 2024
trends in global energy. GLOBAL STATUS REPORT
In addition to providing a global overview of the renewables ENERGY SUPPLY
landscape, the GSR also presents developments in renewable
energy supply and dives into energy demand sectors, with
dedicated modules on buildings, industry, transport and 2024
agriculture. The collection further includes a publication on
renewable energy systems and infrastructure as well as a
RENEWABLES 2024
publication on renewables for economic and social value GLOBAL STATUS REPORT
creation, acknowledging the key benefits of renewables for ENERGY DEMAND

economies and societies.
Collectively, these five publications offer readers a systemic
global overview of the current uptake of renewables.
2024
RENEWABLES 2024
ECONOMIC &
SOCIAL VALUE
CREATION
This report was commissioned by REN21 and produced in collaboration 2024

with a global network of research partners. Financing was provided
by the German Federal Ministry for Economic Cooperation and
RENEWABLES 2024
Development (BMZ) and the German Federal Ministry for Economic GLOBAL STATUS REPORT
Affairs and Climate Action (BMWK). ENERGY SYSTEMS

& INFRASTRUCTURE
A large share of the research for this report was conducted on a
voluntary basis.
2024
6
ACKNOWLEDGEMENTS
REN21 DATA AND KNOWLEDGE TEAM OTHER CONTRIBUTORS RESEARCH AND PROJECT SUPPORT
Jad Baba Mohammed Abdalghafoor (Sustainable Development Nicolas Achury
Ana Díaz Vidal Solutions Network); Hassan Aboughalma (Georenco); Talia Contreras-Tapia
Erin Hampton Mohammad Awwal Adeshina (Daegu Gyeongbuk
Janne Luise Piper Institute of Science and Technology); Damilola Adeyanju
Andrea Wainer
EDITING, DESIGN AND LAYOUT
(World Energy Council and Climate Group); Nana
Glen Wright Lisa Mastny (Editor)
Serwaa Antwi (Politecnico di Milano); Patrick Atouda
Hend Yaqoob Beyala (SOAS University of London); Alan Bravo weeks.de Werbeagentur GmbH (Design)
(SP Global); Roman Buss (World Energy Council);
SPECIAL ADVISORS Bernardo Carrillo (Stemy Energy); Mahmoud Abou PRODUCTION AND COMMUNICATION
Janet L. Sawin Elenen (GE Vernova); Sam Hawkins (Ember); Gabriela
REN21 Secretariat, Paris, France
Freyr Sverrisson Hernández-Luna (CIICAp-UAEM); Soe Htike Aung;
Ånund Killingtveit (Norwegian University of Science and
Technology); Peter Konings (APEG); Felix Kriedemann
CHAPTER AUTHORS
(REScoop.eu); Leopoldo Micò (Solar Heat Europe);
Hind Couzin
Golnoosh Mir Moghtadaei (Enertime); Ekta Mishra (Patil
Kristin Seyboth
Institute of Technology); Mweetwa Mundia Sikamikami
(TRiM BITPoP Engineering); Abubakar Musa Magaga
LEAD TOPICAL CONTRIBUTORS (Nigerian Institute of Transport Technology); Michelle
Akram Almohamadi (RCREEE) Marie Nolan Aguirre (Africa – EU Energy Partnership);
Yasmine Arsalane (IEA) Jesse Nyokabi (Quaise Energy Africa); Pallav Purohit
Gonzalo Bravo (Fundación Bariloche) (IIASA); Swasti Raizada (IISD); Nizomiddin Rakhmanov;
Zuzana Dobrotkova (Independent Consultant) Madan B. Regmi (United Nations); Oliver Reynolds
Peter du Pont (Asia Clean Energy Partners) (GOGLA); Rosenberg J. Romero (CIICAp-UAEM);
Abdelaziz Salah Saidi (King Khalid University, KSA);
Charlotte Gardes-Landolfini
Jin Tanaka (UNISC International); Eman Tora (ECADO
(International Monetary Fund – IMF)
Innovation); Loveth Ugwu Ovedje (MELAW, Dalhousie
Ruud Kempener (European Commission)
University); Patricia Villarroel Sáez (Perito Corte de
Maged Mahmoud (RCREEE)
Apelaciones); Marcela Vincoletto Rezende (Gerdau)
Joel Nana (SEA)
Sven Teske (Institute for Sustainable Futures)
7
TABLE OF CONTENTS
REN21 Members. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 02
Foreword. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 03
REN21 Knowledge and Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04
Acknowledgements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 07
Photo Credits and Impressum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
GLOBAL OVERVIEW
Module Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Policy and Targets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Investment and Finance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Challenges and Opportunities. . . . . . . . . . . . . . . . . . . . . . . . . . 39
For further details and access to the report, references and endnotes, visit
www.ren21.net/gsr-2024
REPORT CITATION
REN21. 2024. Renewables 2024 Global Status
Report Collection, Global Overview Comments and questions are
(Paris: REN21 Secretariat). welcome and can be sent to
ISBN 978-3-948393-13-7 [email protected].
8
FIGURES SIDEBARS LINKS TO MICROSITE

Figure 1. Total Final Energy Consumption by Source, 2012 and 2022 . . . . . . . . . . . . . . . . . . 16 Sidebar 1. Tackling the Bottleneck of R Energy Units and Conversion Factors
Renewable Energy Connection Queues. . . . . 19 R Data Collection and Validation
Figure 2. Renewable Share of Total Final Energy Consumption, by Country, 2021. . . . . . . 17
Sidebar 2. Development Finance for Renewable Energy. . 30 R Methodological Notes
Figure 3. Renewable Energy Targets, by Country and by Sector, as of 2023. . . . . . . . . . . . 25 R Glossary
R List of Abbreviations
Figure 4. Countries with Net Zero and Renewable Energy Targets, as of 2023. . . . . . . . . . 26
SNAPSHOTS
Figure 5. Countries with Climate Change Policies, by Type of Measure, as of 2023. . . . . . 27 Reference Tables can be accessed through the
United States: The Inflation Reduction Act’s GSR 2024 Global Overview Data Pack at
Figure 6. Weighted Average Cost of Capital for Onshore Wind Power and Solar PV, One-Year Impact on US Clean R http://www.ren21.net/gsr2024-data-pack/go
by Country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Energy Progress. . . . . . . . . . . . . . . . . . . . 13
Figure 7. Share of Development Finance from Official and Private Donors for China and India: Why China and India Have
Renewable and Non-Renewable Energy Generation Projects, 2013-2022. . . . . 30 Hesitated to Sign the Global
Pledge to Triple Renewables. . . . . . . . . 15
DISCLAIMER :
Figure 8. Development Finance for Renewable Energy Generation by Donor
South Africa: How Transformative Policy Is REN21 releases issue papers and reports to emphasise the importance
and Recipient Region, 2022. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 of renewable energy and to generate discussion on issues central to
Shifting South Africa’s Renewable
the promotion of renewable energy. While REN21 papers and reports
Figure 9. Development Finance for Renewable Energy Generation by Channel, Energy Landscape from Crisis have benefited from the considerations and input from the REN21
2013, 2017 and 2022. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 to Opportunity. . . . . . . . . . . . . . . . . . . . . . 24 community, they do not necessarily represent a consensus among
network participants on any given point. Although the information given
Figure 10. Sustainable Finance Taxonomies in Countries Worldwide, in Place in this report is the best available to the authors at the time, REN21 and
and Under Development, 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 BOXES its participants cannot be held liable for its accuracy and correctness.
The designations employed and the presentation of material in
the maps in this report do not imply the expression of any opinion
Figure 11. Estimated Share of Mitigation Finance by Sector, 2019-2022. . . . . . . . . . . . . . . . . 37 Box 1. Divestment from Fossil Fuels. . . . . . . . . . . . . . . . . . . 35 whatsoever concerning the legal status of any region, country, territory,
city or area or of its authorities, and is without prejudice to the status
Figure 12. Range of Annual Renewable Energy Investment Needed in Climate Box 2. Oil and Gas Companies’ Investment of or sovereignty over any territory, to the delimitation of international
Change Mitigation Scenarios, Compared to Recent Investments. . . . . . . . . . . . . 38 in Renewables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 frontiers or boundaries and to the name of any territory, city or area.
GLOBAL STATUS REPORT 2024 COLLECTION
GLOBAL OVERVIEW
9
MODULE
OVERVIEW
KEY FACTS
473
This overview sets the scene for the various gigawatts (GW) • In 2023, global additions to renewable power
modules in the Renewables 2024 Global Status renewable power capacity increased an estimated 36% to reach
capacity added 473 GW, a new record for the 22nd consecutive year.
Report Collection. It provides high-level trends
in 2023
on the status of renewables in the wider fossil • At the 2023 United Nations Climate Change Conference
fuel-dominated energy system in the context in Dubai, 130 countries pledged to triple renewable
of global challenges such as climate change, energy capacity and double the annual rate of energy
623
development goals and the geopolitical efficiency improvements by 2030.
landscape.
• As countries reshaped trade and industrial policies
billion USD global in 2023, the United States launched more than 250 clean
new investment in
renewable power energy manufacturing projects following the adoption
and fuels in 2023 of the Inflation Reduction Act, and the European Union
proposed the Net-Zero Industry Act and launched the
first phase of the Carbon Border Adjustment Mechanism.
151
countries with net zero • Employment in the renewables sector increased 8%
targets in place in 2023, in 2022 to reach 13.7 million jobs.
compared to 90 countries
• The number of people lacking electricity access
with established
renewable energy targets globally fell from 756 million in 2022 to 745 million
in 2023.
10
GLOBAL CONTEXT 218 GW of new coal power plants in the two-year period distributed geographically, and this disparity highlights 2023 due mainly to high interest rates, rising material
from 2022 to 2023, more than the total installed power the enduring issue of energy inequality.17 With roughly costs, delays in permitting, excess inventory and slowed
In 2023, renewable energy globally was on a path of
capacity of Brazil.9 half of the world’s population expected to face elections revenue growth.25 For the offshore wind market, issues
recovery and progress, set against persistent challenges
The renewables sector also faced ongoing challenges in in 2024, the outcomes of these contests will be crucial related to supply chain delays and rising demand – as
and disparities among technologies and regions. The
to renewable energy developments, either enabling well as higher raw material costs, shipping costs, interest
energy crisis of the previous year continued to abate, 2023. Geopolitical conflicts in Europe, the Middle East
positive progress or putting a halt to some of the policy rates and inflation – led to projects not being delivered in
with the world witnessing a remarkable boom in solar and elsewhere continued to disrupt supply chains and
momentum.18 time or in some cases being shelved.26
photovoltaics (PV) and a significant surge in energy international transport, impacting energy markets. Global
investments.1 Global additions to renewable power energy-related greenhouse gas emissions increased 1.1% A renewable energy auction in the United Kingdom
capacity increased an estimated 36% in 2023 to reach to a record 37.5 billion tonnes of carbon dioxide (CO2), ECONOMIC OVERVIEW in the summer of 2023 failed to attract any bids from
around 473 gigawatts (GW), a new record for the 22nd with emissions from coal contributing nearly two-thirds The global energy sector is navigating a complex macro- developers, and wind energy projects in the Netherlands,
consecutive year. 2 Solar PV drove the increase and of the increase.10 The Earth’s average surface temperature economic environment.19 Although average inflation Norway and the United States also experienced extensive
accounted for three-quarters of all the renewable power was reportedly around 1.2 degrees Celsius (°C) higher worldwide declined in 2023 – falling from a projected delays and price renegotiation.27 After reporting a loss of
capacity additions in 2023.3 than in the pre-industrial era, and extreme weather 8.7% in 2022 to around 6.9% – it was still well above the USD 5 billion (EUR 4.6 billion) for the year, due mainly to
events, including record temperatures and heatwaves, 2020 level of 3.2%.20 Energy prices continued to shape the quality problems at its Spain-based wind unit, Siemens
The progress in renewable power additions was global
became more frequent.11 The year 2023 also was defined global economic landscape. In many countries, wholesale Energy received loan guarantees from the German
but varied across regions and technologies. In the United
by growing protectionism, especially in the renewable electricity prices remained high despite a notable drop in government and several banks for around EUR 12 billion
States, the only growth relative to 2022 was in solar PV,
energy sector. The EU and the United States took steps the prices of energy commodities such as fossil gas and (USD 13 billion).28
with its total installed capacity increasing more than 50%
to reduce their strong reliance on China for minerals and coal in the first half of 2023.21
to nearly 33 GW, whereas wind power additions fell to
for renewable energy components and technologies.12
their lowest level since 2014.4 In the European Union Global investment in renewables grew 8% during the
(EU), solar PV capacity additions increased from 41 GW In many countries, concerns about energy security have year to reach USD 622.5, up from USD 576 billion in
in 2022 to 56 GW in 2023, and wind power additions accelerated the transition to renewables and energy 2022.22 However, the renewables sector, once propelled
totalled 17 GW in 2023, up slightly from 2022.5 efficiency; however, some other countries have opted to by falling costs, low interest rates, and political support, is
China continued to dominate the renewable energy embrace fossil fuels for energy supply assurance.13 Global now contending with supply chain issues and operating
sector, commissioning an amount of solar PV capacity investment in both fossil gas and coal infrastructure in a context of rising interest rates that have inflated
in 2023 alone that was equivalent to the total global remains substantial.14 Many developing countries have prices and tested the commitment of consumers and
solar PV additions in 2022.6 China also operated around prioritised short-term economic growth over long-term governments, despite unprecedented investment and
30 GW of offshore wind power by the end of 2023, roughly energy transition.15 progress in recent years.23 As a consequence of this
half the global capacity.7 These developments were Opposition to renewables has continued to challenge financial shift, some of the more costly renewable energy
counterbalanced by China’s strong increase in energy the sector’s development, despite advancements in projects have been cancelled or delayed.24
production and consumption overall, including of fossil technology and growing awareness of environmental The solar PV industry experienced a year of low
fuels. In 2023, the country approved 114 GW of coal power concerns.16 Progress in renewable energy deployment, profitability and valuation. In the United States, the stock
capacity, up 10% from 2022.8 In total, China approved policy and investment worldwide remains unevenly prices of major solar companies were down 37-46% in
11
The rising cost of capitali is especially concerning for RENEWABLES AND GLOBAL TRADE Both the EU and the United States have expressed China’s growing dominance in the renewable energy
emerging markets, where high interest rates are pushing concerns about their over-reliance on Chinese renewable component industry has influenced trade policy in the
Global renewable energy trade is increasingly marked by
countries towards a debt crisis.29 As the cost of financing energy products: for example, China supplies more than United States, which has increasingly turned to the EU,
protectionism, as governments impose restrictions to
becomes more burdensome, countries are increasingly 95% of the solar panels and parts installed in the EU.40
bolster domestic industries. This includes the deployment India, Cambodia, Malaysia, Thailand and Viet Nam to
getting stuck in a vicious circle known as the climate debt The key aims of the EU’s Net-Zero Industry Act and the
of incentives and policies favourable to local manufacturing import solar panels (in addition to boosting domestic
trapii and must urgently tackle rising debt.30 Central bank Carbon Border Adjustment Mechanism are to incentivise
and local incentives, driven by initiatives such as the EU’s solar manufacturing capacity).43 US support for India’s
rate hikes, aimed at controlling inflation, have increased
Carbon Border Adjustment Mechanism and the US local renewable energy manufacturing and impose a cost
borrowing costs, hindering the financing of capital- solar industry may have unintentionally enabled the entry
Inflation Reduction Act (p see Snapshot: United States).34 on carbon emissions for imported goods, thereby creating
intensive renewable energy projects globally.31 into the United States of illegal Chinese solar components
Globally, the trade landscape is increasingly shaped by a financial incentive for non-EU countries to align with the
The adverse context of higher interest rates worldwide (banned due to forced labour issues) through Indian-
“friend-shoring”, or the practice of relocating supply chains region’s climate goals.41 The influx of inexpensive Chinese
has exacerbated the financial challenges for developing solar panels in Europe has boosted solar installations assembled products.44 The move towards friend-shoring
to, and sourcing inputs from, countries that are considered
countries, which play a crucial role in addressing global but also threatened local manufacturers with potential and on-shoringiv is, in part, a reaction to these challenges,
political and economic allies.35 This trend is a response to
climate change but now face greater investment hurdles.32 offering a way to strengthen supply chains and diversify
the supply chain disruptions experienced in recent years, as collapse, prompting the EU to consider protective
Efforts to restructure international finance have gained the supply of renewable products.45
well as a strategic move to align with countries that share measures.42
attention, including through the Bridgetown Initiativeiii.
similar commitments to climate and sustainability goals and Critical minerals are essential raw materials used for
There is a need for both enhanced short-term liquidity
to addressing concerns about human rights abuses.36
mechanisms and manufacturing renewable energy technologies, electric
90%
long-term sustainable China continued to dominate renewable energy vehicles and electricity networks.46 In 2023, growth in
development funding manufacturing in 2023, particularly for solar PV, and was the renewables sector drove surging interest in critical
to better manage the also a major supplier and manufacturer of critical minerals.37
minerals – including a tripling in lithium demand, a 70%
immediate impacts of solar PV The country hosts more than 80% of the world’s solar
increase in cobalt demand and a 40% increase in nickel
of crises and drive manufacturing is panel manufacturing capacity and is home to ten leading
more robust reform concentrated in only suppliers of solar PV manufacturing equipment.38 Although demand – as clean energy applications consume growing
of the global financial 5 countries China’s dominance in the solar industry has been key to shares.47 The market value of key energy transition minerals
architecture.33 reducing costs globally, this high geographic concentration doubled in 2023 to USD 320 billion.48 Despite overall price
of supply chain activities presents risks.39 drops in 2023, many minerals remain costly for achieving
energy transition goals.49 Investment in critical minerals
exploration and extraction has risen, with companies in
i The cost of capital measures the cost that a business incurs to finance its operations. It measures the cost of borrowing money from creditors
or raising it from investors through equity financing. China doubling their spending in 2022, and exploration
ii The climate debt trap refers to already indebted countries needing to borrow more as their climate vulnerabilities go up. activities booming across Africa, Australia, Brazil and
iii The Bridgetown Initiative is a policy proposal announced by the prime minister of Barbados at the United Nations (UN) Climate Change Conference in
Sharm El Sheikh, Egypt, in 2022. It became a central discussion item during the 2023 Paris Summit for a New Global Financing Pact. Canada.50 Investment in critical minerals increased 30%
iv On-shoring is the process of sourcing or relocating production and manufacturing within domestic borders. in 2022, with exploration spending rising 20%.51
12
SNAPSHOT UNITED STATES
THE INFLATION REDUCTION ACT’S ONE-YEAR IMPACT ON US CLEAN ENERGY PROGRESS

At the one-year mark following the signing of the US Inflation programmes also were introduced, featuring substantial
Reduction Act (IRA) of 2022, the legislation continued to show provisions targeting low-income households. In the power sector,
mixed results. Although rules and regulations on how to unlock announcements included plans to replace a coal-fired plant
finance from the IRA were still being published as of August 2023, in Puerto Rico with a solar and storage plant, and plans by a
the clean energy sector in the United States had made positive Michigan utility for 15 GW of new solar and wind power capacity.
strides. The country experienced a boom in solar PV installations Although incentives for hard-to-abate energy-intensive industries
nationwide, as well as a surge of project announcements and were not yet rolled out, funding was allocated for tax rebates and
developments across various industries. demonstration projects.
Private investors were showing great confidence in the US The US renewable energy landscape also experienced setbacks
clean energy transition as of mid-2023, with USD 278 billion in in 2023. Several large projects were cancelled or rescheduled;
new investments announced, linked to the creation of 170,000 energy trading stocks plummeted in the second half of the year;
new jobs. The roll-out of the IRA also unlocked USD 70 billion and electric car sales did not reach targets. Plans for some
in grants, rebates and other non-loan funding. Manufacturing offshore wind projects were cancelled, and automakers Ford,
announcements included 272 new clean energy projects General Motors and Tesla announced scale-backs of electric
spanning a diverse range of sectors, including 84 wind and solar vehicle plants. Chinese solar giants also entered the race to build
manufacturing projects, 91 battery manufacturing sites and factories in the United States, leveraging the IRA’s subsidies to
65 electric vehicle manufacturing facilities. expand their manufacturing footprint and help meet America’s
The IRA is expected to supercharge the shift to electric vehicles, clean energy goals, despite the US aim to reduce its reliance on
with incentives for consumers as well as automakers. The US foreign solar production.
Postal Service alone received USD 3 billion for clean vehicles
in 2022 as part of the IRA. Guidelines for home energy rebate Source: See endnote 34 for this module.
13
RENEWABLES MANUFACTURING CAPACITY AND of the global manufacturing capacity for solar PV, wind, Global employment in the renewable energy sector international agreements. The United States and India
EMPLOYMENT and batteries combined, as well as 40% of electrolyser grew 8% in 2022 (latest data available) to reach agreed to launch a renewable energy technology
manufacturing.58 Europe retains strong manufacturing 13.7 million jobs.65 This was double the number a decade platform, with a focus on wind and geothermal energy,
Renewable energy manufacturing capacity has
capacity for wind turbine components.59 In the case prior and represents more than one-fifth (21%) of all energy storage and hydrogen.76 The United States
experienced robust growth.52 In the decade between
jobs in the energy industry.66 Two-thirds of renewable and China, in a side negotiation at the G20 summit
2013 and 2023, solar manufacturing increased 10-fold of critical minerals, supply chains remain highly
energy employment was based in Asia, and China alone in Bali, Indonesia, reached a climate agreement to
globally, driven by rising demand for clean energy and by concentrated in a handful of countries, posing a risk for
was home to 41%.67 Around one-third of all renewable speed renewable energy development and accelerate
industrial policies that enabled economies of scale and future renewable energy deployments.60
energy jobs are in solar PV, totalling 4.9 million in 2022.68 the reduction of fossil fuels.77 The We Mean Business
spurred demand.53 However, the solar manufacturing In early 2024, manufacturers in Europe warned of Coalition, representing more than 130 companies with
Hydropower jobs increased 2.3% in 2022 to 2.5 million,
industry has grappled with a utilisation rate of around potential closures of solar panel plants as less-expensive a combined annual revenue of nearly USD 1 trillion –
while biofuels maintained 2.5 million jobs (mainly in
40%, well below the 70% expected in a fully mature Chinese imports undercut local producers.61 Europe’s including giants such as eBay, IKEA and Volvo Cars
the agriculture sector).69 Wind power employment
industry.54 Inefficiencies are attributed to persistent solar industry requires accelerated funding to support – pushed for a fully decarbonised power sector in
was steady at around 1.4 million jobs, with most of the
supply chain bottlenecks and to more rapid growth in developed regions by 2035 and in emerging economies
supply chain development, reduce reliance on Asian positions in China and Europe.70 However, the renewable
solar manufacturing capacity than in PV deployment.55 by 2040, in an effort to end fossil fuel consumption and
imports and foster new technologies.62 EU leaders energy sector overall continued to face a shortage of
ramp up clean energy production.78
Solar manufacturing is highly concentrated have sought to support and expand the region’s solar skilled workers, as the number of workers obtaining
manufacturing capacity through policies such as the At the 2023 UN Climate Conference in Dubai, United
geographically, with just five countries hosting more relevant qualifications in renewables has not kept pace
Arab Emirates (COP 28), the outcome for the renewable
than 90% of the global capacity for producing solar Net-Zero Industry Act, which targets producing 40% of with demand.71
energy sector was complex and nuanced.79 Notably,
modules.56 China leads with around 80% of overall renewable components locally.63 However, a shortage
renewables and energy efficiency were mentioned in
solar PV manufacturing capacity, followed by Viet Nam, of skilled workers threatens these goals, as Europe RENEWABLE ENERGY AND CLIMATE CHANGE the conference’s final text, aligning with global efforts
India, Malaysia and Thailand.57 China accounts for 60% struggles to meet the rising demand for solar products.64 to achieve sustainable climate, energy and economic
In 2023, the impacts of climate change were increasingly
apparent around the world.72 The year was deemed objectives.80 For the first time, countries agreed on the
the warmest on record globally and was marked by need to “transition away from fossil fuels to renewables”.81
devastating natural calamities, including massive floods, In a key COP 28 commitment, 130 countries pledged
raging wildfires, severe droughts, landslides, cyclones to triple the world’s renewable energy capacity and to
Global employment in double the annual rate of energy efficiency improvements
and storms.73 These disasters led to the displacement
renewable energy grew by 2030, in a push to limit global warming to 1.5°C
8%
and deaths of tens of thousands of people worldwide.74
above pre-industrial levels by the end of the century.82
Notable events included severe flooding in China, Hong
The signatories collectively accounted for 40% of the
Kong, Mexico, the Mediterranean region, and Western
global CO2 emissions from fossil fuel combustion, 37%
in 2022 to reach Europe, as well as extreme drought conditions in parts
of the emissions from global energy demand and 56% of
13.7 million jobs. of the world including the Amazon rainforest.75
global GDP.83 However, China and India, two of the largest
During the year, countries enhanced their collaboration emitters of greenhouse gases, were not among the pledge
on renewable energy and penned several related participants.84 (p See Snapshot: China and India.)
14
SNAPSHOT CHINA AND INDIA
WHY CHINA AND INDIA HAVE HESITATED TO SIGN THE GLOBAL PLEDGE TO TRIPLE RENEWABLES
As a side agreement at the UN Climate Conference (COP 28) Meanwhile, both China and India have committed to the goals
in Dubai in November 2023, countries agreed on a new Global outlined in the separate G20 New Delhi Leaders Declaration,
Renewables and Energy Efficiency Pledge, which aims to triple the adopted in September 2023. Similar to the Global Renewables
world’s renewable energy capacity to 11,000 GW and to double and Energy Efficiency Pledge, the New Delhi declaration includes
energy efficiency improvements by 2030. As of early 2024, 130 a significant aim to triple renewable energy capacity by 2030 and
economic slowdowns will likely complicate progress. Finally, the
had signed the pledge; however, it continued to face challenges in to double energy efficiency efforts. However, the Delhi agreement
country’s preference for the UN Framework Convention on Climate
garnering universal support, with both India and China abstaining and the COP 28 pledge differ importantly in their approaches to the
Change (UNFCCC) as the primary platform for climate decision
from participation. transition away from coal use.
making has led to China’s reluctance to endorse additional side
China has been the world’s largest and fastest growing producer The COP 28 pledge presents a more stringent set of requirements,
commitments outside the UNFCCC framework, due to concerns
calling for an end to all investments in unabated new coal-fired power
of renewable energy for the last decade, and in 2023 the country about accountability and effective implementation.
plants. This would be a significant challenge for both China and India,
installed more new solar power capacity (up 55% from 2022) than all Beyond its stance on a coal phase-out, India’s decision not to sign
globally the top coal-consuming countries. In 2023, these two nations
other countries combined, including the United States. India ranked the COP 28 pledge stemmed from a focus on addressing national
collectively accounted for more than one-third (37%) of the total annual
fourth globally for renewables installed capacity in 2023, adding priorities and securing additional funding support. Although India
CO2 emissions globally, and they are responsible for building most of
13.5 GW during the year. Despite being key drivers of the global emphasises its ambitious renewable energy targets, it has hesitated
the world’s new unabated coal-fired power plants. Although the G20
energy transition and dominant players in renewables, both India and to commit to actions that might hinder national development, since
agreement calls for phasing down unabated coal power, it emphasises
China were notably absent from the tripling pledge. energy access and security are top priorities in the country’s energy
the importance of supportive transitions tailored to national
Their abstention from the pledge was driven by several common transition. India also emphasised the need for greater financial and
circumstances, rather than stringent commitments for all countries.
technical assistance from developed countries to help developing
concerns as well as by country-specific issues. The shared concerns China is on track to achieve its 2030 target for 1,200 GW of
countries achieve ambitious renewable energy targets. In India, as
related mainly to the two countries’ stances on coal, in addition to renewable capacity five years early. However, doubts exist about the
in much of the developing world, the financial demands required to
financial considerations, national priorities and broader strategic country’s ability to realise the ambitious 4% annual energy efficiency attain global renewable targets (such as the International Energy
perspectives on climate negotiations. Moreover, China is likely to improvement stipulated in the COP 28 pledge. This would require Agency’s net zero scenario) greatly exceed the country’s current
face challenges achieving the ambitious energy efficiency target significant structural shifts in both China’s power system and overall investment and funding capacities.
in the pledge, and India voiced concern about the lack of specifics economy. Additionally, China is believed to have already maximised
regarding financial and technical support for developing countries. many of its opportunities for efficiency improvements, and recent Source: See endnote 84 for this module.
15
Several efforts during COP 28 were aimed at phasing Such commitments, while significant, underscore the FIGURE 1.
out fossil fuels. Nine additional countries – Cyprus, the need for a co-ordinated approach that includes a rapid Total Final Energy Consumption by Source, 2012 and 2022
Czech Republic, the Dominican Republic, Iceland, Kosovo, phase-out of fossil fuels to achieve a fully sustainable
Malta, Norway, the United Arab Emirates and the United energy system.90
Exajoules (EJ)
States – joined the Powering Past Coal Alliance, bringing
the total number of signatories to 60.85 In addition,
Other noteworthy outcomes from COP 28 included
400
7.0 % 4.9 %
the Supercharging Battery Storage Initiative to support
Kenya, Samoa and Spain joined the Beyond Oil and Gas 12.9 % Renewable
electricity
Renewable
heat
innovation for better energy storage solutions (backed Modern renewables
Alliance, for a total of 19 members.86 At COP 28, Colombia
by Australia, Canada, the European Commission and the +58 %
became the first major oil-exporting country to sign the
United States) and the launch of the Utilities for Net Zero 9.5 %
Modern
renewables
Modern
renewables
8.1 % Others
fossil fuel non-proliferation treaty, bringing the number of
signatories to 11 countries.87
Alliance, gathering 31 partners including major utilities.91 300 9.5 % Others
Such initiatives highlight the rise in international co-
During the Dubai event, 50 fossil fuel companies,
representing 40% of the global production, signed the Oil
operation and action on renewables, despite the challenge
of aligning all major emitters under unified commitments.92
1.0 %
and Gas Decarbonization Charter, pledging to end gas
flaring by 2030 and to reach net zero emissions in their
TOTAL FINAL ENERGY CONSUMPTION
200
81.1 % +13 % 79.0 % Biofuels for
operations by 2050.88 However, the charter was widely Fossil fuels Fossil fuels Fossil fuels transport
criticised for being a prime example of greenwashing, as The world’s total final energy consumption (TFECi) grew
it said nothing about eliminating emissions from global 5% in 2022 to 399 exajoules (EJ), reflecting widespread
economic recovery from the impacts of the COVID- 100
fossil fuel use.89
19 pandemic.93 Modern renewablesii represented 13%
of the global TFEC in 2022, the same share as in 2021.94
(p See Figure 1.) Oil and coal use have also increased.
Fossil oil consumption averaged 101.1 million barrels a day 0
2022
in 2022, slightly above 2012 +16 %
Modern renewables the pre-pandemic Growth 2012-2022
TFEC (EJ)
represented record of 101.0 million
13%
barrels a day.95 Coal
Source: IEA, REN21. See endnote 94 for this module.
consumption rose
1.4% in 2023 to
i Total final energy consumption (TFEC) is the sum of energy used by the end-users across all sectors, including industry, transport,
of the global TFEC in surpass 8.5 billion residential, commercial and agriculture. It represents the energy that consumers directly utilise for heating, manufacturing, driving, cooking
2022, the same share as tonnes annually for the and other processes after it has been converted from primary energy sources into usable forms such as electricity, refined fuels and thermal
heat. TFEC excludes the energy used for conversion processes and losses incurred during energy production and energy transport.
in 2021. first time ever.96 For ii Modern renewables does not include traditional uses of bioenergy such as direct burning of wood fuels, agricultural by-products and dung
fossil gas, the annual burned for cooking and heating purposes.
16
growth in consumption has slowed from an average of demand for aviation.106 (Despite this surge, as of 2021 FIGURE 2.
2.5% in 2017 to an average of 1.6% during 2021-2022.97 aviation’s energy consumption had not fully rebounded to Renewable Share of Total Final Energy Consumption, by Country, 2021
Global energy-related CO2 emissions continued pre-pandemic levels.107) Renewables represented only 4%
their upward trajectory in 2023 (following a brief decline of the transport sector’s TFEC.108 Energy consumption in
early in the pandemic), rising by 410 million tonnes the agriculture sector increased 4.4% in 2021, surpassing
(1.1%) to reach 37.4 gigatonnes.98 Emissions from coal 2019 levels by 1%, with renewables representing 16% of
combustion accounted for more than two-thirds of TFEC in 2021, similar to 2020.109
the increase (71%), followed by oil (25%) and fossil gas In 2021, Iceland remained the country with the highest
(4%).99 By sector, CO2 emissions in 2023 increased share of renewable energy in TFEC, at 83%, due to the
in the transport sector by 239 million tonnes (58% of strong presence of hydropower and geothermal; it was
the total increase), in the power sector by 197 million followed by the Lao People’s Democratic Republic (PDR)
tonnes and in the industry sector by 39 million tonnes; (73%) and Gabon (66%), both of which rely heavily on
in contrast, emissions decreased in the buildings sector, hydropower.110 (p See Figure 2.)
falling by 92 million tonnes due to efficiency gains and
mild winters.100
The distribution of TFEC varies across sectors and
end-uses. In 2022, the industry sector accounted for
34% of TFEC, followed by the buildings sector (30%),
transport (26%), otheri (6%) and agriculture (3%).101 The
industry sector remained the largest consumer of energy, Renewable share in total final energy
< 10% 10-20% 20-30% 30-40% 40-50% > 50%
consumption (TFEC in %)
particularly in energy-intensive sub-sectors such as
iron and steel, chemicals, and non-metallic minerals.102 Number of countries
61 39 18 9 4 7
Renewables represented nearly 17% of the industry
sector’s TFEC in 2021.103
In the buildings sector, energy consumption increased 1%
in 2021.104 Modern renewables represented nearly 16% of
Iceland
continues to have the
the sector’s TFEC.105 The transport sector grew a robust highest share of renewable Note: The top 10 countries with the largest renewable share in TFEC in 2021 were Iceland, Lao
PDR, Norway, Gabon, Paraguay. Sweden, Uruguay, Finland, Brazil and Latvia. Some countries
7% in 2021, due mainly to a 20% increase in the energy energy in TFEC, at 83% with over 30% renewable energy in TFEC do not yet have universal energy access. As of
in 2023, with a strong 2022, Lao PDR (97%), Gabon (93%) and Madagascar (32%) did not have universal access to
electricity.
reliance on hydropower
The top 10 countries with the largest increase in renewable share in TFEC (2011-2021) were
and geothermal. Lao PDR, Albania, Sweden, Uruguay, Finland, Gabon, Norway, Nepal, Estonia and Montenegro.
i „Other“ includes energy consumption that has not been specified elsewhere, including energy use for military purposes. Source: IEA, REN21. See endnote 110 for this module.
17
ELECTRICITY ELECTRICITY DEMAND ACCESS TO ELECTRICITY AND CLEAN COOKING ENERGY SYSTEMS AND INFRASTRUCTURE
Electricity generation worldwide increased an estimated Electricity demand varies greatly by sector. In recent After setbacks during the COVID-19 pandemic, access The world’s energy systems and infrastructure have
2.5% in 2022, to reach 28,294 terawatt-hours (TWh).111 years, the buildings sector has shifted towards a to electricity globally appears to have improved, with continued to face both complex challenges and
The sector’s modest yet steady growth reflects the higher share of electricity use, driven by the adoption the number of people without electricity access falling opportunities as system operators and energy planners
continuous expansion in global electricity needs.112 of electric heating, cooling, and cooking solutions and from 756 million in 2022 to an estimated 745 million in adapt to new realities.139 Traditional business models that
Renewable electricity generation grew an estimated 8% other appliances. Electricity consumption in the sector 2023.131 In sub-Saharan Africa, the population without have long served the generation sector have proved
in 2022 to 8,540 TWh; the combined growth in wind increased 2.5% in 2022.121 electricity access grew for three consecutive years but inadequate for the evolving needs of electricity grids and
and solar PV generation was enough to meet 80% of In the transport sector, electricity demand surged in was projected to level off in 2023.132 Across Africa overall, transmission and distribution networks, which rely heavily
the increase in the total global electricity demand for the 2022, particularly in road transport where electricity use only 58% of the population had electricity access as on public finance.140 Globally, an estimated 3,000 GW of
year.113 This significant growth reflects the shift towards has grown 60% since 2019.122 The rapid integration of of 2022.133 Globally, a total of 113 countries still lacked renewable energy projects were still awaiting connection
greater use of renewables, which supplied around 30% electric vehicles has signalled the shift towards lower- universal access to electricity that year, and 59 of them to the grid as of 2023, signalling a growing bottleneck.141
of the world’s total electricity generation in 2022.114 carbon transport modes.123 Nearly 14 million electric and had no targets for electricity access.134 (p See Sidebar 1.)
Wind and solar PV experienced record generation growth plug-in-hybrid vehicles were sold worldwide in 2023, a Finance remains a barrier for countries to implement
to achieve a combined 12% share in the global electricity 31% increase from 2022.124 These vehicles accounted for energy access solutions. In 2022, development finance
mix in 2022, up from 10% in 2021.115 Solar PV was the nearly 15.8% of all vehicle sales globally, up from 13% in for renewable energy generation was USD 7.8 billion,
fastest growing electricity source for the 18th consecutive 2022.125 Emerging markets account for only a fraction of representing only a tiny fraction of the total amount
year, soaring 24% in 2022.116 Wind power followed closely electric vehicle sales, but these have experienced notable invested in all renewables globally (USD 576 billion).135
with a 17% increase in generation.117 The expansion of growth, especially for electric two- and three-wheelers.126 (p See Sidebar 2 on page 30.)
renewables was widely distributed globally, with 60 India, Indonesia and Thailand were among the fastest As of 2023, one in three people globally still used
countries generating more than 10% of their electricity growing markets for electric vehicles in 2022.127 In some traditional biomass, coal and kerosene for cooking.136
from wind and solar power in 2022.118 developed markets, electric vehicles now account for This has severe repercussions for people’s health and
Global renewable power capacity increased 36% in up to half of all cars sold, a significant milestone in the the environment.137 Although access to clean cooking
2023, adding 473 GW globally to reach a cumulative transition towards lower-carbon transport.128 has increased in Asia
total of 3,870 GW by year’s end.119 Wind and solar PV The industry sector has shown a similar trend towards and Latin America,
The number of people
without
together accounted for 97% of the renewable capacity electrification, especially for less energy-intensive nearly 1 billion people
additions, and renewables represented 86% of the total industries that have lower thermal requirements. Between in Africa – almost
power capacity additions (from all energy sources) 2011 and 2021, the share of electricity use in industry 70% of the continent’s access to
in 2023.120 increased from 22% to 26%.129 In the agriculture sector,
electricity accounted for nearly 30% of the energy use in
population – lacked
clean cooking facilities
electricity
2021, with 9% of total energy consumption coming from in 2022.138 fell from 756 million in
2022 to an estimated
renewable electricity.130
745 million in 2023.
18
SIDEBAR 1. Tackling the Bottleneck of Renewable Energy Connection Queues

The global transition to renewable energy is facing a critical bottleneck Of the 3,000 GW of projects awaiting grid integration globally, an
at the grid connection stage, with at least 3,000 GW of projects (half estimated 1,500 GW are in advanced stages, located mainly in the
in advanced stages) awaiting integration. This backlog is equivalent to United States, Spain, Japan, Brazil, Italy, the United Kingdom, Germany,
five times the total capacity of solar PV and wind power added in 2022. India, Australia, Mexico, Chile and Colombia. Around one-third of
Despite soaring investments in renewables (growing 19% annually on these projects (500 GW) have a high chance of connecting to the grid
average since 2020), global funding for grid infrastructure has stagnated within five years, as they are in the final stages of signing connection
(up 3% annually on average). In 2023, grid investments totalled around agreements. For the remaining 1,000 GW of advanced projects under
USD 300 billion, a level insufficient to accommodate the burgeoning review, the need for grid enhancements could delay or halt progress.
demand for new renewable connections. In the United Kingdom, Meanwhile, projects in the earliest stages of development may face
developers are facing connection queues of 10–15 years. prolonged feasibility assessments and financial constraints. Of the
1,500 GW of early-stage projects, many reflect only a preliminary
expression of interest from private developers. In some countries, the
grid queue application process involves minimal documentation, yet
projects still require time-consuming feasibility studies and permitting
processes.
To address the connection backlog, expansive grid upgrades are
needed. Among recent measures taken to mitigate these issues, the
EU has mandated full compensation to project developers for grid-
related curtailment; the UK system operator has imposed milestones
to manage speculative project applications; and France and Germany
both require planning permissions before developers can apply for
connections. Additionally, efforts like the EU’s Action Plan for grids and
a new ruling from the US Federal Energy Regulatory Commission aim
to streamline grid connections, indicating a concerted effort to tackle
the queuing challenge.
Source: See endnote 141 for this module.
19
Globally, deployment time spans for essential grid burgeoning demand for similar resources from the electric an increase in the cost of capital of 3 to 5 percentage
infrastructure such as high-voltage transmission lines vehicle market, which could complicate expansion.148 points, and a 30% surge in the cost of renewable power.157
can extend up to 15 years.142 Substantial investment is Utility-scale battery storage systems have experienced a Globally, China has emerged as a leader in the deployment
needed in grid infrastructure for reliable energy supply, strategic shift towards diverse revenue streams, such as of electrolysers used to produce hydrogen.158 Driven by
as the current pace of grid development lags behind ancillary services and capacity auctionsi.149 large-scale projects, the country’s share of the global
the requirements for a successful energy transition.143
Residential energy storage, the smallest segment, is electrolyser capacity was expected to increase from less
Developing economies are faced with compounded
expected to increase alongside the growing interest in than 10% in 2020 to 50% by the end of 2023.159 In 2023,
financial challenges, where utilities need to invest in grid
energy independence and self-consumption.150 Lithium- China accounted for more than 40% of the projects that
expansions while also strengthening their existing grids,
ion batteries have gained market share due to their had reached the final investment decision stage.160
all in a context of limited resources and a cost of borrowing
lower cost and high efficiency, while alternatives such as Hydrogen’s potential as a decarbonisation solution has
several times higher than in advanced economies.144
sodium-ion batteries are reaching commercial scale.151 increased with ongoing discoveries of white hydrogen, or
Regional interconnections enable the efficient
The development of public infrastructure for electric hydrogen that can be found naturally and has the capacity
transmission of renewable energy sources, enhancing
vehicles has remained strong. By the end of 2022, around to replenish.161 The environmental benefits of renewable
grid stability and supporting the integration of larger
2.7 billion public charging points had been installed hydrogen depend critically on how it is produced and
shares of renewables across regions and continents.
globally, up 55% from 2021.152 Battery swappingii has which sectors it is used in.162 The use of clean hydrogen
In August 2023, as a side initiative at the 41st ASEAN
emerged as a viable option in some countries, offering can be strategically targeted towards those industries and
Ministers on Energy Meeting, four Southeast Asian
advantages in both charging time and cost.153 China activities where direct electrification is not feasible, such
countries – Lao PDR, Malaysia, Singapore and Thailand
leads in this technology, having installed large numbers as certain manufacturing processes, heavy transport and Among new players in the sector coupling market in
– agreed to a Power Integration Project, signing a
of swapping stations for two- and three-wheelers as well energy storage.163 2023, a German start-up began developing reactors
memorandum of understanding on 18 potential locations
to set up cross-border transmission lines.145 as trucks and passenger cars.154 Sector coupling refers to the linking of the electricity for the direct conversion of renewables into e-fuels and
sector with other end-uses such as thermal energy for green chemicals, and a US start-up offered a power-to-
The market for energy storage has also expanded.146 Global hydrogen demand grew 3% in 2022 to
buildings and industry, and the transport sector. This can heat conversion technology that uses refractory bricks to
Pumped storage remains the most widely deployed storage 95 million tonnes.155 However, the uptake of renewable
be a strategic way to integrate higher shares of variable store and deliver heat, providing industries with a low-
technology (with 10.5 GW added in 2022, bringing the total hydrogen has been slow, accounting for just 0.7% of
renewable electricity into energy systems while also cost electrification option.166 Municipal utilities in Germany
to 175 GW), and utility-scale battery storage is growing total hydrogen demand that year.156 This modest growth
increasing the share of renewables in non-electricity have shown interest in sector coupling as a way to
rapidly (with 11.1 GW added in 2022, bringing the total to reflects the large economic challenges facing the industry,
sectors. It can minimise the curtailment of renewable avoid lost earnings from overproduction or a lack of grid
28 GW).147 The battery storage sector faces challenges with sharply higher costs for renewable hydrogen in 2023
energy generation by increasing system flexibility, using the integration.167 In Denmark, the world’s largest e-methanol
related to rising costs, strained supply chains and the due to factors such as higher labour and material costs,
surplus electricity from other end-use sectors and storing plant came online in 2023 to produce green fuels and
it for later use (whether in batteries, or as thermal energy to supply excess heat to local district heating, benefiting
i Ancillary services are all services required by transmission or distribution system operators to enable them to maintain the integrity and or renewable hydrogen).164 Sector coupling has gained 3,300 households.168 The plant is directly connected
stability of the system as well as the power quality. Capacity auctions are competitive procurement mechanisms to secure electricity supply
and safeguard against possible blackouts. momentum globally but is concentrated mainly in Europe to a solar park and will produce green methanol and
ii Battery swapping allows battery electric vehicles to quickly exchange a discharged battery pack for a fully charged one. and North America.165 renewable hydrogen.169
20
POLICY AND
TARGETS
KEY FACTS
90 countries
Geopolitical shifts and crises of previous years •A
t the UNFCCC’s COP28, 130 countries pledged
have brought increased policy attention to the had nationwide to triple the world’s renewable energy capacity
renewable energy landscape. While there is no renewable energy and double the annual rate of energy efficiency
shortage of commitments and pledges aimed at a targets as of 2023 improvements by 2030.
more sustainable energy future, the real challenge • The revised EU Renewable Energy Directive of 2023
lies in turning these promises into concrete results. sets a new target of 42.5% of renewable energy
170
by 2030 and aims for 45%. Member States have since
countries submitted their renewable energy targets for sub-sectors
had a renewable including transport, buildings and industry.
energy target
for electricity • China is the only country on track to meet its
generation renewables target, for a 28% share by 2030.
• Renewable hydrogen strategies had been adopted by
41 countries by the end of 2023, with the EU launching
151
a European Hydrogen Bank to support the regional market
with EUR 800 million (USD 862 million) in subsidies.
countries • Carbon pricing mechanisms continued to be a popular

measure globally, with 39 countries implementing
had net zero targets
in place such policies by the end of 2023.
21
POLICY CONTEXT in encouraging both individuals and businesses to Despite ambitious targets, countries will continue to
invest in renewable energy capacity.173 These policies fall short of their renewable energy goals if they do not
The renewable energy landscape in 2023 was shaped
largely by policy decisions and targets adopted in previous are promoting energy independence, diversifying supply adapt strong policies and regulations. As of December
years, particularly measures responding to the COVID-19 chains to more countries and countering the dominance 2023, China was the only country on track to meet its
pandemic, the Russian Federation’s invasion of Ukraine of key players such as China in the global energy market.174 renewable energy target (for 28% renewables in the
and the subsequent energy crisis.170 The ambition and Many countries have strengthened their commitment energy mix by 2030), and China was also ahead in its
7
effectiveness of these policies helped stimulate large annual requirements for renewable capacity additions.177 As of 2023,
to renewables by setting targets. By the end of 2023,
increases in renewable energy investment and in the number 90 countries had in place economy-wide targets for The EU, despite ongoing efforts, remained off track to
of projects announced and commissioned during the year.171
countries
renewable energy, although only 7 countries had targets meet its target of 42.5% renewables in the energy mix.178
Geopolitics has played a growing role in the renewables for 100% renewables (most of them aimed at distant time The wide gap between ambition and achievement in
had 100% economy-
sector.172 Ambitious policies such as the US Inflation horizons).175 During the year, three countries announced most countries globally highlights the need for more
wide renewable energy
Reduction Act and RePowerEU have proven influential new or updated renewable energy targets.176 effective action to bridge this divide.
targets.
22
POLICIES AND TARGETS IN ENERGY DEMAND In the transport sector, 28 countries announced new favourable policies in 18 countries.193 Germany adopted
policies in 2023 to support demand for renewables in road contentious legislation calling for the replacement of all
The global energy landscape is being reshaped by
transport, aviation, rail and shipping.184 This brought the fossil fuel heating systems by 2045.194
targeted policy interventions across diverse demand
total number of countries with renewable energy policies As of December 2023, 10 countries had new or updated
sectors. In the agriculture sector, policies to advance
the uptake of renewables remain scarce, whereas in for transport to 65.185 The EU‘s New Renewable Energy renewable energy policies in the industry sector,
the transport sector policies are being crafted to boost Directive, adopted in October 2023, includes the option bringing the total to 37 countries.195 Policies in the sector
renewable energy use across road, air, rail and shipping for Member States to choose between a binding target to continued to be driven by the need to decarbonise, with
modes. Similarly, the buildings sector is focused on reduce the greenhouse gas intensity of transport 14.5% a primary focus on energy efficiency. Some countries
policies to promote renewables for on-site electricity by 2030 through the use of renewables, or a binding share have increasingly adopted an integrated approach,
generation, energy-efficient appliances, as well as heating of at least 29% renewables in the transport sector’s final merging their climate, energy security and industrial
and cooling.179 The industry sector is shifting towards energy consumption by 2030.186 policies into broader, more cohesive strategies, such
an emphasis on decarbonisation and energy efficiency, Electric vehicle policies continued to lead in road as the US Inflation Reduction Act, the RePowerEU
underpinned by comprehensive policies that integrate transport. During 2023, at least 13 countries – including package and Japan’s Green Transformation Program.196
climate goals with energy and industrial strategies.180 China, France, Iceland, Indonesia and Poland – announced In South Africa, the new South African Renewable
Few dedicated policies exist to promote renewable energy fiscal and financial incentives for electrified transport, Energy Master Plan (SAREM) was announced in
in agriculture. Established technologies include biogas which are relevant for the uptake of renewables when July 2023; the plan calls for increased investment in
and solar-powered water pumps, while the emerging coupled with ambitious renewable energy targets.187 industrialisation, localised manufacturing and skilled
agrivoltaics sector (which combines agriculture and Some countries, such as South Africa, increased their labour.197 (p See Snapshot: South Africa.)
solar PV to maximise land-use efficiency) is maturing biofuel blending mandates.188 Others, continuing the As part of the EU’s Green Deal plan, the Net-Zero
rapidly. Fiscal and financial policies are still widely used trend observed in 2022, reduced their blending mandates industry Act was under negotiation in 2023 and includes
to advance renewables in the agriculture sector. In 2023, amid the ongoing cost-of-living crisis.189 In aviation, the provisions to boost the manufacturing capacity of
Greece offered grants of up to 60% for farmers to install ReFuelEU initiative set a mandate for 2% sustainable net zero technologies (such as renewable energy and
solar PV systems, and the EU allocated EUR 1.7 billion aviation fuel in all planes at EU airports by 2025, with a renewable hydrogen) by 2030.198 The United Kingdom
(USD 1.84 billion) to support agrivoltaics in Italy.181 gradual increase to 70% by 2070.190 also published its Net Zero Growth Plan, which includes
By the end of 2023, a total of 43 national and sub- Policies in the buildings sector have focused mainly strategies to achieve the country’s commitment to net
national jurisdictions had renewable energy policies for on heating and cooling. In 2023, several EU countries – zero emissions through renewable energy investment
agriculture, and 18 countries enacted new policies during including Croatia, Cyprus, Denmark, Estonia, Germany, and other measures.199 Renewable heat continued to
the year.182 In addition, the EU adopted the 2023-2027 Italy, Latvia, Portugal, Romania and Slovenia – announced gain momentum in the industry sector, with new targets
Common Agricultural Policy, which aims to use energy new or updated renewable energy targets in the sector.191 announced in Italy, Latvia and Slovenia.200
efficiency and precision farming to enhance resource The EU‘s New Renewable Energy Directive includes an
management, and to add 1,556 MW of renewable capacity indicative target of at least 49% renewables in buildings
through investment support for nearly 180,000 farms.183 by 2030.192 Heat pumps continued to benefit from
23
SNAPSHOT SOUTH AFRICA
HOW TRANSFORMATIVE POLICY IS SHIFTING SOUTH AFRICA’S RENEWABLE ENERGY LANDSCAPE FROM CRISIS TO OPPORTUNITY
Coal mining is crucial to South Africa’s economy. with the Risk Mitigation Independent Power Producer lithium-ion battery packs. Although the plan provides approach, investment support and incentives for the
The sector accounted for around 100,000 jobs Procurement Programme (RMIPPPP), successfully few details on the country’s stance on mining and the localisation of the automotive supply chain.
nationwide in 2021, and in 2023 coal contributed secured 11,590 MW of renewable energy technologies critical minerals required for the energy transition, it These emerging policy developments indicate a pro-
more than 70% of the country’s energy supply and and 415 MW of battery storage capacity, providing outlines an alignment between the steel, automotive active and strategic response to the energy challenges
85% of its electricity generation. valuable lessons for other countries in organising and battery minerals masterplans to improve the facing South Africa. In 2022, a substantial increase in
Since 2008, the national energy supply has been competitive tenders for grid-connected independent competitiveness of local minerals and materials. The renewable energy project registrations occurred, with
unable to meet demand, resulting in year-round renewable power production. SAREM highlights South Africa’s plans to use public 1.6 GW reported to the National Energy Regulator of
electricity “load-shedding”. In addition to costing South In 2023, South Africa experienced a critical juncture procurement to add 22.9 GW of utility-scale renewable South Africa (NERSA), up sharply from the 86 MW
Africa an estimated USD 53 billion, this power supply in its energy sector, marked by a series of policy energy and battery storage during 2022-2030. recorded in 2021. The momentum continued in the
crisis has deterred investor confidence, hindered developments aimed at addressing the pressing National Wheeling Framework: A report released first quarter of 2023, with the registration of 2.5 GW.
development, and exacerbated inequality, forcing many challenges posed by the ongoing energy crisis. in July 2023 outlines steps for municipalities to In December 2023, the Ministry of Mineral Resources
residents to rely on costly diesel generators for energy Policies included the following: enable electricity wheeling and introduced a national and Energy launched a seventh round of the REIPPPP,
security, which most people cannot afford. South African Renewable Energy Master Plan wheeling framework that is under development. expecting to allocate 1.8 GW of solar PV capacity to
Motivated by the pressing need for new generation (SAREM): Building on a 2022 draft, the plan focuses Wheeling involves delivering energy from producers add to the existing 5,826 MW at the end of 2022.
capacity, as well as by international pressure to on unlocking market demand, driving industrial to end-users via a distribution network, enabling Source: See endnote 197 for this module.
decarbonise, South Africa has put massive efforts development through localisation efforts, ensuring independent power producers to sell electricity
into research and planning for a “just energy inclusive growth, and building local capabilities in skills directly while paying for grid use.
transition” that suits the local context. and technological innovation. The first such plan for the Electric Vehicle White Paper: In line with the
Renewable energy deployment has accelerated country, the SAREM sets a clear strategy for energy global shift towards lower-carbon transport, South
since 2011 with the launch of the government-led storage uptake while emphasising the maximisation of Africa introduced a White Paper on electric vehicles
Renewable Energy Independent Power Procurer local value chains. To leverage South Africa’s already in 2023. As Africa’s largest producer of cars and
Procurement Programme (REIPPPP), a competitive developed manufacturing and assembly industries, second largest exporter, South Africa faces significant
tender process that was designed to facilitate private the country will likely raise its tariffs on imported solar challenges due to international bans on the export of
sector investment in grid-connected renewable energy panel mounting structures (which can also be made internal combustion engine vehicles. To support a just
generation. During 2011-2015, the REIPPPP, along with locally sourced steel) and on fully assembled transition, the paper outlines a technology-agnostic
24
POLICIES AND TARGETS IN ENERGY SUPPLY Fiscal and financial policies for renewable power supply, FIGURE 3.
such as tax credits and financial incentives, remained Renewable Energy Targets, by Country and by Sector, as of 2023
Integrating renewables into energy supply encompasses
prevalent. Among the countries that announced fiscal
a diverse range of policy goals, from the promotion of
and/or financial policies related to renewable power in
renewable electricity generation to support for renewable
2023 were Austria, Brazil, China, Egypt, Greece, Indonesia,
heating. Policy measures include setting targets, employing
Poland and Switzerland.208 Switzerland allocated
auction mechanisms, leveraging fiscal and financial
USD 682 million (CHF 600 million) in subsidies for small
measures, and adopting renewable portfolio standards.
and large-scale solar PV.209
With the sustained growth in renewable generation capacity
Renewable portfolio standards (RPS)i continued to be
worldwide, more countries have updated their targets. In
a cornerstone of state-level energy policy in the United
2023, 31 countries – including Brazil, Côte d’Ivoire, Egypt,
States. As of 2022, 30 US states had established RPS,
Ireland, Italy and Uganda – announced new or revised
with 17 of the policies targeting 100% clean or renewable
targets for the renewable share in electricity generation,
electricity by 2050.210 Connecticut announced a goal of
bringing the total number of countries with economy-wide
48% renewable electricity by 2030, and Illinois increased
renewable energy targets to 90.201 (p See Figure 3.) During
its targets to 50% by 2040 and 100% by 2050.211
the COP 28 event, the Latin America and Caribbean
Renewables Hub raised its 2030 target for the share of Renewable heat supply gained growing policy attention
renewables in the region’s total electricity generation from in 2023. This ranged from supports for district heating (in 100%
70% to 80%.202 The region also aims for 36% renewables Croatia, the Czech Republic, Denmark and the United Economy-wide
in its total energy supply.203 Kingdom) to bans on fossil fuel use for heating (in Austria, renewable
France, Germany and the US state of New York).212 Heat energy share 8%
By the end of 2023, a total of 170 countries had a
pumps and solar water heaters continued to attract interest,
renewable energy target for electricity generation.204
including in Kenya where it has now become mandatory
Solar, wind and hydropower have dominated
to equip all residential buildings, schools, health-care
technology-specific targets. 205
institutions and commercial buildings with solar water Economy-wide 90
Feed-in tariffs remained popular in 2023, and several countries
– including France, Serbia and Türkiye – announced new
heaters.213 Ireland announced its intention to introduce a Power 170
renewable heat obligation by 2024.214
tariffs for systems of various sizes.206 Auctions and tenders Heating and cooling 43
were still in wide use for wind and solar PV, and were
increasingly being used for renewable hydrogen (including
Transport 49 398 targets in
182 countries
in Albania, Algeria, Greece, India and Romania).207 Biofuels 46
i A regulation that requires the increased production of energy from renewable energy sources. Source: REN21. See endnote 201 for this module.
25
POLICIES IN ENERGY INFRASTRUCTURE cooling, transport and industry) to increase the integration FIGURE 4.
of variable renewable electricity, while also storing the Countries with Net Zero and Renewable Energy Targets, as of 2023
Policies aimed at improving the penetration of renewables Renewable
surplus electricity from other sectors (in batteries, as
in energy systems typically require long-term planning, energy is
thermal energy or as renewable hydrogen) for later use.
yet they remain scarce.215 The EU has made progress on crucial towards
electricity market design, including a proposed two-way Among advances in hydrogen in 2023, Italy allocated achieving
Contract for Differencei mechanism that aims to create EUR 300 million (USD 328 million) to develop a renewable net zero
a buffer between electricity markets (which are heavily hydrogen-based railway system, including the generation emissions
dependent on global fossil fuel prices) and consumer plants and hydrogen-powered trains.224 The EU launched
bills.216 Energy producers receive payments if market the European Hydrogen Bank to initiate the regional market,
countries have both a
151 69
prices fall below a certain level, and must pay back when with EUR 800 million (USD 875 million) in subsidies for
countries with net zero and an economy-wide
prices exceed a certain level, ensuring revenue stability renewable hydrogen production.225 The United States issued net zero targets renewable energy target
and encouraging investment in renewables.217 regulations on the Clean Hydrogen Production Credit under 100%
Under the 2022 EU Trans-European Network for Energy the Inflation Reduction Act.226 The United Kingdom released Achieved
(self-declared) 6 52 63 6 economy-
wide
– a policy aimed at connecting the energy infrastructures details on a 15-year support mechanism for low-carbon Economy-
In policy document renewable
8
hydrogen production to make up the gap in operating costs wide renewable
across EU Member States – projects were selected in Declaration/ energy
energy targets
between low- and high-carbon fuels.227 Despite rising policy pledge targets
2023 among 11 priority corridors and 3 thematic policy
areas.218 The EU also updated its rules for cross-border attention, renewable hydrogen deployment has lagged
energy infrastructure in 2022.219 In addition, the European globally due to high production costs and weak demand.228 27
Commission presented a New Grid Action Plan, a
comprehensive strategy to enhance the efficiency and ENERGY AND CLIMATE POLICIES
58
In law Proposed/
expansion of regional electricity grids in light of rising As of December 2023, 151 countries had in place targets for in discussion
demand for and integration of renewables in order to net zero emissions (p see Figure 4), covering 88% of global
achieve the EU Green Deal and “green” the economy.220 greenhouse gas emissions.229 In 2023, Georgia adopted
Renewable hydrogen gained policy attention during 2023, its Long Term Low Emission Development Strategy 2050,
with 41 countries having in place a renewable hydrogen which sets the stage for reaching the country’s net zero
strategy or roadmap by year’s end.221 Several countries target for 2050.230 In addition, 20 countries submitted new
– including Argentina, Estonia, India, Oman and Türkiye or updated Nationally Determined Contributions (NDCs) Note: The Philippines has a 100% RE target, but no net-zero target.
– announced new strategies.222 Denmark launched a towards reducing emissions under the Paris Agreement, Source: REN21. See endnote 229 for this module.
tender for up to 6 GW of electrolysis capacity by 2030, bringing the total available submissions to 168; Eritrea
with an emphasis on “power-to-X”.223 This entails linking became a new signatory to the agreement.231 Countries are
the electricity sector with other sectors (such as heating, expected to submit their second NDC updates by 2025.232
i A type of derivative product that is used to speculate on the future direction of a market price.
26
Despite rising interest in decarbonisation, many G20 fertilisers, electricity and hydrogen.241 The mechanism is FIGURE 5.
countries have increased their direct subsidies to fossil designed to counteract carbon “leakage” by imposing Countries with Climate Change Policies, by Type of Measure, as of 2023
fuels, bringing the G20 total to a record USD 1.3 trillion a cost on carbon emissions associated with imported
in 2022. 233 This was more than double the amount in goods, and aims to level the playing field between
2019, prior to the COVID-19 pandemic and the global EU producers (which are subject to stringent climate
energy crisis. 234 Globally, total fossil fuel subsidies (direct policies) and non-EU producers (which may face less
and indirect) reached USD 7 trillion in 2022, with China strict environmental standards).242
contributing the most (USD 2.2 trillion) followed by the Increasingly, policy makers have recognised the role of
United States (USD 760 billion), the Russian Federation energy efficiency in bolstering energy security, reducing
(USD 420 billion), India (USD 350 billion) and the EU costs and aiding the energy transition. 243 By the end of
(USD 310 billion). 235 Most of these were direct subsidies, 2023, nearly all countries were implementing efficiency
in addition to investments by state-owned enterprises standards for air conditioners, and the number of
and lending from public financial institutions. 236 In a countries with standards for industrial motors increased
different approach, Canada banned subsidies to the three-fold in the last decade. 244 At least 16 countries
oil and gas sector starting in July 2023 in an effort to implemented new or updated energy efficiency policies
comply with the 2009 G20 commitment to phase out in 2023. 245
inefficient fossil fuel subsidies. 237
Several Eastern European countries allocated large
Carbon pricing policies continued to gain traction in grants for energy efficiency, including Bosnia and
2023, in the form of either carbon taxes or emission Herzegovina (BAN 12.6 million or USD 13.7), Croatia
trading systems. A total of 39 countries were (EUR 40 million or USD 43 for public buildings) and
implementing a carbon pricing mechanism by year’s Estonia (EUR 80 million or USD 87 for buildings). 246
end. 238 (p See Figure 5.) Indonesia launched the Singapore and the United States announced plans to
Indonesia Carbon Exchange (IDX Carbon) on its stock update their minimum energy performance standards.247 Net zero emissions target
exchange, and Australia updated its carbon pricing Türkiye issued a 2030 Energy Efficiency Strategy and No net zero emissions target
mechanism to target the most polluting industries. 239 Action Plan, which aims to reduce energy consumption Existing or planned fossil fuel
The United Kingdom announced that it would introduce 16% and to prevent 100 million tonnes of emissions by
ban in 1 or more sectors
a domestic carbon tax by 2027. 240 2030. 248 As noted earlier, the final text from COP 28
Climate pricing policy
(emission trading scheme or carbon tax)
The EU’s Implementing regulation for the Carbon Border called for doubling the rate of global energy efficiency
Adjustment Mechanism, which entered into force in improvements by 2030, with 130 countries committing
October 2023, covers cement, iron, steel, aluminium, to the target. 249 Source: REN21. See endnote 238 for this module.
27
INVESTMENT
AND FINANCE
623
KEY FACTS
Global investment in renewable power and
billion USD global • In 2023, global investment in renewable power and
fuels reached a new record high in 2023, of new investment in
USD 622.5 billion. This was achieved despite high fuels increased 8.1%, to reach USD 622.5 billion.
renewable power
interest rates (outside of China) and challenging and fuels in 2023 • In 2022, the cost of capital for onshore wind in low-
market conditions worldwide. The ongoing income countries was 6.5 percentage points higher
increase in investment has resulted from alignment annual investment than in high income countries.
x 2.36
between climate change policy ambition, energy increase required • The private sector is increasingly becoming a channel
security goals and industrial strategies as well as from 2024 to 2030
to meet the BNEF for implementing development finance projects for
actions in response to the global energy crisis and renewable energy.
Net Zero Scenario
ongoing recovery from the COVID-19 pandemic.
• Issuance of green bonds rebounded in 2023 following
a decline in 2022 related to geopolitical tensions.
• Estimates of the annual investment in renewable power
43%
needed by 2030 to achieve the Paris Agreement goals
of mitigation
finance was are in the range of USD 1,300 billion to USD 1,350 billion.
allocated to
renewable energy
in 2022
28
ENERGY SYSTEM INVESTMENT The increase in renewable energy investment in the last
few years has been in response to the global energy crisis
Global investment in renewable power and fuelsi
and the ongoing recovery from the COVID-19 pandemic,
increased 8.1% in 2023 to reach USD 622.5 billion. 250
and as a result of an alignment between climate policy
(p See Renewables in Energy Supply Module.) This
ambition, energy security goals and industrial strategies.254
represented a new global high and was achieved
despite high interest rates (outside of China) and In the developing world, costs of capital remain higher
challenging market conditions worldwide. Renewable than in developed economies, impeding financing for FIGURE 6.
energy projects are harder to finance when interest renewable energy projects.255 (p See Figure 6.) Costs of Weighted Average Cost of Capital for Onshore Wind Power and Solar PV,
rates are high because investors must rely more on capital tend to be higher in developing countries because by Country Income Level, 2022
expensive equity, potentially decreasing their return of concerns about the rule of law and about currency
on a given project. 251 Higher input costs for key raw fluctuations and convertibility, among others.256 As a
Capital Cost (%)
materials including critical minerals further complicated consequence, public finance (including from development
finance institutions) accounts for around half of the 12%
the investment environment. 252 However, cost pressures Average cost for:
along supply chains started to ease during the year, financing for clean energy projects in developing and
10% Onshore wind
particularly in key regions such as China, Europe and emerging economies, whereas in developed countries
this share is closer one-fifth.257 (p See Sidebar 2.) Solar PV
the United States. 253
8%
6%
4%
Global 2%
investment 0%
in renewable power and High income Upper middle Lower middle Low income
fuels reached an all-time countries income income countries
high in 2023 despite countries countries
high interest rates and
challenging market
conditions worldwide.
Note: The weighted average cost of capital (WACC) is the average rate a business pays to finance its assets. It is calculated based on
the cost of debt and equity. The country division is based on the World Bank country classifications by income (Fiscal Year 2024). Each
income bracket includes the countries for which data are available in the IRENA database.
i Renewable power and fuels does not include hydropower projects larger than 50 MW. In addition, these estimates do not include
investments in renewable heating and cooling technologies, for which data are not collected systematically. Source: IRENA. See endnote 255 for this module.
29
SIDEBAR 2. Development Finance for Renewable Energy

Countries are not delivering adequately on their 20% of the total development finance (including other
development financei commitments. Under the United official flows and private development finance). FIGURE 7.
Nations Sustainable Development Goals (SDG 17ii), Share of Development Finance from Official and Private Donors for Renewable and
Renewables are not the only recipient of development
developed countries committed to allocate 0.7% of their Non-Renewable Energy Generation Projects, 2013-2022
finance for energy generation. In 2022, more than
gross national income (equivalent to USD 411 billion USD 1.9 billion was disbursed for non-renewable Share of Energy Generation Development Finance
in 2022) in funding to support less-wealthy countries. energy projects (mainly fossil fuels). Yet the share of 100%
However, as of 2022 only 0.36% of GNI was being non-renewables in total energy generation finance has
channelled into such aid, a shortfall of USD 200 billion. Generation type:
declined steadily. (p See Figure 7.) This is in part because
Non-renewable
Development finance flows for renewable energy multilateral development banks have increasingly adopted 80% sources
generationiii projects totalled USD 7.8 billion in 2022, an policies that exclude support for fossil fuels such as coal
Renewable sources
amount that pales in comparison to the USD 576 billion and oil, although fossil gas remains a key aid recipient.
invested in renewables globally. This misalignment is 60%
even more alarming in the context of the high cost of
capital for renewable energy projects and the need for
clear roadmaps and support for the energy transition in 40%
developing economies.
Even so, finance for renewable generation projects
globally has increased steadily, with disbursements 20%
more than doubling from USD 3.5 billion in 2013
to USD 7.85 billion in 2022. However, the bulk of
development finance for these projects is in the form 0%
of loans or equity investment, with grants representing 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
only 35% of total government-driven assistance and
Note: “Renewable sources” includes the following categories: multiple technologies, hydro-electric power plants, solar energy
for centralised grids, wind energy, marine energy, geothermal energy, bofuel-fired power plants, solar energy for isolated grids
and stand-alone systems and solar energy – thermal applications.
i Development finance or “development assistance” is defined as aid that promotes and targets economic development and welfare in
developing countries and flows mainly from members of the OECD’s Development Assistance Committee (DAC) and from multilateral Source: OECD-DAC Creditor Reporting System (CRS) Database. See endnote 257 for this module.
organisations into developing countries categorised as eligible based on an income threshold. See endnote 257 for this module.
ii See, for example, SDG 17.2: Partnerships for the Goals. Development assistance as a catalyst for progress.
iii Development finance flows are classified into sectors with unique purpose codes. For example, energy aid is split into: energy policy, energy
generation (renewable), energy generation (non-renewable), hybrid energy plants, nuclear energy plants and energy distribution.
30
Most development finance for renewable energy 95% of development finance flows in 2022. Meanwhile,
generation is provided via two key donor sources. non-DAC countries and private donors contributed only FIGURE 8.
Countries that are members of the Development 5%, mainly to Africa and Asia. Multilateral banks are the Development Finance for Renewable Energy Generation by Donor and Recipient Region, 2022
Assistance Committee (DAC)i of the Organisation for main donors for renewables in the Americas and Europe,
Economic Cooperation and Development (OECD), as whereas in Africa and Asia, bilateral funding from DAC USD million (Current prices)
well as multilateral organisations, together accounted for countries dominates. (p See Figure 8.) 3,000 Donor type:
Non-DAC countries
2,500 and other
Private donors
2,000 Multilaterals
DAC countries
1,500
1,000
500
0
Africa Asia Americas Europe Middle Oceania
East
Note: In 2022, USD 858 million was not assigned to the aforementioned
regions. This amount is not reflected in the figure above. Multilaterals In 2022,
78%
include EU institutions, the International Monetary Fund, regional
development banks, the United Nations, the World Bank and others.
Source: OECD-DAC Creditor Reporting System (CRS) Database.
See endnote 257 for this module.
of development finance
for the Americas
came from multilateral
organisations.
i DAC members are: Australia, Austria, Belgium, Canada, Denmark, the European Union, Finland, France, Germany, Greece, Ireland, Italy,
Japan, the Republic of Korea, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the United
Kingdom and the United States.
31
Over the past decade, a major shift has occurred in aid

implementation channels. (p See Figure 9.) Whereas in FIGURE 9.
2013 the public sector delivered more than two-thirds Development Finance for Renewable Energy Generation by Channel, 2013, 2017 and 2022
of development finance (67%), by 2022 this share had
fallen to 50%. Meanwhile, funding directed at private USD Million (current prices)
sector institutions has increased rapidly, rising from 8,000 Implementation channel:
near zero in 2013, to 14% in 2017 and 30% in 2022i.
7,000 Not reported
Multilateral organisations also increasingly lead on
project implementation, with their share rising from Other
6,000
7.5% in 2017 to 13.8% in 2022. Non-governmental
5,000 organisations and
Private delivery of development projects has become civil society
more popular mainly because it is viewed as a dynamic 4,000 Multilateral organisations
and agile funding vehicle, as well as a key source of
Private sector institutions
income and employment. The private sector is also seen 3,000
as a multiplier of development funds to mobilise further Public sector
2,000
private investment.
1,000
0
2013 2017 2022
Note: “Other” includes the group “other”, public-private partnerships, and teaching institutions, research
institutes or think-tanks.
Source: OECD-DAC Creditor Reporting System (CRS) Database. See endnote 257 for this module.
i The lack of finance flowing through private sector institutions in

2013 may be due to a shift in methodology.
32
SHIFTING FRAMEWORKS FOR INVESTMENT IN The number of sustainable finance taxonomies in use or FIGURE 10.
RENEWABLE ENERGY under development has increased rapidly since the Paris Sustainable Finance Taxonomies in Countries Worldwide, in Place and Under Development, 2023
Agreement was signed in 2015. 262 (p See Figure 10.) This
Investors wishing to address climate change and support
trend continued in 2023, with several announcements
renewables are increasingly turning to “sustainable
related to new or developing taxonomies. In the United
finance” options as they consider growing regulatory
Arab Emirates, the Abu Dhabi Global Market began
requirements, risk management imperatives, and/or
implementing its sustainable finance regulation. 263 In
changes in demand and asset allocation strategies.
Latin America, Argentina published a Roadmap for a
Three frameworks are increasingly relevant for renewable
National Strategy of Sustainable Finance, which includes
energy finance and investment: 1) the development
the development of a taxonomy. 264 Mexico published its
of sustainable finance taxonomies at the national and
Sustainable Taxonomy in March and announced plans
regional levels to provide information on the environmental
to implement a test programme and make regular
and/or social performance of enterprises and financial
updates, while in Panama the Taxonomy Oversight
products; 2) green bonds, the proceeds of which may
Committee began drafting a taxonomy. 265 In Asia, the
go to renewable energy; and 3) systems rating the
Monetary Authority of Singapore officially launched
performance of enterprises according to environmental,
the Singapore-Asia Taxonomy, and Thailand launched
social and governance (ESG) criteria to help assess the
Phase 1 of its Taxonomy, which covers the energy and
suitability of a company, activity or fund for investment.258
transport sectors. 266
SUSTAINABLE FINANCE TAXONOMIES

Sustainable finance taxonomies provide a classification
of economic activities with the aim of clarifying which In place Under development
investments and/or activities may be defined as
sustainable or “green”.259 Such taxonomies can be Source: REN21. See endnote 262 for this module.
relevant for renewables in two main ways: 1) for The number of

companies producing or manufacturing renewable sustainable finance
energy technologies; and 2) for the owners or operators of taxonomies in place or
renewable energy assets (such as a utility that operates a under development has
wind farm as part of its broader portfolio).260 For example,
renewables-related economic activities may be coded increased
“green”, fossil fuel-based activities that adhere to certain
standards may be coded “yellow/amber”, and other activities
rapidly
since 2015.
may be coded “red”, similar to traffic light systems.261
33
Creating a harmonised taxonomy across jurisdictions GREEN BONDS and Hong Kong. 283 In the United States, corporations
can be challenging due to the vested interests in each scaled back their issuance of green bonds in 2023,
Although various instruments are available to finance
country’s definitions.267 Although a global, harmonised reflecting higher interest rates as well as emerging political
renewable energy projects, green bonds have become
sustainable finance taxonomy is not yet on the table, resistance to sustainable investment strategies.284
especially prominent in recent years.275 Green bonds differ
several regional initiatives are under way that aim to
from traditional bonds in that the proceeds are earmarked
achieve comparability and interoperability.268 In 2021, ESG
for qualifying investments in renewable technologies or
China and the EU published a Common Ground Taxonomy
in various forms of climate adaptation and mitigation. Environmental, social and governance (ESG) criteria
(CGT) through a working group of the International
Investors obtain a certain interest rate over a stipulated has shifted from being a niche focus to becoming a
Platform on Sustainable Finance, identifying
time period, and the funds must be used for the purposes component of mainstream finance in many OECD
commonalities and differences in their respective
for which the bond was issued. This provides investors member countries.285 Challenged by the macroeconomic
approaches.269 The EU has continued working individually,
with greater visibility over the actual use of the funds than environment, global net inflows of investment in
approving a new set of criteria for its Taxonomy in 2023.270
is the case for traditional bonds. ESG funds continued to fall in 2023, reaching around
The Association of Southeast Asian Nations (ASEAN)
Issuance of green bonds rebounded in 2023 following USD 63 billion (down from USD 89 billion in 2022 and
released the second version of its joint taxonomy during
a decline in 2022 related to geopolitical tensions (such USD 405 billion in 2021).286
the year, classifying economic activities based on
their grade of alignment and establishing a framework as the Russian Federation’s invasion of Ukraine) and Europe remained the world’s largest ESG fund market,
within which member states can develop national inflation challenges across major economies.276 A total although subscriptions in 2023 were much lower than
taxonomies.271 For Latin America and the Caribbean, a of USD 575 billion in green bonds was issued in 2023, in past years due to high interest rates, which led
common framework of sustainable finance taxonomies surpassing the high of USD 573 billion in 2021.277 investors in the region to favour government bonds. 287
was published as a guiding document in the region.272 Europe remained the largest regional issuer, with This was coupled with concerns about greenwashing
around half of the green bond supply. 278 In late 2023, the and the evolving regulatory environment. 288 In June
In some situations, sustainable finance taxonomies have the
EU approved new voluntary standards for companies 2023, the European Commission proposed new rules
potential to divert or discourage investment in renewable
wishing to issue green bonds, addressing transparency for ESG rating providers, ultimately aimed at improving
energy when its relative cost of capital is higher. This can
challenges and helping investors avoid greenwashing reliability and transparency. 289 The European Council
occur, for example, if the taxonomies allow companies to be
claims. 279 The Italian government facilitated the largest and Parliament reached provisional agreements on this
labelled as aligned with particular taxonomy categories (e.g., Issuance of green bonds
individual green bond sale of the year, at USD 10.8 billion proposal in early 2024. 290
having a certain threshold of greenhouse gas emissions rebounded in 2023, led
for fossil fuel-based power production), when in fact the (EUR 10 billion). 280
by
Europe
category has not been defined to accurately reflect scientific China remained the top green bond issuing country
requirements (e.g., to reach substantial emission reduction globally. 281 In July 2022, China published its Green Bond
requirements that align with the temperature goals of the
Paris Agreement).273 In this way, investment could end up and China. Principles to harmonise domestic and international
definitions, and it ultimately required 100% of proceeds
being channelled away from companies or projects that to go to green projects (up from the 50–70% previously
more fully support renewable energy deployment.274 stipulated). 282 Green bond sales also increased in Japan
34
In the United States, the Securities and Exchange

Commission (SEC) proposed rule changes in 2023 that BOX 1. Divestment from Fossil Fuels
require new disclosures for ESG funds; the SEC also hosts
Since 2011, institutions worldwide have increasingly divested from, or sold off their financial
an enforcement division that penalises any ESG-related
interests in, fossil fuel companies. By late October 2023, around 1,612 institutions, with estimated
misconduct.291 ESG continued to be highly politicised in
total assets of around USD 40.6 trillion, had committed to fossil fuel divestmenti.
the country, with many US states introducing “anti-ESG”
legislation that, for example, redirects state funds away Several important divestment-related announcements were made during the year. Notably, the
from large asset managers with ESG priorities.292 These San Diego Diocese became the first church in the United States to divest all of its direct holdings
bills expanded in both scope and reach, albeit with mixed in fossil fuels. This continued a trend globally in which hundreds of adherents to Catholicism
(nearly all outside the United States), following the lead of Pope Francis, have announced plans
success.293 The politicisation has negatively affected the
in recent years to divest from fossil fuels. Several additional US universities also announced
demand for ESG funds in the country.294
divestment plans during 2023, including Seattle University (with USD 285 million in assets) and
Following an announcement in early 2024 that the bank New York University (with a USD 5 billion endowment).
JP Morgan would be leaving the Climate Action 100+
The broader divestment movement has been called insignificant by some, based on the argument
investing group, a debate continued on the backlash to
that only a small portion of investors divest their holdings, and that divested shares are bought by
ESG investing and whether it has prompted high-profile
other investors. Other commentators point to a noteworthy impact of the divestment movement:
firms to downplay or even disguise their sustainability
on a country level, in years that more assets are committed to fossil fuel divestment, the oil and
efforts.295 At the same time, many institutions worldwide
gas sector fundraises less compared with its historical average. However, although country-level
are opting to “divest” their assets from fossil fuel companies
investment may be impacted, oil and gas financing has continued to increase across countries.
and others investments that are not aligned with the goals
of the Paris Agreement.296 (p See Box 1.) Funds divested from fossil fuel companies are not necessarily re-invested in companies
associated with renewables. The global network DivestInvest works to address this by providing
In Asia, assets in ESG funds in China were down for the
guidance to organisations and individuals during the divestment process and encouraging them
year, with some investors concerned about regulatory
to establish climate-friendly criteria for their investments (for example, by investing in renewable
risks and others about definitions, which vary from energy companies, low-carbon transport, or sustainable agriculture and forestry options).
European standards. 297 China released new ESG
disclosure rules in early 2024 for its biggest companies
to help reduce greenwashing risk. 298 i Through fossil fuel divestment, an institution makes a binding commitment to exclude any fossil fuel company (coal,
oil and fossil gas) from either all or part of its managed asset classes, or to selectively exclude companies that derive
Elsewhere in the region, Chinese Taipei was a top a large portion of their revenue from coal and/or tar sands companies. Organisations also may commit to some form
performer, with its ESG fund assets surging nearly 50% of an exclusion policy based on different criteria, such as whether the company is aligned with the goals of the Paris
Agreement.
during 2023, helped by the performance of the local
market and the country’s technology sector.299
In the ESG realm, developing economies tend to be at
a disadvantage because of systematically lower ESG
scores and low investment allocations from ESG funds.300
35
The categorisation of an organisation or its activities RENEWABLE ENERGY AND CLIMATE FINANCE
as ESG may be based on a risk perspective (e.g., how
Climate finance entails any financing that seeks to support BOX 2. Oil and Gas Companies’ Investment in Renewables
environmental risks may affect a company) and/or by
either climate change mitigation actions (for example, The oil and gas industry had a record year in 2023. For the first time, a fossil fuel industry CEO assumed a
an impact perspective (e.g., the impact that a company
renewable energy generation, energy efficiency or low- role at the highest level of climate diplomacy, as ADNOC CEO Ahmed Al-Jaber took the helm at the COP 28
or activity has on the outside world).301 Companies that
carbon transport) or adaptation actions (for example, Presidency. Moreover, the “Big 5” companies – BP, Shell, Chevron, ExxonMobil and TotalEnergies – distributed
rate and value ESG funds more from a risk perspective
disaster risk management, waste and water, or resilient more than USD 100 billion in shareholder profits in 2023, nearing an all-time record. Although profits tumbled
have been criticised for using methodologies that ignore
infrastructure). Nearly USD 1.3 trillion in annual climate towards the end of the year, fossil fuel companies have signalled strong confidence in a rapid recovery through
the larger impact of a company on the planet.302 As the
finance was allocated on average in 2021/2022ii, almost their substantial shareholder returns.
impact perspective becomes increasingly relevant to
double the amount of the previous two-year period.307 Most
investors aiming for net zero carbon or clean energy goals, a Despite their climate diplomacy engagements and record returns, oil and gas companies are not delivering on
of the increase was in mitigation finance, with the greatest
“double-materiality concept”i is arising, which incorporates their commitments to the energy transition. In 2022, fossil fuel companies spent a mere 2.5% of their capital in
growth occurring in renewable energy and transport.308
both the risk and impact perspectives.303 This approach 2022 on clean energy (including renewables and electric vehicle charging) and contributed to only 1% of global
may have more relevance for renewables.304 Relatedly, Climate finance flows were concentrated mainly in clean energy investment. A change in leadership at Shell led to an announcement that in 2024 the company
ESG products are increasingly being used to assess a East Asia and the Pacific (44% of the total, led by would cut at least 15% of its jobs in low-carbon solutions. In response, civil society and corporate investors, led
company’s commitments and actions to transition to China), followed by Europe (26%, up from only 17% in by Amundi (a group of 27 investor groups) demanded that the company commit more strongly to an emission
renewable energy.305 2019/2020) and the United States and Canada (14%).309 reduction target aligned with the Paris Agreement. In France, four environmental organisations initiated legal
Mitigation activities continued to represent most of action against TotalEnergies over the impact of the company’s oil projects.
Increasingly, critics have questioned the commitment of
the total flows, at around 91% or USD 1.15 trillion.310
oil and gas companies to the energy transition, as many Source: See endnote 306 for this module.
Investment in renewables, dominated by solar PV and
companies continue to increase fossil fuel production and
onshore wind energy, accounted for 43% of mitigation
to reward their shareholders with returns from substantial
finance in 2021/2022, well below the high of 59% in
profits.306 (p See Box 2.)
2020iii.311 (p See Figure 11.)
i Double materiality refers to sustainability reporting that acknowledges the impacts on companies by sustainability issues (“outside-in”) and how
the companies’ activities impact society and the environment (“inside-out”).
ii This is the most recent available value and is an average of 2021 and 2022 data, expressed in nominal (current) US dollars.
iii Values for 2021 and 2022 were also influenced by data improvement, particularly for the buildings (energy efficiency) sector.
36
FIGURE 11. Even as investment in renewables has increased, mitigation Public support came mostly from development financial
Estimated Share of Mitigation Finance by Sector, 2019-2022 finance funds have diversified, with growing shares being institutions (USD 364 billion per year), followed by state-
allocated to transport and energy efficiency.312 Finance owned enterprises (USD 110 billion) and governments
100% for low-carbon transport accounted for 29% of total (USD 100 billion).317 Most (USD 238 billion) of the funds
5% 6% 6% Other and
12 % cross-sectoral mitigation finance in the 2021/2022 period.313 from development finance institutions were for domestic
10 % 22 % 20 % The landscape of climate finance flows is multi-faceted, commitments, led by East Asia and the Pacific.318
6% Buildings
80% (energy efficiency) interconnected and evolving. As of 2021/2022, public The Paris Agreement (in Article 2.1c) highlights the need
28 % 26 % finance – including funds provided by development finance

institutions, governments and climate funds – supplied
to make finance flows consistent with the goal of limiting
global temperature rise to 1.5°C.319 Achieving this goal
Low-carbon Low-carbon
60%
transport transport
26 % 31 % around 51% of total climate finance, at USD 640 billion,
while private finance supplied the remainder.314 Renewable
would require large growth in overall renewable energy
investment compared to the last decade. Estimates
Low-carbon Low-carbon
transport transport energy continued to attract higher shares of private of the annual investment in renewable power needed
54 % 59 % finance than other sectors during this period.315 Commercial by 2030 to achieve the Paris Agreement goals are in
40% Renewable Renewable financial institutions provided most of the private capital for the range of USD 1,300 billion to USD 1,350 billion.320
energy energy
46 % 43 % climate finance (around USD 235 billion per year), followed
by corporations and households (such as for purchases of
(p See Figure 12.)
Renewable Renewable
energy energy electric vehicles or residential solar PV systems).316
20%
0
2019 2020 2021 2022
Note: The “Other and cross-sectoral” category includes: Agriculture, Forestry and Other
Land Use (AFOLU), Industry, Information and Communications, Waste, and Water and Although the share
Wastewater.
of renewable energy
Source: CPI. See endnote 311 for this module.
investment in mitigation
finance decreased,
the total investment in
renewables reached a
record high.
37
In side events at the UN Climate Conference in Dubai Fund discussed plans to create a green guarantee
in late 2023, a flurry of new climate finance initiatives company to provide guarantees for climate bonds in
were introduced, many of which blended finance from developing countries.323 The Glasgow Financial Alliance
the private sector with contributions from government- for Net Zero (GFANZ) launched a new Latin America and
funded multilateral development banks and philanthropic Caribbean Network; GFANZ began in 2021 with the aim
funding.321 The newly launched investment platform Allied of bringing together existing and new net zero finance
Climate Partners will begin with USD 800 million in four initiatives by mobilising private capital for emerging FIGURE 12.
funds focused in India, Africa, Southeast Asia, and the markets and developing economies through private Range of Annual Renewable Energy Investment Needed in Climate Change Mitigation Scenarios,
Caribbean and Central America.322 The Green Climate sector investments and public-private collaboration.324 Compared to Recent Investments
Billion USD per Year Annual investment requirements Annual investment gap (2024-2030)*
USD
1,500 849 BloombergNEF
billion Net Zero Scenario
1,350
1,300
1,250 USD
790 IRENA
billion 1.5°C Scenario
1,000
750
Current (2023)
623 annual renewable
500 576
energy investment
461
250
Achieving the
goals 0
laid out in the Paris 2021 2022 2023 2030
Agreement would
require large growth Note: These scenarios quantify renewable energy differently than the BloombergNEF historical basis used in this module.
in renewable energy The scenario estimates are for renewable power only, whereas the historical basis includes power and renewable fuels.
investment compared *The annual investment required for 2030 is calculated by REN21. It takes into consideration investment in 2023 not meeting the
to the last decade. annual investment requirements of the scenarios and distributes it equally from 2024 to 2030..
38
CHALLENGES
AND OPPORTUNITIES
Trade, markets, energy demand, infrastructure development, investment
and policies are changing.
The shifting macroeconomic and geopolitical conditions create huge
challenges and opportunities for the uptake of renewable energy.
39
CHALLENGES OPPORTUNITIES
Investment in renewable energy in 2023 was complicated by R The global agreement at COP 28 to triple renewable energy
high interest rates and challenging market conditions worldwide. capacity, with 130 countries committing to a collective target of
Higher input costs for key raw materials including critical minerals at least 11 terawatts by 2030, demonstrates a strong international
further affected the investment environment. commitment to renewables.
High capital costs and rising interest rates, especially in R Energy security goals and industrial strategies are helping to
emerging markets, have challenged the financing of renewable boost renewable energy investment.
energy projects – potentially slowing the global transition to R Countries are consistently updating their renewable
renewables – and have amplified energy inequality. energy policies and targets. New and updated renewable
Ongoing geopolitical conflicts and international tensions energy policies in the demand and supply sectors represent an
continue to disrupt global supply chains and impact the energy opportunity to boost the uptake of renewables in heavy industry
landscape, making the renewable sector vulnerable to international and heavy transport.
disputes and logistical constraints. The heavy reliance on a few
R The concurrent solar PV and electric vehicle booms present an
regions for renewable energy components and critical minerals
opportunity for creating integrated energy ecosystems where
presents a risk of supply chain disruptions and geopolitical
solar PV powers electric vehicle charging stations, fostering a
dependencies.
self-sustaining cycle of clean energy. This synergy enhances
Despite ambitious clean energy targets, many countries have energy independence and drives innovation in smart grid and
fallen short of their goals, highlighting a significant gap between storage technologies.
policy ambition and actual achievement in renewable energy
R The development and deployment of sector coupling solutions
deployment.
helps integrate renewable energy across multiple sectors such as
Fossil fuel subsidies continue to increase globally, heating and transport. It helps improve overall system efficiency
contradicting global commitments to decarbonise. and opens new markets for renewable energy technologies.
The renewable energy sector faces a shortage of skilled workers,
with the demand for qualified personnel outpacing the deployment
of renewable energy technologies.
40
ENDNOTES 10 International Energy Agency, “CO2 Emissions in 2023”, 2023, 19 International Energy Agency, “Executive Summary – World orsted-cancel-ocean-wind-offshore-project-development-new-
https://www.iea.org/reports/co2-emissions-in-2023. Energy Outlook 2023”, 2023, https://www.iea.org/reports/ jersey/698554.
1 International Energy Agency, “Executive Summary – World world-energy-outlook-2023/executive-summary.
11 Olivier Cognasse, “Les émissions de CO2 battent un nouveau 28 Jennifer Collins, “Discontent at Siemens Energy over Wind
Energy Outlook 2023”, 2023, https://www.iea.org/reports/
record en 2023, selon le Global Carbon Project”, L’Usine 20 International Monetary Fund, “World Economic Outlook Division Losses – Media Report”, Clean Energy Wire, 28
world-energy-outlook-2023/executive-summary; International
Nouvelle, 5 December 2023, https://www.usinenouvelle.com/ (October 2023) – Inflation Rate, Average Consumer Prices”, February 2024, https://www.cleanenergywire.org/news/
Energy Agency, “Overview and Key Findings – World Energy
article/les-emissions-de-co2-fossile-battent-un-nouveau- accessed 21 December 2023, https://www.imf.org/external/ discontent-siemens-energy-over-wind-division-losses-media-
Investment 2023”, 2023, https://www.iea.org/reports/
record-en-2023-selon-le-global-carbon-project.N2201618. datamapper/PCPIPCH@WEO. report.
world-energy-investment-2023/overview-and-key-findings.
12 Bruno Venditti, “The Critical Minerals to China, EU, 21 International Energy Agency, “World Energy Outlook 2023”, 29 International Energy Agency, “World Energy Outlook 2023”,
2 International Renewable Energy Agency, "Renewable 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc-
and U.S. National Security”, Visual Capitalist, 30 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc-
Capacity Statistics 2024", 2024, https://www.irena.org/ 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf.
November 2023, https://www.visualcapitalist.com/ 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf.
Publications/2024/Mar/Renewable-capacity-statistics-2024.
the-critical-minerals-to-china-eu-and-u-s-national-security. 22 BloombergNEF, “Energy Transition Investment Trends 2024”, 30 Natalia Alayza, Valerie Laxton and Carolyn Neunuebel,
3 International Energy Agency, “Executive Summary – 2024, https://about.bnef.com/energy-transition-investment. “Developing Countries Won’t Beat the Climate Crisis Without
Renewables 2023”, 2023, https://www.iea.org/reports/ 13 International Energy Agency, “World Energy Outlook 2023”,
23 Peter Thal Larsen, “Green Energy’s Tailwinds Blow the Other Tackling Rising Debt”, 22 September 2023, https://www.wri.
renewables-2023/executive-summary. 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc-
Way”, Reuters, 22 September 2023, https://www.reuters.com/ org/insights/debt-climate-action-developing-countries.
4 US Energy Information Administration, “Electric Power 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf.
breakingviews/green-energys-tailwinds-blow-other-way- 31 Zack Colman, “Building Wind Power, Canceling Coal —
Monthly”, February 2024, Table 6.1, https://www.eia.gov/ 14 Gavin Maguire, “World to Get More Gassy Despite Energy 2023-09-22. It’s All Drowning Under Borrowing Costs”, Politico, 10
electricity/monthly. Transition Momentum”, Reuters, 12 January 2024, https:// December 2023, https://www.politico.com/news/2023/12/09/
24 Zack Colman, “Building Wind Power, Canceling Coal —
5 Europe solar capacity additions from SolarPower Europe, www.reuters.com/markets/commodities/world-get-more- It’s All Drowning Under Borrowing Costs”, Politico, 10 climate-talks-newest-threat-interest-rates-00130949.
“2023: A milestone year for renewable energy in Europe – gassy-despite-energy-transition-momentum-2024-01-11; December 2023, https://www.politico.com/news/2023/12/09/ 32 International Energy Agency, “World Energy Outlook 2023”,
Unveiling Ember’s Electricity Review”, 8 February 2024, https:// David Stanway, “China 2023 Coal Power Approvals Rose, climate-talks-newest-threat-interest-rates-00130949. 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc-
www.solarpowereurope.org/news/2023-a-milestone-year-for- Putting Climate Targets at Risk”, Reuters, 22 February 2024, 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf.
25 Valerio Baselli, “The Solar Paradox: Production Up, Stocks
renewable-energy-in-europe-unveiling-ember-s-electricity- https://www.reuters.com/sustainability/climate-energy/china- Down”, Morningstar, 28 November 2023, https://www. 33 Global Policy Forum, “The Bridgetown Initiative to Reform
review; Europe wind capacity additions in 2022 from Wind 2023-coal-power-approvals-rose-putting-climate-targets- morningstar.co.uk/uk/news/243103/the-solar-paradox- the International Financial Architecture”, 22 February
Europe, “The EU built a record 17 GW of new wind energy in risk-2024-02-22. production-up-stocks-down.aspx. 2023, https://www.globalpolicy.org/en/news/2023-02-
2023”, January 2023, https://windeurope.org/newsroom/press- 15 International Energy Agency, “World Energy Outlook 2023”, 26 Nina Chestney, “Wind Power Industry Drifts Off Course”, 23/bridgetown-initiative-reform-international-financial-
releases/the-eu-built-a-record-17-gw-of-new-wind-energy-in-
2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc- Reuters, 28 September 2023, https://www.reuters.com/ architecture.
2023-wind-now-19-percent-of-electricity-production.
4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf. sustainability/climate-energy/wind-power-industry-drifts- 34 Noah Kaufmann, Sagatom Saha and Christopher Bataille,
6 International Energy Agency, “Executive Summary – off-course-2023-09-28.
16 Mariel Lutz and Jenny Rowland-Shea, “The Oil and Gas “Green Trade Tensions, International Monetary Fund,
Renewables 2023”, 2023, https://www.iea.org/reports/
Industry Is Behind Offshore Wind Misinformation”, Center for 27 N. Buli, “Latest UK Renewables Auction Fails to Attract June 2023, https://www.imf.org/en/Publications/fandd/
renewables-2023/executive-summary.
American Progress (blog), 11 December 2023, https://www. Offshore Wind Bids”, Reuters, 8 September 2023, https:// issues/2023/06/green-trade-tensions-kaufman-saha-bataille.
7 Adrijana Buljan, “China Now Has 31+ GW of Offshore Wind www.reuters.com/sustainability/climate-energy/latest- Snapshot: United States from the following sources: boom
americanprogress.org/article/the-oil-and-gas-industry-is-
Installed, Country on Track to Hit Wind and Solar Targets uk-renewables-auction-fails-attract-offshore-wind- in solar PV from Dan Slanger, “It’s the IRA’s First Birthday.
behind-offshore-wind-misinformation; Kathiann M. Kowalski,
Five Years Early, Report Says”, Offshore Wind (blog), 30 June bids-2023-09-08; Orlando Jenkinson, “Norway Postpones Here Are Five Areas Where Progress Is Piling Up.”, RMI, 16
“Anonymously Funded Group Stokes Local Opposition to
2023, https://www.offshorewind.biz/2023/06/30/china-now- Offshore Wind Tenders Amid State Aid Talks”, Windpower August 2023, https://rmi.org/its-the-iras-first-birthday-here-
has-31-gw-of-offshore-wind-installed-country-on-track-to-hit- Ohio Solar Project”, Energy News Network, 18 December
2023, http://energynews.us/2023/12/18/anonymously- Monthly, 18 October 2023, https://www.windpowermonthly. are-five-areas-where-progress-is-piling-up; new investments
wind-and-solar-targets-five-years-early-report-says. com/article/1844264/norway-postpones-offshore-wind- and jobs from Climate Power, “One Year of Our Clean
funded-group-stokes-local-opposition-to-ohio-solar-project.
8 David Stanway, “China 2023 Coal Power Approvals Rose, tenders-amid-state-aid-talks; Allison Good, “Offshore Wind Energy Boom”, 2023, https://climatepower.us/wp-content/
Putting Climate Targets at Risk”, Reuters, 22 February 2024, 17 International Energy Agency, “Overview and Key
Contract Disputes Proliferate as High Costs Jeopardize US uploads/sites/23/2023/07/Clean-Energy-Boom-Anniversary-
https://www.reuters.com/sustainability/climate-energy/china- Findings – World Energy Investment 2023”, 2023, https:// Report-1.pdf; manufacturing announcements, supercharge
Buildout”, S&P Global, 16 June 2023, https://www.spglobal.
2023-coal-power-approvals-rose-putting-climate-targets- www.iea.org/reports/world-energy-investment-2023/ com/marketintelligence/en/news-insights/latest-news- EV shift and US Postal Service from Slanger, op. cit. this
risk-2024-02-22/. overview-and-key-findings. headlines/offshore-wind-contract-disputes-proliferate- note; rebate programmes from Jeff St. John, “Inside the
9 David Stanway, “China 2023 Coal Power Approvals Rose, Putting 18 Marie Jégo, “US, Brazil, Mexico, India: 2024 Will Be a Record as-high-costs-jeopardize-us-buildout-76164337; Diana IRA’s Historic, High-Stakes Investment in Energy Efficiency”,
Climate Targets at Risk”, Reuters, 22 February 2024, https://www. Election Year”, Le Monde, 7 January 2024, https://www.lemonde. DiGangi, “Ørsted Cancels Two Offshore Wind Projects Canary Media, 17 August 2023, https://www.canarymedia.
reuters.com/sustainability/climate-energy/china-2023-coal-power- fr/en/international/article/2024/01/07/us-brazil-mexico-india- Citing Supply Chain Problems”, Supply Chain Dive, 3 com/articles/energy-efficiency/inside-the-iras-historic-
approvals-rose-putting-climate-targets-risk-2024-02-22. 2024-will-be-a-record-election-year_6410437_4.html. November 2023, https://www.supplychaindive.com/news/ high-stakes-investment-in-energy-efficiency; power sector
41
announcements and hard-to-abate industries from Slanger, 40 Jennifer Mossalgue, “Cheap Solar Panels from China 51 International Energy Agency, “Energy Technology 63 Reuters Events, “EU Must Hurl Solar Funding at Multiple
op. cit. this note; renewable energy setbacks from David R. Are All Over Europe – and Everyone Is Freaking Out”, Perspectives”, 2023, https://www.iea.org/reports/ Headwinds to Compete Globally”, 28 June 2023, https://www.
Baker, Saijel Kishan and Jennifer A. Dlouhy, “A $30 Billion Electrek, 8 February 2024, https://electrek.co/2024/02/08/ energy-technology-perspectives-2023. reutersevents.com/renewables/solar-pv/eu-must-hurl-solar-
Meltdown in Clean Energy Puts Biden’s Climate Goals at cheap-solar-panels-from-china-are-all-over-europe. 52 International Energy Agency, “World Energy Outlook 2023”, funding-multiple-headwinds-compete-globally.
Risk”, Bloomberg Businessweek, 29 November 2023, https:// 41 Ian Bott et al., “How Global Trade Could Fragment 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc- 64 Reuters Events, “Solar Skills Shortage Threatens EU Targets”,
www.msn.com/en-us/money/news/a-30-billion-meltdown- After the EU’s Tax on ‘Dirty’ Imports”, Financial 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf. 8 Feburary 2023, https://www.reutersevents.com/renewables/
in-clean-energy-puts-biden-s-climate-goals-at-risk/ Times, 9 January 2024, https://www.ft.com/content/ solar-pv/solar-skills-shortage-threatens-eu-targets.
53 International Energy Agency, ‘World Energy Outlook 2023’,
ar-AA1kKwBk, and from Nichola Groom and Jarrett Renshaw, ca51ebf5-fbb8-4c88-a93d-ded3d6d3bcdd. 65 International Renewable Energy Agency, “Renewable
2023, https://iea.blob.core.windows.net/assets/86ede39e-
“Biden’s Clean Energy Agenda Faces Mounting Headwinds”, 42 Jennifer Mossalgue, “Cheap Solar Panels from China Energy and Jobs: Annual Review 2023”, 28 September
4436-42d7-ba2a-edf61467e070/WorldEnergyOutlook2023.pdf.
Yahoo Finance, 24 November 2023, https://finance.yahoo. Are All Over Europe – and Everyone Is Freaking Out”, 2023, https://www.irena.org/Publications/2023/Sep/
com/news/bidens-clean-energy-agenda-faces-110503413. 54 International Energy Agency, “World Energy Outlook 2023”,
Electrek, 8 February 2024, https://electrek.co/2024/02/08/ Renewable-energy-and-jobs-Annual-review-2023.
html; Chinese solar from Phred Dvorak, “America Wanted 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc-
cheap-solar-panels-from-china-are-all-over-europe.
4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf. 66 International Renewable Energy Agency, “Renewable
a Homegrown Solar Industry. China Is Building a Lot of 43 S. Busch, “Our Guide to Friend-Shoring: Sectors to Watch”,
55 International Energy Agency, “Executive Summary – Solar PV Energy and Jobs: Annual Review 2023”, 28 September 2023,
It.”, Wall Street Journal, 6 February 2024, https://www. Atlantic Council (blog), 27 October 2022, https://www.
Global Supply Chains”, 2022, https://www.iea.org/reports/ https://www.irena.org/Publications/2023/Sep/Renewable-
msn.com/en-us/money/markets/america-wanted-a- atlanticcouncil.org/in-depth-research-reports/issue-brief/
solar-pv-global-supply-chains/executive-summary. energy-and-jobs-Annual-review-2023; International Energy
homegrown-solar-industry-china-is-building-a-lot-of-it/ our-guide-to-friend-shoring-sectors-to-watch. Agency, “World Energy Outlook 2023”, 2023, https://iea.
ar-BB1hPNAh. 44 Sheridan Prasso, “US Solar Boom Opens $2 Billion 56 International Energy Agency, “Energy Technology
blob.core.windows.net/assets/42b23c45-78bc-4482-b0f9-
35 Mohamed El-Erian, “From Near-Shoring to Friend-Shoring: Indian Door to Banned Products from China”, Bloomberg, Perspectives”, 2023, https://www.iea.org/reports/
eb826ae2da3d/WorldEnergyOutlook2023.pdf.
The Changing Face of Globalisation”, The Guardian, 9 March 5 February 2024, https://www.bloomberg.com/news/ energy-technology-perspectives-2023.
2023, https://www.theguardian.com/business/2023/mar/09/ 67 International Renewable Energy Agency, “Renewable
articles/2024-02-05/us-solar-boom-opens-indian-door-to- 57 International Energy Agency, “Energy Technology
from-near-shoring-to-friend-shoring-the-changing-face- Energy and Jobs: Annual Review 2023”, 28 September
chinese-components-made-with-forced-labor. Perspectives”, 2023, https://www.iea.org/reports/
of-globalisation; Kassandra Jimenez-Sanchez, “Reshoring, 2023, https://www.irena.org/Publications/2023/Sep/
45 Mohamed El-Erian, “From Near-Shoring to Friend-Shoring: The energy-technology-perspectives-2023.
“Friend-Shoring”, Energy & Food Security Will Shape Risk Renewable-energy-and-jobs-Annual-review-2023.
Changing Face of Globalisation”, The Guardian, 9 March 2023, 58 International Energy Agency, “Energy Technology
Landscape: Swiss Re”, Reinsurance News, 9 September 2022, https://www.theguardian.com/business/2023/mar/09/from-near- 68 International Renewable Energy Agency, “Renewable
Perspectives”, 2023, https://www.iea.org/reports/ Energy and Jobs: Annual Review 2023”, 28 September
https://www.reinsurancene.ws/reshoring-friend-shoring- shoring-to-friend-shoring-the-changing-face-of-globalisation. energy-technology-perspectives-2023. 2023, https://www.irena.org/Publications/2023/Sep/
energy-food-security-will-shape-risk-landscape-swiss-re. 46 International Energy Agency, “Critical Minerals – Topics”, 59 International Energy Agency, “Energy Technology Renewable-energy-and-jobs-Annual-review-2023.
36 Mohamed El-Erian, “From Near-Shoring to Friend-Shoring: accessed 21 December 2023, https://www.iea.org/topics/ Perspectives”, 2023, https://www.iea.org/reports/ 69 International Renewable Energy Agency, “Renewable
The Changing Face of Globalisation”, The Guardian, 9 March critical-minerals.
energy-technology-perspectives-2023. Energy and Jobs: Annual Review 2023”, 28 September
2023, https://www.theguardian.com/business/2023/mar/09/ 47 International Energy Agency, “Key Market Trends – Critical
from-near-shoring-to-friend-shoring-the-changing-face-of- 60 International Energy Agency, “World Energy Outlook 2023”, 2023, https://www.irena.org/Publications/2023/Sep/
Minerals Market Review 2023”, 2023, https://www.iea.org/
globalisation; Ana Swanson and Ivan Penn, “Solar Supply 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc- Renewable-energy-and-jobs-Annual-review-2023.
reports/critical-minerals-market-review-2023/key-market-trends.
Chain Grows More Opaque Amid Human Rights Concerns”, 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf. 70 International Renewable Energy Agency, “Renewable
48 International Energy Agency, “Critical Minerals – Topics”, accessed
New York Times, 1 August 2023, https://www.nytimes. 21 December 2023, https://www.iea.org/topics/critical-minerals. 61 Jennifer Mossalgue, “Cheap Solar Panels from China Are Energy and Jobs: Annual Review 2023”, 28 September
com/2023/08/01/business/economy/solar-xinjiang-china- All Over Europe – and Everyone Is Freaking Out”, Electrek, 2023, https://www.irena.org/Publications/2023/Sep/
49 International Energy Agency, “Key Market Trends – Critical
report.html. 8 February 2024, https://electrek.co/2024/02/08/cheap- Renewable-energy-and-jobs-Annual-review-2023.
Minerals Market Review 2023”, 2023, https://www.iea.
37 International Energy Agency, “World Energy Outlook 2023”, org/reports/critical-minerals-market-review-2023/key- solar-panels-from-china-are-all-over-europe; Reuters Events, 71 International Energy Agency, “Clean Energy Is Driving Job
2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc- market-trends; ‘Cobalt’, Trading Economics, 2024, https:// “Europe’s Solar Industry Warns of Imminent Closures; China’s Growth, but Skills Shortages Are a Major Barrier”, Energy
4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf. tradingeconomics.com/commodity/cobalt; ‘Lithium’, Output Rockets”, 7 February 2024, https://www.reutersevents. Post (blog), 24 November 2023, https://energypost.eu/clean-
38 International Energy Agency, “Executive Summary – Solar PV Trading Economics, 2024, https://tradingeconomics.com/ com/renewables/solar-pv/europes-solar-industry-warns- energy-is-driving-job-growth-but-skills-shortages-are-a-
Global Supply Chains”, 2022, https://www.iea.org/reports/ commodity/lithium; ‘Nickel’, Trading Economics, 2024, https:// imminent-closures-chinas-output-rockets. major-barrier.
solar-pv-global-supply-chains/executive-summary. tradingeconomics.com/commodity/nickel. 62 Reuters Events, “EU Must Hurl Solar Funding at Multiple 72 World Meteorological Organization, “2023
39 International Energy Agency, “Executive Summary – Solar PV 50 International Energy Agency, “Key Market Trends – Critical Headwinds to Compete Globally”, 28 June 2023, https:// Shatters Climate Records, with Major Impacts”,
Global Supply Chains”, 2022, https://www.iea.org/reports/ Minerals Market Review 2023”, 2023, https://www.iea.org/ www.reutersevents.com/renewables/solar-pv/eu-must- 27 November 2023, https://wmo.int/news/
solar-pv-global-supply-chains/executive-summary. reports/critical-minerals-market-review-2023/key-market-trends. hurl-solar-funding-multiple-headwinds-compete-globally. media-centre/2023-shatters-climate-records-major-impacts.
42
73 World Meteorological Organization, “2023 Shatters Climate 84 Zongyuan Zoe Liu, “Did the COP28 Summit Give a Boost “COP28: India, China Refrain from Signing Pledge to Triple 92 Renewable Energy Policy Network for the 21st Century
Records, with Major Impacts”, 27 November 2023, https:// to Renewable Energy Plans?” Council on Foreign Relations, World’s Renewable Energy Capacity by 2030”, The Economic (REN21), “Press Release: COP28 Sent Strong Signals for the
wmo.int/news/media-centre/2023-shatters-climate-records- 13 December 2023, https://www.cfr.org/article/renewable- Times, 2 December 2023, https://economictimes.indiatimes. Energy Transition but Much Work Lies Ahead to Set It on
major-impacts. energy-and-cop28. Snapshot: China and India from the com/industry/renewables/cop28-india-china-refrain- Course for a Fossil-Free and Renewables-Based Economies
74 World Meteorological Organization, “2023 Shatters Climate following sources: new pledge from COP 28 UAE, “Global from-signing-pledge-to-triple-worlds-renewable-energy- by 2050”, 13 December 2023, https://www.ren21.net/press-
Records, with Major Impacts”, 27 November 2023, https:// Renewables and Energy Efficiency Pledge”, https://www. capacity-by-2030/articleshow/105684216.cms; financial release-work-lies-ahead-to-set-it-on-course-for-a-fossil-free-
wmo.int/news/media-centre/2023-shatters-climate-records- cop28.com/en/global-renewables-and-energy-efficiency- demands from “India on Path to Triple Renewable Energy and-renewables-based-economies.
major-impacts. pledge; abstaining from Zi Lin, “Why China Didn’t Sign Capacity by 2030 but Faces Financing Hurdle: Report”, The 93 International Energy Agency, “World Energy Outlook 2023
75 World Meteorological Organization, “2023 Shatters Climate Global Pledge to Triple Renewables”, China Dialogue (blog), Economic Times, 29 November 2023, https://economictimes.
Free Dataset – Data Product”, accessed 19 December 2023,
Records, with Major Impacts”, 27 November 2023, https:// 13 December 2023, https://chinadialogue.net/en/energy/ indiatimes.com/industry/renewables/india-on-path-to-triple-
https://www.iea.org/data-and-statistics/data-product/
why-china-hasnt-signed-pledge-triple-renewables; China renewable-energy-capacity-by-2030-but-faces-financing-
wmo.int/news/media-centre/2023-shatters-climate-records- world-energy-outlook-2023-free-dataset-2.
new solar capacity from Bloomberg, “China Added More hurdle-report/articleshow/105584023.cms.
major-impacts. 94 REN21 Policy Database. See GSR 2024 Data Pack, available
Solar Panels in 2023 Than US Did in Its Entire History”, 85 Carbon Brief, “COP28: Key Outcomes Agreed at the UN
76 Uma Gupta, “US, India Launch Renewable Energy Carbon Brief, 2024, https://www.carbonbrief.org/daily-brief/ at www.ren21.net/gsr2024-data-pack/go. Figure 1 from idem.
Climate Talks in Dubai”, 13 December 2023, https://www.
Tech Platform”, pv magazine International, 1 September china-added-more-solar-panels-in-2023-than-us-did-in- 95 US Energy Information Administration, “Short-Term Energy
carbonbrief.org/cop28-key-outcomes-agreed-at-the-un-
2023, https://www.pv-magazine.com/2023/09/01/ its-entire-history; India new capacity from Colleen Howe, Outlook”, accessed 12 February 2024, https://www.eia.gov/
climate-talks-in-dubai.
us-india-launch-renewable-energy-tech-platform. “Explainer: The Numbers behind China’s Renewable Energy outlooks/steo/data.php?type=figures.
86 Ala AlShadfan, ‘COP28: Spain, Kenya and Samoa Join Beyond
77 Rachel Frazin, “US, China Agree to Bolster Renewables in Boom”, Reuters, 15 November 2023, https://www.reuters. 96 International Energy Agency, “Global Coal Demand Expected to
Oil and Gas Alliance’, Gas Outlook (blog), 2023, https://
Effort to Replace Fossil Fuels”, The Hill (blog), 15 November com/sustainability/climate-energy/numbers-behind- Decline in Coming Years”, 15 December 2023, https://www.iea.org/
gasoutlook.com/news/cop28-spain-kenya-and-samoa-join-
2023, https://thehill.com/policy/energy-environment/4310802- chinas-renewable-energy-boom-2023-11-15, and from beyond-oil-and-gas-alliance/. news/global-coal-demand-expected-to-decline-in-coming-years.
us-china-renewables-fossil-fuels-climate-change. Government of India, “Year End Review 2023 of Ministry
87 Marie Delcas, “Colombia Becomes the First Major Nation 97 International Energy Agency, “After Peak in Mature Markets,
78 Zoya Mirza, “131 Companies Press for 100% Decarbonized Power of New & Renewable Energy”, 3 January 2024, https://
to Join the Fossil Fuel Non-Proliferation Coalition”, Le Global Gas Demand Is Set for Slower Growth in Coming
Systems in All Countries by 2040”, Utility Dive, 27 October 2023, pib.gov.in/PressReleasePage.aspx?PRID=1992732; New
Monde, 15 December 2023, https://www.lemonde.fr/en/ Years”, 10 October 2023, https://www.iea.org/news/after-
https://www.utilitydive.com/news/coalition-131-companies-urges- Delhi declaration, supportive transitions and investments in
environment/article/2023/12/15/colombia-becomes-the- peak-in-mature-markets-global-gas-demand-is-set-for-
governments-accelerate-decarbonization-COP28/697777. unabated plants from Joe Lo, “Why Didn’t China and India
first-major-nation-to-join-the-fossil-fuel-non-proliferation- slower-growth-in-coming-years.
79 Renewable Energy Policy Network for the 21st Century Sign Cop28 Tripling Renewables Pledge?” Climate Home
coalition_6345250_114.html. 98 International Energy Agency, “Major Growth of Clean Energy
(REN21), “Press Release: COP28 Sent Strong Signals for the News, 11 December 2023, https://www.climatechangenews.
88 Carbon Brief, “COP28: Key Outcomes Agreed at the UN Limited the Rise in Global Emissions in 2023”, 1 March 2024,
Energy Transition but Much Work Lies Ahead to Set It on com/2023/12/11/why-didnt-china-and-india-sign-cop28-
Climate Talks in Dubai”, 13 December 2023, https://www. https://www.iea.org/news/major-growth-of-clean-energy-
Course for a Fossil-Free and Renewables-Based Economies tripling-renewables-pledge; collective emissions from
carbonbrief.org/cop28-key-outcomes-agreed-at-the-un- limited-the-rise-in-global-emissions-in-2023.
by 2050”, 13 December 2023, https://www.ren21.net/press- Worldometer, “CO2 Emissions by Country”, accessed
climate-talks-in-dubai.
release-work-lies-ahead-to-set-it-on-course-for-a-fossil-free- 21 December 2023, https://www.worldometers.info/co2- 99 International Energy Agency, “CO2 Emissions in 2023”, 2023,
emissions/co2-emissions-by-country; China on track, and 89 Climate Action Tracker, “COP28 Initiatives Will Only Reduce https://www.iea.org/reports/co2-emissions-in-2023.
and-renewables-based-economies.
doubts, from Li Shuo, “Three Observations on China at Emissions If Followed Through”, accessed 9 January 2024,
80 Zongyuan Zoe Liu, “Did the COP28 Summit Give a 100 International Energy Agency, “CO2 Emissions in 2023”, 2023,
COP28”, Asia Society, 2023, https://asiasociety.org/policy- https://climateactiontracker.org/publications/cop28-initiatives-
Boost to Renewable Energy Plans?” Council on Foreign create-buzz-will-only-reduce-emissions-if-followed-through. https://www.iea.org/reports/co2-emissions-in-2023.
institute/three-observations-china-cop28, and from Isaac
Relations, 13 December 2023, https://www.cfr.org/article/ 90 Zero Carbon Analytics, "COP28: Assessment of the Oil 101 International Energy Agency, “World Energy Outlook 2023t”,
Hanson, “Explainer: How China Is Quietly Becoming a
renewable-energy-and-cop28. and Gas Decarbonization Charter", 4 December 2023, accessed 19 December 2023, https://iea.blob.core.windows.
Green Energy Powerhouse”, Energy Monitor, 2024, https://
81 United Nations Climate Change, “COP 28: What Was https://zerocarbon-analytics.org/archives/energy/cop28- net/assets/86ede39e-4436-42d7-ba2a-edf61467e070/
www.energymonitor.ai/newsletters/explainer-how-china-
Achieved and What Happens Next?”, accessed 14 March is-quietly-becoming-a-renewables-powerhouse; structural assessment-of-the-oil-and-gas-decarbonization-charter. WorldEnergyOutlook2023.pdf
2024, https://unfccc.int/cop28/5-key-takeaways. shifts, complicate progress and UNFCCC preference from 91 Andy Colthorpe, “EC, Australia, US and Canada Back Global 102 Renewable Energy Policy Network for the 21st Century
82 International Energy Agency, “IEA Assessment of the Evolving Shuo, op. cit. this note; India hesitation from Mohan Vishwa, Initiative to Promote Battery Storage”, Energy Storage News, (REN21), “Global Status Report 2023: Renewables in Energy
Pledges at COP28”, 10 December 2023, https://www.iea.org/ “India & China Skip Renewable Power Pledge, 118 Nations 8 December 2023, https://www.energy-storage.news/ Demand”, 2023, https://www.ren21.net/gsr-2023/modules/
news/iea-assessment-of-the-evolving-pledges-at-cop28. Sign”, Times of India, 3 December 2023, https://timesofindia. ec-australia-us-and-canada-back-global-initiative-to-promote- energy_demand; International Energy Agency, “World Energy
83 International Energy Agency, “IEA Assessment of the Evolving indiatimes.com/india/india-china-skip-renewable-power- battery-storage; GDN Online, “UAE Business: Global Power Outlook 2023 Free Dataset – Data Product”, accessed 19
Pledges at COP28”, 10 December 2023, https://www.iea.org/ pledge-118-nations-sign/articleshow/105685354.cms; lack Utilities in Joint Action to Drive Energy Transition”, 5 December December 2023, https://www.iea.org/data-and-statistics/
news/iea-assessment-of-the-evolving-pledges-at-cop28. of specificity from 2023 Climate Change Media Partnership, 2017, https://www.gdnonline.com/Details/1297561. data-product/world-energy-outlook-2023-free-dataset-2.
43
103 REN21 Policy Database. See GSR 2024 Data Pack, available 117 Ember, “Global Electricity Review 2023”, 11 April 2023, 128 International Energy Agency, “World Energy Outlook 2023”, 139 International Energy Agency, “World Energy Outlook 2023”,
at www.ren21.net/gsr2024-data-pack/go. https://ember-climate.org/insights/research/global-electricity- 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc- 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc-
104 REN21 Policy Database. See GSR 2024 Data Pack, available review-2023. 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf. 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf.
at www.ren21.net/gsr2024-data-pack/go; International 118 Ember, “Global Electricity Review 2023”, 11 April 2023, 129 IEA, “World Energy Balances 2021: Extended Energy 140 International Monetary Fund, “World Economic Outlook,
Energy Agency, “World Energy Balance 2023”, 2023, https://ember-climate.org/insights/research/global-electricity- Balances”, August 2023, https://www.iea.org/data-and- October 2023: Navigating Global Divergences”, 2023, https://
https://www.iea.org/data-and-statistics/data-product/ review-2023. statistics/data-product/world-energy-balances, all rights www.imf.org/en/Publications/WEO/Issues/2023/10/10/
world-energy-balances. 119 International Renewable Energy Agency, “Renewable Capacity reserved, as modified by the Renewable Energy Policy world-economic-outlook-october-2023.
105 REN21 Policy Database. See GSR 2024 Data Pack, available Statistics 2024”, 27 March 2024, https://www.irena.org/ Network for the 21st Century (REN21); REN21 Policy 141 International Energy Agency, “Electricity Grids and Secure
at www.ren21.net/gsr2024-data-pack/go. Publications/2024/Mar/Renewable-capacity-statistics-2024. Database. See GSR 2024 Data Pack, available at www.ren21. Energy Transitions Report”, 2023, https://iea.blob.core.
106 REN21 Policy Database. See GSR 2024 Data Pack, available 120 International Renewable Energy Agency, “Renewable Capacity net/gsr2024-data-pack/go. windows.net/assets/ea2ff609-8180-4312-8de9-494bcf21696d/
at www.ren21.net/gsr2024-data-pack/go; International Statistics 2024”, 27 March 2024, https://www.irena.org/ 130 REN21 Policy Database. See GSR 2024 Data Pack, available ElectricityGridsandSecureEnergyTransitions.pdf; Andreas Tang,
Energy Agency, “World Energy Balance 2023 Free Dataset – Publications/2024/Mar/Renewable-capacity-statistics-2024. at www.ren21.net/gsr2024-data-pack/go. “EU Grid Action Plan Will Help Renewables, but Urgent Action
Data Product”, accessed 19 December 2023, https://www.iea. 121 REN21 Policy Database. See GSR 2024 Data Pack, 131 Laura Cozzi et al., “Access to Electricity Improves Slightly in Needed on Excessive Connection Queues”, WindEurope,
org/data-and-statistics/data-product/world-energy-balances. available at www.ren21.net/gsr2024-data-pack/go 2024; 2023, but Still Far from the Pace Needed to Meet SDG7”, 28 November 2023, https://windeurope.org/newsroom/press-
107 International Energy Agency, “World Energy Outlook 2023”, International Energy Agency, “World Energy Outlook 2023 International Energy Agency, 15 December 2023, https://www. releases/eu-grid-action-plan-will-help-renewables-but-urgent-
2023, https://www.iea.org/data-and-statistics/data-product/ Free Dataset – Data Product”, accessed 19 December 2023, iea.org/commentaries/access-to-electricity-improves-slightly- action-needed-on-excessive-connection-queues. Sidebar 1
world-energy-balances. https://www.iea.org/data-and-statistics/data-product/ in-2023-but-still-far-from-the-pace-needed-to-meet-sdg7. from the following sources: 3,000 GW and at least five times
108 REN21 Policy Database. See GSR 2024 Data Pack, available world-energy-outlook-2023-free-dataset-2. from International Energy Agency, “Electricity Grids and Secure
132 Laura Cozzi et al., “Access to Electricity Improves Slightly in
at www.ren21.net/gsr2024-data-pack/go. 122 International Energy Agency, “World Energy Outlook 2023”, Energy Transitions Report”, op. cit. this note; Infrastructure
2023, but Still Far from the Pace Needed to Meet SDG7”,
109 REN21 Policy Database. See GSR 2024 Data Pack, available 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc- funding from BloombergNEF, “Energy Transition Investment
International Energy Agency, 15 December 2023, https://www.
at www.ren21.net/gsr2024-data-pack/go. 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf. Trends 2024”, 2024, https://about.bnef.com/energy-transition-
iea.org/commentaries/access-to-electricity-improves-slightly-
110 International Energy Agency, “World Energy Balance 2023 123 International Energy Agency, “World Energy Outlook 2023”, investment; United Kingdom from Esme Stallard and Justin
in-2023-but-still-far-from-the-pace-needed-to-meet-sdg7.
Free Dataset – Data Product”, accessed 19 December 2023, 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc- Rowlatt, “Renewable Energy Projects Worth Billions Stuck on
133 International Energy Agency, “SDG7 Database – Data
https://www.iea.org/data-and-statistics/data-product/ 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf. Hold”, BBC News, 10 May 2023, https://www.bbc.com/news/
Product”, accessed 15 December 2023, https://www.iea.org/
world-energy-balances. 124 Nick Carey, “Global Electric Car Sales Rose 31% in science-environment-65500339; 500 GW, 1,000 GW and
data-and-statistics/data-product/sdg7-database.
111 Ember, “Global Electricity Review 2023”, 11 April 2023, 2023 – Rho Motion”, Reuters, 11 January 2024, https:// 1,500 GW from International Energy Agency, “Electricity Grids
134 Renewable Energy Policy Network for the 21st Century (REN21), and Secure Energy Transitions Report”, op. cit. this note; grid
https://ember-climate.org/insights/research/global-electricity- www.reuters.com/business/autos-transportation/
“Global Status Report 2023: Economic and Social Value upgrades from Stallard and Rowlatt, op. cit. this note; France
review-2023. global-electric-car-sales-rose-31-2023-rho-motion-2024-01-11.
Creation Module”, 2023, https://www.ren21.net/wp-content/ and Germany from International Energy Agency, “Electricity
112 International Energy Agency, “World Energy Outlook 2023 125 Roland Irle, “Global EV Sales for 2023”, EV-Volumes, https:// uploads/2019/05/GSR2023_EconSocialValueCreation_Full_ Grids and Secure Energy Transitions Report”, op. cit. this note;
Free Dataset – Data Product”, accessed 19 December 2023, www.ev-volumes.com/#:~:text=EV%20shares%20still%20
Report_with_endnotes_web.pdf. EU and United States from Tang, op. cit. this note.
https://www.iea.org/data-and-statistics/data-product/ continued%20to,the%20Nordic%20countries%20in%20Europe.
world-energy-outlook-2023-free-dataset-2. 135 Organisation for Economic Co-operation and Development 142 International Energy Agency, “1,500GW of Renewables
126 World Bank, “New Research: Economic Viability of Electric
113 Ember, “Global Electricity Review 2023”, 11 April 2023, (OECD) Development Assistance Committee (DAC) Creditor Deployment Delayed Globally Because Grids Aren’t Modernising
Vehicles Is Strong and Improving in Many Developing
https://ember-climate.org/insights/research/global-electricity- Reporting System (CRS) database, https://stats.oecd.org/ Fast Enough”, Energy Post (blog), 24 October 2023, https://
Countries”, 10 November 2022, https://www.worldbank.
review-2023. Index.aspx?DataSetCode=CRS1, processed by REN21. energypost.eu/1500gw-or-renewables-deployment-delayed-
org/en/news/press-release/2022/11/11/new-research-
114 Ember, “Global Electricity Review 2023”, 11 April 2023, economic-viability-of-electric-vehicles-is-strong-and- 136 International Energy Agency, “A Vision for Clean globally-because-grids-arent-modernising-fast-enough.
https://ember-climate.org/insights/research/global-electricity- improving-in-many-developing-countries; International Cooking Access for All”, 2023, https://www.iea.org/ 143 International Energy Agency, “Electricity Grids and Secure
review-2023. Energy Agency, “Trends in Electric Light-Duty Vehicles – reports/a-vision-for-clean-cooking-access-for-all. Energy Transitions Report”, 2023, https://iea.blob.core.
115 Ember, “Global Electricity Review 2023”, 11 April 2023, Global EV Outlook 2023”, 2023, https://prod.iea.org/reports/ 137 International Energy Agency, “SDG7 Database – Data windows.net/assets/ea2ff609-8180-4312-8de9-494bcf21696d/
https://ember-climate.org/insights/research/global-electricity- global-ev-outlook-2023/trends-in-electric-light-duty-vehicles. Product”, accessed 15 December 2023, https://www.iea.org/ ElectricityGridsandSecureEnergyTransitions.pdf.
review-2023. 127 International Energy Agency, “Trends in Electric Light-Duty data-and-statistics/data-product/sdg7-database. 144 International Energy Agency, “Electricity Grids and Secure
116 Ember, “Global Electricity Review 2023”, 11 April 2023, Vehicles – Global EV Outlook 2023”, 2023, https://prod.iea.org/ 138 International Energy Agency, “SDG7 Database – Data Energy Transitions Report”, 2023, https://iea.blob.core.
https://ember-climate.org/insights/research/global-electricity- reports/global-ev-outlook-2023/trends-in-electric-light-duty- Product”, accessed 15 December 2023, https://www.iea.org/ windows.net/assets/ea2ff609-8180-4312-8de9-494bcf21696d/
review-2023. vehicles. data-and-statistics/data-product/sdg7-database. ElectricityGridsandSecureEnergyTransitions.pdf.
44
145 Devianti Faridz, “Facing Climate Change, ASEAN Starts 155 International Energy Agency, “Executive Summary – Global 167 Siemens USA, “New Business Models for Municipal Utilities”, 180 GOV.UK, "Powering Up Britain", 4 April 2023, https://www.
Cooperating on Regional Power-Sharing Grid”, Voice of Hydrogen Review 2023”, 2023, https://www.iea.org/reports/ accessed 20 December 2023, https://www.siemens.com/us/ gov.uk/government/publications/powering-up-britain;
America, 4 October 2023, https://www.voanews.com/a/ global-hydrogen-review-2023/executive-summary. en/industries/municipalities-dsos/business-models.html. International Energy Agency, "Amendment to the Energy
facing-climate-change-asean-starts-cooperating-on- 156 International Energy Agency, “Executive Summary – Global 168 pv Europe, “Denmark – Power2X Plant for Green Fuels and Conservation Act – Policies", 8 May 2023, https://www.iea.
regional-power-sharing-grid/7297628.html. Hydrogen Review 2023”, 2023, https://www.iea.org/reports/ District Heating”, 10 January 2023, https://www.pveurope.eu/ org/policies/17441-amendment-to-the-energy-conservation-
146 Morgan Lewis, “The Rise of Energy Storage”, 2023, global-hydrogen-review-2023/executive-summary. power2heat/denmark-power2x-plant-green-fuels-and- act; Think Tank | Parlement europ.en, "EU carbon border
district-heating. adjustment mechanism: Implications for climate and
https://www.morganlewis.com/pubs/2023/03/ 157 Hydrogen Council, “Hydrogen Insights December
2023”, 2023, https://hydrogencouncil.com/wp-content/ 169 pv Europe, “Denmark – Power2X Plant for Green Fuels and competitiveness", 13 June 2023, https://www.europarl.europa.
the-rise-of-energy-storage.
uploads/2023/12/Hydrogen-Insights-Dec-2023-Update.pdf. District Heating”, 10 January 2023, https://www.pveurope.eu/ eu/thinktank/fr/document/EPRS_BRI(2022)698889.
147 International Hydropower Association, “2023 World power2heat/denmark-power2x-plant-green-fuels-and-
Hydropower Outlook”, 2023, https://indd.adobe.com/ 158 International Energy Agency, “Executive Summary – Global 181 International Energy Agency, “Photovoltaics on the Roof
district-heating. Programme – Policies”, 11 May 2023, https://www.iea.org/
view/4201016f-a51a-4f6f-998b-ec85219d1dfd; International Hydrogen Review 2023”, 2023, https://www.iea.org/reports/
170 International Energy Agency, “Executive Summary – World policies/17357-photovoltaics-on-the-roof-programme;
Energy Agency, “Grid-scale Storage”, accessed 18 December global-hydrogen-review-2023/executive-summary.
Energy Outlook 2023”, 2023, https://www.iea.org/reports/ European Commission, “Commission Approves €1.7 Billion
2023, https://www.iea.org/energy-system/electricity/grid- 159 International Energy Agency, “Executive Summary – Global world-energy-outlook-2023/executive-summary.
Hydrogen Review 2023”, 2023, https://www.iea.org/reports/ Italian State Aid Scheme”, 10 November 2023, https://
scale-storage; International Energy Agency, “Annual Grid- 171 International Energy Agency, “Executive Summary – World
global-hydrogen-review-2023/executive-summary. ec.europa.eu/commission/presscorner/detail/en/ip_23_5451.
scale Battery Storage Additions, 2017-2022”, updated 10 Energy Outlook 2023”, 2023, https://www.iea.org/reports/
160 International Energy Agency, “Executive Summary – Global 182 International Energy Agency, “IEA Policies Database”,
July 2023, https://www.iea.org/data-and-statistics/charts/ world-energy-outlook-2023/executive-summary.
Hydrogen Review 2023”, 2023, https://www.iea.org/reports/ accessed 2 January 2024, https://www.iea.org/policies.
annual-grid-scale-battery-storage-additions-2017-2022. 172 International Energy Agency, “World Energy Outlook 2023”,
global-hydrogen-review-2023/executive-summary. 2023, https://iea.blob.core.windows.net/assets/42b23c45-78bc- 183 European Commission – Agriculture and Rural Development,
148 McKinsey, “Enabling Renewable Energy with Battery Energy
161 Angela Symons, “What Is ‘White Hydrogen’ and Could It Be 4482-b0f9-eb826ae2da3d/WorldEnergyOutlook2023.pdf. “Common Agricultural Policy for 2023-2027 – 28 CAO Strategic
Storage Systems”, 2 August 2023, https://www.mckinsey.com/
a Fuel of the Future?” euronews, 6 November 2023, https:// 173 US Environmental Protection Agency, “Summary of Inflation Plans at a Glance”, 2022, https://agriculture.ec.europa.eu/
industries/automotive-and-assembly/our-insights/enabling-
www.euronews.com/green/2023/11/05/what-is-white- Reduction Act Provisions Related to Renewable Energy”, system/files/2022-12/csp-at-a-glance-eu-countries_en.pdf.
renewable-energy-with-battery-energy-storage-systems.
hydrogen-the-pros-and-cons-of-europes-latest-clean- Overviews and Factsheets, 2023, https://www.epa.gov/ 184 REN21 Policy Database. See GSR 2024 Data Pack, available
149 McKinsey, “Enabling Renewable Energy with Battery Energy
energy-source. green-power-markets/summary-inflation-reduction-act- at www.ren21.net/gsr2024-data-pack/go.
Storage Systems”, 2 August 2023, https://www.mckinsey.com/
162 Alison F. Takemura, “Is Clean Hydrogen a Climate Solution? provisions-related-renewable-energy; International Energy 185 REN21 Policy Database. See GSR 2024 Data Pack, available
industries/automotive-and-assembly/our-insights/enabling- Agency, "World Energy Investment 2023", May 2023, https://
Depends How It’s Made – and Used”, Canary Media, 30 at www.ren21.net/gsr2024-data-pack/go.
renewable-energy-with-battery-energy-storage-systems. www.iea.org/reports/world-energy-investment-2023.
January 2024, https://www.canarymedia.com/articles/ 186 European Council, “Renewable Energy: Council Adopts
150 McKinsey, “Enabling Renewable Energy with Battery Energy 174 International Energy Agency, "World Energy Investment
hydrogen/is-clean-hydrogen-a-climate-solution-depends- New Rules”, 9 October 2023, https://www.consilium.
Storage Systems”, 2 August 2023, https://www.mckinsey.com/ 2023",, May 2023, https://www.iea.org/reports/
how-its-made-and-used. europa.eu/en/press/press-releases/2023/10/09/
industries/automotive-and-assembly/our-insights/enabling- world-energy-investment-2023. renewable-energy-council-adopts-new-rules.
163 Alison F. Takemura, “Is Clean Hydrogen a Climate Solution?
renewable-energy-with-battery-energy-storage-systems. 175 REN21 Policy Database. See GSR 2024 Data Pack, available
Depends How It’s Made – and Used”, Canary Media, 30 187 International Energy Agency, “IEA Policies Database”,
151 Jiri Opletal, “Sodium-ion Batteries Are Real in China. BYD at www.ren21.net/gsr2024-data-pack/go.
January 2024, https://www.canarymedia.com/articles/ accessed 2 January 2024, https://www.iea.org/policies.
to Build 30 GWh Sodium Battery Plant”, CarNewsChina, 176 REN21 Policy Database. See GSR 2024 Data Pack, available
hydrogen/is-clean-hydrogen-a-climate-solution-depends- 188 International Energy Agency, “Regulation Regarding
20 November 2023, https://carnewschina.com/2023/11/20/ at www.ren21.net/gsr2024-data-pack/go.
how-its-made-and-used. Petroleum Products Specification and Standards for
sodium-ion-batteries-are-real-in-china-byd-to-build-30-gwh- 177 Selin Oğuz, “Progress on 2030 Renewable Energy Targets by
164 Khalid Waleed, “Solution to Energy Crisis”, Daily Times, Implementation – Policies”, 2 February 2023, https://www.iea.
sodium-battery-plant. Country”, Visual Capitalist, 8 November 2023, https://www.
8 April 2023, https://dailytimes.com.pk/1082028/ org/policies/16933-regulation-regarding-petroleum-products-
152 International Energy Agency, “Trends in Charging Infrastructure visualcapitalist.com/progress-on-2030-renewable-energy-
solution-to-energy-crisis-2. targets-by-country. specification-and-standards-for-implementation.
– Global EV Outlook 2023”, 2023, https://www.iea.org/reports/ 165 IRENA Coalition for Action, “Sector Coupling”, December 189 Biofuels International, “New Swedish Government to Reduce
178 Ewa Krukowska and John Ainger, “EU States Off Track for
global-ev-outlook-2023/trends-in-charging-infrastructure. 2022, https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn- Biofuel Mandates”, 9 May 2023, https://biofuels-news.com/
Hitting Climate and Clean Energy Goals, Bloomberg News,
153 International Energy Agency, “Trends in Charging Infrastructure endpoint.azureedge.net/-/media/Files/IRENA/Coalition-for- 18 December 2023, https://www.bnnbloomberg.ca/eu-states- news/new-swedish-government-to-reduce-biofuel-mandates.
– Global EV Outlook 2023”, 2023, https://www.iea.org/reports/ Action/Publication/IRENA_Coalition_sector_coupling_2022. off-track-for-hitting-climate-and-clean-energy-goals-1.2013066. 190 European Parliament, “70% of Jet Fuels at EU Airports
global-ev-outlook-2023/trends-in-charging-infrastructure. pdf?rev=e228888a1cea417ebbef42cb69e99c89 179 REN21 Policy Database. See GSR 2024 Data Pack, available Will Have to Be Green by 2050”, 13 September 2023,
154 International Energy Agency, “Trends in Charging Infrastructure 166 StartUs Insights, “Top 10 Electrification Trends in 2023”, at www.ren21.net/gsr2024-data-pack/go; International Energy https://www.europarl.europa.eu/news/en/press-
– Global EV Outlook 2023”, 2023, https://www.iea.org/reports/ 26 December 2022, https://www.startus-insights.com/ Agency, "Buildings", 2023, https://www.iea.org/energy-system/ room/20230911IPR04913/70-of-jet-fuels-at-eu-airports-will-
global-ev-outlook-2023/trends-in-charging-infrastructure. innovators-guide/electrification-trends. buildings. have-to-be-green-by-2050.
45
191 REN21 Policy Database. See GSR 2024 Data Pack, available Progress”, July 2023, https://www.sseg.org.za/wp-content/ premiums-feed-in-tariffs/; Gwénaëlle Deboutte, “France 215 International Energy Agency, “Electricity Grids and Secure
at www.ren21.net/gsr2024-data-pack/go. uploads/2023/07/SALGA-Status-of-Wheeling-Report- Unveils New FIT Rates for PV Systems up to 500 kW”, Energy Transitions Report”, 2023, https://iea.blob.core.
192 "Renewable Energy: Council Adopts New July-2023.pdf; electric vehicles and export market challenges pv magazine International, 1 March 2023, https://www. windows.net/assets/ea2ff609-8180-4312-8de9-494bcf21696d/
Rules", 9 October 2023, https://www.consilium. from Department of Trade, Industry and Competition, pv-magazine.com/2023/03/01/france-unveils-new-fit-rates- ElectricityGridsandSecureEnergyTransitions.pdf.
europa.eu/en/press/press-releases/2023/10/09/ “Electric Vehicles White Paper”, November 2023, https:// for-pv-systems-up-to-500-kw; Carlo Cariaga, “New YEKDEM
216 European Council, “Electricity Market Reform”, 21 December
renewable-energy-council-adopts-new-rules. www.thedtic.gov.za/wp-content/uploads/EV-White-Paper. Scheme Announced for Renewables in Türkiye”, Think
2023, https://www.consilium.europa.eu/en/policies/electricity-
pdf; increase in registrations from Department of Mineral GeoEnergy, 3 May 2023, https://www.thinkgeoenergy.com/
193 REN21 Policy Database. See GSR 2024 Data Pack, available new-yekdem-scheme-announced-for-renewables-in-turkiye. market-reform.
at www.ren21.net/gsr2024-data-pack/go. Resources & Energy, op. cit. this note; seventh round from 217 European Council, “Electricity Market Reform”, 21 December
Emiliano Bellini, “South Africa Launches Tender for 1.8 GW of 207 Satish Shetty, “Greenko, ACME, Reliance Among Winners
194 Sarah Azau, “German Heating Law: Watered Down but of SECI’s Green Hydrogen Manufacturing Auction”, Mercom 2023, https://www.consilium.europa.eu/en/policies/electricity-
End Goal Unchanged”, European Heat Pump Association, Solar”, pv magazine International, 15 December 2023, https:// market-reform.
India, 2 January 2024, https://mercomindia.com/greenko-
12 September 2023, https://www.ehpa.org/news-and- www.pv-magazine.com/2023/12/15/south-africa-launches-
acme-reliance-winners-secis-green-hydrogen-auction; 218 European Commission, “Trans-European Networks for
resources/news/german-heating-law-watered-down-but- tender-for-1-8-gw-of-solar; roll-out from Lameez Omarjee, Harry Aposporis, “Greece Announces Timetable, Prices Energy”, accessed 9 January 2024, https://energy.ec.europa.
end-goal-unchanged. “Ramaphosa’s Climate Advisors to Push for Massive Rollout for Renewable Energy Auctions”, Balkan Green Energy eu/topics/infrastructure/trans-european-networks-energy_en.
195 REN21 Policy Database. See GSR 2024 Data Pack, available of Renewables in Energy Plan”, news24, 15 May 2023, https:// News, 22 May 2023, https://balkangreenenergynews.com/
www.news24.com/fin24/climate_future/energy/ramaphosas- 219 European Commission, “Trans-European Networks for
at www.ren21.net/gsr2024-data-pack/go. greece-announces-timetable-prices-for-renewable-energy-
climate-advisors-to-push-for-massive-rollout-of-renewables- auctions; Joel Cela, “Albania Announces Results of First Energy”, accessed 9 January 2024, https://energy.ec.europa.
196 International Energy Agency, “Industry – Energy eu/topics/infrastructure/trans-european-networks-energy_en.
in-energy-plan-20230515. Onshore Wind Auction”, European Bank for Reconstruction
System”, accessed 5 January 2024, https://www.iea.org/
198 European Commission, “Net-Zero Industry Act”, accessed and Development, 26 July 2023, https://www.ebrd.com/ 220 European Commission, “Actions to Accelerate the Roll-out of
energy-system/industry.
5 January 2024, https://commission.europa.eu/strategy- news/2023/albania-announces-results-of-first-onshore- Electricity Grids”, 28 November 2023, https://ec.europa.eu/
197 Snapshot: South Africa from the following sources: wind-auction.html; Mike Parr, “Romania to Launch First CfD commission/presscorner/detail/en/ip_23_6044.
coal mining jobs and generation from Bernard Kengni, and-policy/priorities-2019-2024/european-green-deal/
green-deal-industrial-plan/net-zero-industry-act_en. Renewable Energy Auction”, pv magazine International, 10 221 International Energy Agency, “Executive Summary – Global
“Transition from Coal to Renewables: Is South Africa August 2023, https://www.pv-magazine.com/2023/08/10/
Ready?” University of Cape Town, 15 February 2023, https:// 199 GOV.UK, “Powering Up Britain”, 4 April 2023, https://www. Hydrogen Review 2023”, 2023, https://www.iea.org/reports/
romania-to-launch-first-cfd-renewable-energy-auction.
law.uct.ac.za/mineral-law/articles/2023-02-15-transition- gov.uk/government/publications/powering-up-britain. global-hydrogen-review-2023/executive-summary.
208 International Energy Agency, “Policy Database – Data &
coal-renewables-south-africa-ready, and from David 200 REN21 Policy Database. See GSR 2024 Data Pack, available 222 International Energy Agency, “IEA Policies Database”,
Statistics”, accessed 9 January 2024, https://www.iea.org/
Pilling, “The Cost of Getting South Africa to Stop Using at www.ren21.net/gsr2024-data-pack/go. policies. accessed 2 January 2024, https://www.iea.org/policies.
Coal”, Financial Times, 2 November 2022, https://www. 201 REN21 Policy Database. See GSR 2024 Data Pack, available 209 International Energy Agency, “2023 Subsidies for Large- 223 International Energy Agency, “Power-to-X Tender – Policies”, 9
ft.com/content/3c64950c-2154-4757-bf25-d93c7850be8f; at www.ren21.net/gsr2024-data-pack/go. Figure 3 from idem. Scale Solar PV – Policies”, 12 May 2023, https://www.iea.org/ May 2023, https://www.iea.org/policies/15185-power-to-x-tender.
coal reliant from Tomiwa Sunday Adebayo et al., “Coal 202 Carbon Brief, “COP28: Key Outcomes Agreed at the UN policies/17476-2023-subsidies-for-large-scale-solar-pv. 224 International Energy Agency, “Support Scheme to Rail
Consumption and Environmental Sustainability in South Climate Talks in Dubai”, 13 December 2023, https://www. 210 Energy Markets & Policy, “U.S. State Renewables Transport Operators – Policies”, 15 May 2023, https://www.iea.
Africa: The Role of Financial Development and Globalization”, carbonbrief.org/cop28-key-outcomes-agreed-at-the-un- Portfolio & Clean Electricity Standards: 2023 Status org/policies/17540-support-scheme-to-rail-transport-operators.
International Journal of Renewable Energy Development climate-talks-in-dubai. Update”, 2023, https://emp.lbl.gov/publications/ 225 European Commission, “Commission Launches First
10, no. 3 (1 August 2021): 527–36, https://doi.org/10.14710/ us-state-renewables-portfolio-clean. European Hydrogen Bank Auction”, 23 November 2023,
203 Carbon Brief, “COP28: Key Outcomes Agreed at the UN
ijred.0.34982; power supply crisis from Kozak Arwen, 211 National Conference of State Legislatures, “State Renewable
Climate Talks in Dubai”, 13 December 2023, https://www. https://ec.europa.eu/commission/presscorner/detail/en/
“Shedding the Load: Power Shortages Widen Divides in Portfolio Standards and Goals”, 13 August 2021, https://www.
carbonbrief.org/cop28-key-outcomes-agreed-at-the-un- IP_23_5982.
South Africa”, Kleinman Center for Energy Policy (blog), 28 ncsl.org/energy/state-renewable-portfolio-standards-and-goals.
climate-talks-in-dubai. 226 US Department of the Treasury, “U.S. Department of the
July 2023, https://kleinmanenergy.upenn.edu/news-insights/ 212 REN21 Policy Database. See GSR 2024 Data Pack, available
shedding-the-load-power-shortages-widen-divides-in-south- 204 REN21 Policy Database. See GSR 2024 Data Pack, available at www.ren21.net/gsr2024-data-pack/go. Treasury, IRS Release Guidance on Hydrogen Production
africa; REIPPPP from Department of Mineral Resources & at www.ren21.net/gsr2024-data-pack/go. Credit to Drive American Innovation and Strengthen Energy
213 Elizabeth Mbithe, “Kenya Gazettes Regulations for Solar
Energy, “Draft South African Renewable Energy Masterplan 205 REN21 Policy Database. See GSR 2024 Data Pack, available Water Heating Industry”, Pumps Africa (blog), 16 January Security”, 14 December 2023, https://home.treasury.gov/
(SAREM)”, 7 July 2023, https://www.dmr.gov.za/Portals/0/ at www.ren21.net/gsr2024-data-pack/go. 2023, https://pumps-africa.com/solar-water-heating-industry. news/press-releases/jy2010.
Resources/Renewable%20Energy%20Masterplan%20 206 Balkan Green Energy News, “Serbia Issues Quota 214 Government of Ireland, “Government Agrees to the 227 James Burgess, “UK Sets out Support Mechanism for
(SAREM)/South%20African%20Renewable%20Energy%20 for Upcoming Solar Power Auction, Adopts Rules on Introduction of an Obligation on the Heat Sector by 2024”, 3 Low-Carbon Hydrogen Production”, S&P Global, 10 August
Masterplan%20(SAREM)%20Draft%20III.pdf; wheeling from Balancing, Premiums, Feed-in Tariffs”, 2 June 2023, https:// November 2022, https://www.gov.ie/en/press-release/83757- 2023, https://www.spglobal.com/commodityinsights/en/
South African Local Government Association, “Wheeling balkangreenenergynews.com/serbia-issues-quota-for- government-agrees-to-the-introduction-of-an-obligation-on- market-insights/latest-news/natural-gas/081023-uk-sets-out-
in South African Municipalities: Overview and Status of upcoming-solar-power-auction-adopts-rules-on-balancing- the-heat-sector-by-2024. support-mechanism-for-low-carbon-hydrogen-production.
46
228 International Energy Agency, “Executive Summary – Global publications/esg/indonesia-carbon-pricing.pdf; Nic Fildes, financial-headwinds-for-renewables-investors-what-s-the-way- SDG 17.2 from United Nations, https://sdgs.un.org/goals/
Hydrogen Review 2023”, 2023, https://www.iea.org/reports/ “Australia Recalibrates Safeguard Mechanism to Hit Carbon forward. goal17#targets_and_indicators; total renewables finance from
global-hydrogen-review-2023/executive-summary. Targets”, Financial Times, 15 June 2023, https://www.ft.com/ 254 Charlotte Gardes-Landolfini Yu Pierpaolo Grippa, William BloombergNEF, “Energy Transition Investment”, 26 January
229 Figure 4 from REN21 Policy Database. See GSR 2024 Data content/e2e0feab-f6f6-417f-b208-eee5340ccb4e. Oman, Sha, ‘Energy Transition and Geoeconomic 2023, https://about.bnef.com/energy-transition-investment;
Pack, available at www.ren21.net/gsr2024-data-pack/go. 240 GOV.UK, “New UK Levy to Level Carbon Pricing”, Fragmentation: Implications for Climate Scenario Design’, multilateral banks moving away from fossil fuel development
230 Georgian Government, “Georgia’s Long-Term Low Emission 19 December 2023, https://www.gov.uk/government/ IMF, accessed 7 March 2024, https://www.imf.org/en/ finance from I4CE Institute for Climate Economics, “The Latest
Development Strategy”, European Union and United Nations news/new-uk-levy-to-level-carbon-pricing. Publications/staff-climate-notes/Issues/2023/11/16/Energy- Data on Fossil and Clean Energy Finance from Multilateral
Development Programme, 2023, https://unfccc.int/sites/default/ 241 European Commission, “Carbon Border Adjustment Mechanism”, Transition-and-Geoeconomic-Fragmentation-Implications- Development Banks”, 14 September 2023, https://www.i4ce.
files/resource/Georgia%27s%20LT-LEDS%202023-eng.pdf. accessed 12 January 2024, https://taxation-customs.ec.europa. for-Climate-Scenario-Design-541097. org/en/publications; list of eligible ODA recipient countries
231 REN21 Policy Database. See GSR 2024 Data Pack, available at eu/carbon-border-adjustment-mechanism_en. 255 International Energy Agency, “Reducing the Cost of Capital”, from OECD, “DAC List of ODA Recipients”, https://www.oecd.
www.ren21.net/gsr2024-data-pack/go; United Nations Climate 242 European Commission, “Carbon Border Adjustment Mechanism”, 2024, https://iea.blob.core.windows.net/assets/227da10f- org/dac/financing-sustainable-development/development-
Change, "Eritrea", 2023, https://unfccc.int/node/61060. accessed 12 January 2024, https://taxation-customs.ec. c527-406d-b94f-dbaa38ae9abb/ReducingtheCostofCapital. finance-standards/daclist.htm; OECD, “Official Development
232 UNDP Climate Promise, “What Are NDCs and How Do They europa.eu/carbon-border-adjustment-mechanism_en. pdf. Figure 6 from International Renewable Energy Assistance (ODA)”, 12 December 2023, https://www.oecd.
Drive Climate Action?” 31 May 2023, https://climatepromise. 243 International Energy Agency, “Energy Efficiency 2023”, 2023, Agency, "Renewable Power Generation Costs in 2022", org/dac/financing-sustainable-development/development-
undp.org/news-and-stories/NDCs-nationally-determined- https://www.iea.org/reports/energy-efficiency-2023. 2023, https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn- finance-standards/official-development-assistance.htm;
contributions-climate-change-what-you-need-to-know. 244 International Energy Agency, “Energy Efficiency 2023”, 2023, endpoint.azureedge.net/-/media/Files/IRENA/Agency/ private investment upsurge from The White House, “The
https://www.iea.org/reports/energy-efficiency-2023, 202. Publication/2023/Aug/IRENA_Renewable_power_ Economics of Public Investment Crowding-In Private
233 BloombergNEF, "G-20 Member States More Than Doubled
245 International Energy Agency, “IEA Policies Database”, generation_costs_in_2022.pdf. Investment”, 16 August 2023, https://www.whitehouse.gov/
Fossil-Fuel Support in 2022 to $1.3 Trillion”, 2023, https://
about.bnef.com/blog/g-20-member-states-more-than- accessed 2 January 2024, https://www.iea.org/policies. 256 International Energy Agency, “Reducing the Cost of Capital”, briefing-room/blog/2023/08/16/the-economics-of-public-
doubled-fossil-fuel-support-in-2022-to-1-3-trillion/. 2024, https://iea.blob.core.windows.net/assets/227da10f-c527- investment-crowding-in-private-investment.
246 International Energy Agency, “IEA Policies Database”,
accessed 2 January 2024, https://www.iea.org/policies. 406d-b94f-dbaa38ae9abb/ReducingtheCostofCapital.pdf. 258 Stephan Brand and Johannes Steinbrecher, “Green Bonds – a
234 BloombergNEF, "G-20 Member States More Than Doubled
Fossil-Fuel Support in 2022 to $1.3 Trillion”, BloombergNEF 257 International Energy Agency, "Scaling Up Private Finance Sustainable Alternative for Municipal Infrastructure Finance?’
247 International Energy Agency, “IEA Policies Database”,
(blog), 2023, https://about.bnef.com/blog/g-20-member-states- accessed 2 January 2024, https://www.iea.org/policies. for Clean Energy in Emerging and Developing Economies", KfW Research Focus on Economics, no. 245 (7 March 2019),
more-than-doubled-fossil-fuel-support-in-2022-to-1-3-trillion/. 2023, https://www.iea.org/reports/scaling-up-private-finance- https://www.kfw.de/PDF/Download-Center/Konzernthemen/
248 Hürriyet Daily News, “Some $20 Bln to Be Invested in
for-clean-energy-in-emerging-and-developing-economies, Research/PDF-Dokumente-Fokus-Volkswirtschaft/Fokus-
235 International Monetary Fund, “Fossil Fuel Subsidies Surged Energy Efficiency: Minister“, 8 January 2024, https://www.
Sidebar 2 from the following sources: Data provided in this englische-Dateien/Fokus-2019-EN/Fokus-No.-245-March-
to Record $7 Trillion”, 24 August 2023, https://www.imf.org/ hurriyetdailynews.com/some-20-bln-to-be-invested-in-
sidebar, including in Figures 7-9, are extracted from the 2019-Green-Bonds.pdf; Simon Gray, “Sustainable Finance:
en/Blogs/Articles/2023/08/24/fossil-fuel-subsidies-surged- energy-efficiency-minister-189479.S.
Organisation for Economic Co-operation and Development A Guide to the Taxonomy”, VitalBriefing (blog), 28 April
to-record-7-trillion; Subel Rai Bhandari, “IMF: China Leads as 249 Carbon Brief, “COP28: Key Outcomes Agreed at the UN (OECD) Development Assistance Committee (DAC) Creditor 2021, https://vitalbriefing.com/industry/sustainable-finance/
Global Fossil Fuel Subsidies Hit Record $7 Trillion”, Radio Free Climate Talks in Dubai”, 13 December 2023, https://www.
Reporting System (CRS) database, using the following sustainable-finance-taxonomy-guide.
Asia, 25 August 2023, https://www.rfa.org/english/news/ carbonbrief.org/cop28-key-outcomes-agreed-at-the-un-
parameters: “Amount type: Current prices”, “Flow type: gross 259 Organisation for Economic Co-operation and Development
environment/global-fuel-subsidies-08252023061051.html. climate-talks-in-dubai.
disbursement” (disbursements show actual payments made (OECD), “Developing Sustainable Finance Definitions and
236 Taea Laan et al., “Fanning the Flames: G20 Provides Record 250 BloombergNEF, “Energy Transition Investment Trends 2024”, each year, reflecting the realisation of donors’ intentions Taxonomies”, Green Finance and Investment, 2020, https://
Financial Support for Fossil Fuels”, Energy Policy Tracker, 2024, https://about.bnef.com/energy-transition-investment. and the implementation of their policies), “Flow: Official
accessed 12 January 2024, https://www.energypolicytracker. doi.org/10.1787/134a2dbe-en.
251 Tim Gould et al., “Financial Headwinds for Renewables Investors: Development Assistance (ODA), Other Official flows and
org/g20-fossil-fuel-support. What’s the Way Forward?”, International Energy Agency, 260 Malin Emmerich and Karsten Loeffler, personal
Private Development Finance” and “Aid Type: All types,
237 Financial Post, “Canada’s Ban on Fossil Fuel Tax Breaks 8 December 2023, https://www.iea.org/commentaries/financial- communication with REN21, 8 March 2022.
Total”. See: OECD, “Frequently asked questions: official
Will Target Production Boosting Measures”, 18 July 2023, headwinds-for-renewables-investors-what-s-the-way-forward. development assistance (ODA)”, https://www.oecd.org/dac/ 261 Malin Emmerich and Karsten Loeffler, personal
https://financialpost.com/commodities/energy/oil-gas/ 252 Tim Gould et al., “Financial Headwinds for Renewables Investors: financing-sustainable-development/development-finance- communication with REN21, 8 March 2022.
canada-ban-fossil-fuel-subsidy-target-production. What’s the Way Forward?”, International Energy Agency, data/faq.htm; OECD, “Official development assistance 262 Figure 10 from REN21 Policy Database. See GSR 2024 Data
238 Carbon Pricing Dashboard, “Up-to-Date Overview of Carbon 8 December 2023, https://www.iea.org/commentaries/financial- (ODA)”, https://www.oecd.org/dac/financing-sustainable- Pack, available at www.ren21.net/gsr2024-data-pack/go.
Pricing Initiatives”, accessed 15 January 2024, https:// headwinds-for-renewables-investors-what-s-the-way-forward. development/development-finance-standards/official- 263 Abu Dhabi Global Market, “ADGM Implements Its Sustainable
carbonpricingdashboard.worldbank.org. Figure 5 from idem. 253 Tim Gould et al., “Financial Headwinds for Renewables Investors: development-assistance.htm and OECD, “DAC List of ODA Finance Regulatory Framework”, 19 December 2023, https://
239 PWC, “Indonesia’s Carbon Pricing: Understanding the Basic What’s the Way Forward?”, International Energy Agency, Recipients”,https://www.oecd.org/dac/financing-sustainable- www.adgm.com/media/announcements/adgm-implements-
Regulatory Framework”, 2023, https://www.pwc.com/id/en/ 8 December 2023, https://www.iea.org/commentaries/ development/development-finance-standards/daclist.htm. its-sustainable-finance-regulatory-framework.
47
264 Argentina Ministry of the Economy, “Argentina’s Sustainable org/wordpress/wp-content/uploads/2023/07/Common- 283 Michelle Wong and Rebecca Palmer, “Impact Bond Analysis: 293 Gregg Wirth, “State ESG Laws in 2023: The Landscape
Finance National Strategy”, May 2023, https://www.bcra. Framework-of-Sustainable-Finance-Taxonomies-LAC.pdf. Global Green Bond Issuance Booms”, 2023, https://www.ice. Fractures”, Thomson Reuters Institute, 31 May 2023, https://
gob.ar/Pdfs/SistemasFinancierosYdePagos/Sustainable%20 273 Charlotte Gardes-Landolfini, International Monetary Fund, com/insights/impact-bond-report-q2-2023. www.thomsonreuters.com/en-us/posts/esg/state-laws; Karin
Finance%20National%20Strategy.pdf. personal communication with REN21, 21 February 2023. Note: 284 Sunny Bokhari, “Can Record Global Green Bond Issuance Rives, “Wall Street Thrived, Small Towns Lost as Anti-ESG
265 Emilio Aristegui, “SHCP Presents Sustainable Taxonomy Statement reflects personal opinion and does not reflect the Drive U.S. Market?” VanEck, 8 December 2023, https:// Campaign Raged in 2023”, S&P Global, 3 January 2024,
for Mexico”, Mexico Business, 22 March 2023, https:// broader opinion of the IMF. www.vaneck.com/us/en/blogs/sustainable-investing/ https://www.spglobal.com/marketintelligence/en/news-
mexicobusiness.news/finance/news/shcp-presents- can-record-global-green-bond-issuance-drive-us-market. insights/latest-news-headlines/wall-street-thrived-small-
274 Charlotte Gardes-Landolfini, International Monetary Fund,
sustainable-taxonomy-mexico; JonesDay, “Green Taxonomy 285 Organisation for Economic Co-operation and Development towns-lost-as-anti-esg-campaign-raged-in-2023-79749380.
personal communication with REN21, 21 February 2023. Note:
Developments in Latin America and the Caribbean | (OECD), ed., “ESG Investing and Climate Transition, Market 294 Hortense Bioy, “Global ESG Funds Hit With Outflows for First
Statement reflects personal opinion and does not reflect the
Insights”, November 2023, https://www.jonesday.com/en/ Practices, Issues and Policy Considerations”, OECD Business Time in Q4”, Morningstar, Inc., 2 February 2024, https://www.
broader opinion of the IMF.
insights/2023/11/green-taxonomy-developments-in-latin- and Finance Outlook, 6th edition, 2020, https://doi.org/10.1787/ morningstar.com/sustainable-investing/globally-esg-funds-
america-and-the-caribbean. 275 International Monetary Fund, “ESG Monitor”, 8 February eb61fd29-en. suffer-first-ever-quarterly-outflows-fourth-quarter-2023.
266 Monetary Authority of Singapore, “Singapore-Asia Taxonomy 2022, https://www.imfconnect.org/content/dam/imf/
286 Hortense Bioy, “Global ESG Funds Hit With Outflows for 295 Alastair Marsh, “JPMorgan’s Exit from Climate Group Sparks
for Sustainable Finance 2023 Edition”, December 2023, News%20and%20Generic%20Content/GMM/Special%20
First Time in Q4”, Morningstar, Inc., 2 February 2024, https:// ‘Greenhushing’ Debate”, Wealth Management, 20 February
https://www.mas.gov.sg/-/media/mas-media-library/ Features/ESG%20Monitor%20Q4%202021.pdf.
www.morningstar.com/sustainable-investing/globally-esg- 2024, https://www.wealthmanagement.com/etfs/bloomberg.
development/sustainable-finance/singaporeasia-taxonomy- 276 International Finance Corporation and Amundi Asset funds-suffer-first-ever-quarterly-outflows-fourth-quarter-2023; com/news/articles/2024-02-16/what-s-greenhushing-
dec-2023.pdf; Bank of Thailand, “Thailand Taxonomy: A Management, “Emerging Market Green Bonds”, July 2023, International Monetary Fund Climate Finance Policy Unit, jpmorgan-s-climate-group-exit-brings-new-term-to-light.
Reference Tool for Sustainable Economy”, accessed 19 https://www.ifc.org/content/dam/ifc/doc/2023/ifc-amundi- “Climate Finance Monitor”, 1 February 2023, https://www. 296 Box 1 from the following sources: data for October 2023 from
January 2024, https://www.bot.or.th/en/financial-innovation/ emerging-market-green-bonds-july2023.pdf. imfconnect.org/content/dam/imf/News%20and%20 “Global Fossil Fuel Commitments Database”, accessed 12
sustainable-finance/green/Thailand-Taxonomy.html. 277 Jonathan Gardiner and Tom Freke, “Green Bonds Reached Generic%20Content/GMM/Special%20Features/Climate%20 January 2024, https://divestmentdatabase.org; Catholics from
267 Malin Emmerich and Karsten Loeffler, personal New Heights in 2023 | Insights”, Bloomberg Professional Finance%20Monitor%20Q4%202022.pdf. Richard Valdmanis, “Insight: Defying Pope’s Calls for Climate
communication with REN21, 8 March 2022. Services, 8 February 2024, https://www.bloomberg.com/ 287 Hortense Bioy, “Global ESG Funds Hit With Outflows for First Action, US Catholic Bishops Cling to Fossil Fuels”, Reuters,
268 Devorah Thur, “Green Taxonomies Around the World: professional/blog/green-bonds-reached-new-heights-in-2023. Time in Q4”, Morningstar, Inc., 2 February 2024, https://www. 29 November 2023, https://www.reuters.com/business/
Where Do We Stand?” ECOFACT (blog), 1 November 2022; 278 International Monetary Fund Climate Finance Policy Unit, morningstar.com/sustainable-investing/globally-esg-funds- environment/defying-popes-calls-climate-action-us-catholic-
Edward Maling and Arunima Sharan, “Europe Provides “Climate Finance Monitor”, 1 February 2023, https:// www. suffer-first-ever-quarterly-outflows-fourth-quarter-2023. bishops-cling-fossil-fuels-2023-11-29; Brian Roewe, “In
International Yardstick for Sustainable Finance”, OMFIF (blog), imfconnect.org/content/dam/imf/News%20and%20 288 Hortense Bioy, “Global ESG Funds Hit With Outflows for First First for US Church, San Diego Diocese Divests from Fossil
22 December 2023, https://www.omfif.org/2023/12/europe- Generic%20Content/GMM/Special%20Features/Climate%20 Time in Q4”, Morningstar, Inc., 2 February2024, https://www. Fuels”, National Catholic Reporter, 12 January 2024, https://
provides-international-yardstick-for-sustainable-finance. Finance%20Monitor%20Q4%202022.pdf. morningstar.com/sustainable-investing/globally-esg-funds- www.ncronline.org/earthbeat/faith/first-us-church-san-
269 International Platform on Sustainable Finance, “Common suffer-first-ever-quarterly-outflows-fourth-quarter-2023. diego-diocese-divests-fossil-fuels; Andrew Binion, “Seattle
279 Dennis Heuer, “New European Green Bond Standard
Ground Taxonomy – Climate Change Mitigation Instruction 289 European Commission, “Proposals to Strengthen the EU’s University First in the State to Divest from Fossil Fuels”,
Is a Game-Changer”, White & Case LLP, 14 December
Report”, December 2021, https://finance.ec.europa.eu/ Sustainable Finance Agenda”, 13 June 2023, https://ec.europa. Seattle University, 12 July 2023, https://www.seattleu.edu/
2023, https://www.whitecase.com/insight-our-thinking/
system/files/2021-12/211104-ipsf-common-ground-taxonomy- eu/commission/presscorner/detail/en/ip_23_3192. newsroom/stories/2023/seattle-university-first-in-the-state-
new-european-green-bond-standard-game-changer.
instruction-report-2021_en.pdf; The People’s Bank of China, 290 European Council, “Environmental, Social and Governance (ESG) to-divest-from-fossil-fuels.html; Dharna Noor, “New York
“Common Ground Taxonomy Published as Part of the PBoC 280 Jonathan Gardiner and Tom Freke, “Green Ratings: Council and Parliament Reach Agreement”, 5 February University Will Divest from Fossil Fuels in Win for Student
and EU Commission Co-Led Work”, 5 November 2021, http:// Bonds Reached New Heights in 2023 | Insights”, 2024, https://www.consilium.europa.eu/en/press/press- Activists”, The Guardian, September 12, 2023, https://www.
www.pbc.gov.cn/en/3688006/3995557/4382112/index.html. Bloomberg Professional Services, 8 February 2024, releases/2024/02/05/environmental-social-and-governance- theguardian.com/us-news/2023/sep/12/new-york-university-
270 European Commission, “Proposals to Strengthen the EU’s https://www.bloomberg.com/professional/blog/ esg-ratings-council-and-parliament-reach-agreement. fossil-fuel-divestment; insignificant from Nadia Ameli, Sumit
Sustainable Finance Agenda”, 13 June 2023, https://ec.europa. green-bonds-reached-new-heights-in-2023.
291 US Securities and Exchange Commission, “Climate-Related Kothari and Michael Grubb, “Misplaced Expectations from
eu/commission/presscorner/detail/en/ip_23_3192. 281 Michelle Wong and Rebecca Palmer, “Impact Bond Analysis: Disclosures/ESG Investing”, 11 September 2023, https://www. Climate Disclosure Initiatives”, Nature Climate Change 11, no.
271 ASEAN Taxonomy Board, “ASEAN Taxonomy for Sustainable Global Green Bond Issuance Booms”, 2023, https://www.ice. sec.gov/securities-topics/climate-esg. 11 (November 2021): 917–24, https://doi.org/10.1038/s41558-
Finance, Version 2”, March 2023, https://www.sfinstitute.asia/ com/insights/impact-bond-report-q2-2023. 292 Karin Rives, “Wall Street Thrived, Small Towns Lost as Anti- 021-01174-8; noteworthy impacts from Theodor F. Cojoianu et
wp-content/uploads/2023/03/ASEAN-Taxonomy-Version-2.pdf. 282 Emma Gordon, “How Can Sustainable Debt Support ESG Campaign Raged in 2023”, S&P Global, 3 January 2024, al., “Does the Fossil Fuel Divestment Movement Impact New
272 United Nations Environment Programme, “Common China’s Energy Transition?”, International Energy Agency, https://www.spglobal.com/marketintelligence/en/news- Oil and Gas Fundraising?’ Journal of Economic Geography
Framework of Sustainable Finance Taxonomies for Latin 30 October 2023, https://www.iea.org/commentaries/ insights/latest-news-headlines/wall-street-thrived-small- 21, no. 1 (January 1, 2021): 141–64, https://doi.org/10.1093/jeg/
America and the Caribbean”, 2023, https://www.unepfi. how-can-sustainable-debt-support-chinas-energy-transition. towns-lost-as-anti-esg-campaign-raged-in-2023-79749380. lbaa027; increase in oil and gas financing from Cojoianu et
48
al., idem; not necessarily re-invested from Ameli, Kothari and Reward Shareholders with Record Payouts”, The Guardian, 313 Climate Policy Initiative, “Global Landscape of Climate USD 1.35 trillion in 2026-2030, from BloombergNEF, “Tripling
Grubb, op. cit. this note; “Divest Invest Website”, accessed 1 January 2024, https://www.theguardian.com/business/2024/ Finance 2023”, 2023, https://www.climatepolicyinitiative.org/ Global Renewables by 2030”, 21 November 2023, https://
24 February 2023, https://www.divestinvest.org. jan/01/oil-companies-shareholders-payouts-bp-shell-chevron- wp-content/uploads/2023/11/Global-Landscape-of-Climate- assets.bbhub.io/professional/sites/24/BNEF_2023-11-21_
297 The Business Times, “China Proposes New ESG Rules to Keep exxonmobil-totalenergies; fossil fuel spending from International Finance-2023.pdf. triplingrenewables_Final.pdf.
Up with Europe”, 21 February 2024, https://www.businesstimes. Energy Agency, “The Oil and Gas Industry in Net Zero 314 Climate Policy Initiative, “Global Landscape of Climate 321 Mike Scott, “ESG Watch: COP28 a Milestone in Terms of
com.sg/esg/china-proposes-new-esg-rules-keep-europe. Transitions”, 2023, https://www.iea.org/reports/the-oil-and-gas- Finance 2023”, 2023, https://www.climatepolicyinitiative.org/
Ambition, but Falls Short on Finance”, Reuters, 14 December
298 The Business Times, “China Proposes New ESG Rules to Keep industry-in-net-zero-transitions; Shell job cuts from Ron Bousso, wp-content/uploads/2023/11/Global-Landscape-of-Climate-
2023, https://www.reuters.com/sustainability/sustainable-
Up with Europe”, 21 February 2024, https://www.businesstimes. “Exclusive: Shell Cuts Low-carbon Jobs, Scales Back Hydrogen Finance-2023.pdf.
finance-reporting/esg-watch-cop28-milestone-terms-
com.sg/esg/china-proposes-new-esg-rules-keep-europe. in Overhaul by CEO”, Reuters, 25 October 2023, https://www. 315 Climate Policy Initiative, “Global Landscape of Climate
Finance 2023”, 2023, https://www.climatepolicyinitiative.org/ ambition-falls-short-finance-2023-12-14.
299 Hortense Bioy, “Global ESG Funds Hit With Outflows for First reuters.com/sustainability/climate-energy/shell-cuts-low-carbon-
wp-content/uploads/2023/11/Global-Landscape-of-Climate- 322 Mike Scott, “ESG Watch: COP28 a Milestone in Terms of
Time in Q4”, Morningstar, Inc., 2 February 2024, https://www. jobs-scales-back-hydrogen-ceo-overhaul-sources-2023-10-25;
morningstar.com/sustainable-investing/globally-esg-funds- investor reactions from “Shell under fire from Europe’s largest Finance-2023.pdf. Ambition, but Falls Short on Finance”, Reuters, 14 December
suffer-first-ever-quarterly-outflows-fourth-quarter-2023. asset manager over climate policy “, Financial Times, 15 January 316 Climate Policy Initiative, “Global Landscape of Climate 2023, https://www.reuters.com/sustainability/sustainable-
300 International Monetary Fund, ‘Global Financial Stability Report, 2024, https://www.ft.com/content/8e530a5c-6f67-424a- Finance 2023”, 2023, https://www.climatepolicyinitiative.org/ finance-reporting/esg-watch-cop28-milestone-terms-
October 2022: Navigating the High-Inflation Environment’, IMF, a9d9-a14d395ee4c1; France from “Environmental Groups File wp-content/uploads/2023/11/Global-Landscape-of-Climate- ambition-falls-short-finance-2023-12-14.
October 2022, https://www.imf.org/en/Publications/GFSR/ Complaint Against France’s TotalEnergies over Climate Impact”, Finance-2023.pdf. 323 Mike Scott, “ESG Watch: COP28 a Milestone in Terms of
Issues/2022/10/11/global-financial-stability-report-october-2022. Reuters, 2 October 2023 https://www.reuters.com/sustainability/ 317 Climate Policy Initiative, “Global Landscape of Climate Ambition, but Falls Short on Finance”, Reuters, 14 December
301 Malin Emmerich and Karsten Loeffler, personal communication environmental-groups-file-complaint-against-frances- Finance 2023”, 2023, https://www.climatepolicyinitiative.org/ 2023, https://www.reuters.com/sustainability/sustainable-
with REN21, 8 March 2024. totalenergies-over-climate-2023-10-02. wp-content/uploads/2023/11/Global-Landscape-of-Climate-
finance-reporting/esg-watch-cop28-milestone-terms-
Finance-2023.pdf.
302 MSCI, “ESG Investing: ESG Ratings”, accessed 24 February 307 Climate Policy Initiative, “Global Landscape of Climate ambition-falls-short-finance-2023-12-14.
318 Climate Policy Initiative, “Global Landscape of Climate
2023, https://www.msci.com/our-solutions/esg-investing/ Finance 2023”, 2023, https://www.climatepolicyinitiative.org/ 324 Glasgow Financial Alliance for Net Zero (GFANZ), “About Us”,
Finance 2023”, 2023, https://www.climatepolicyinitiative.org/
esg-ratings; Cam Simpson, Akshat Rathi and Saijel Kishan, wp-content/uploads/2023/11/Global-Landscape-of-Climate- 2022, https://www.gfanzero.com/about; GFANZ, “GFANZ
wp-content/uploads/2023/11/Global-Landscape-of-Climate-
“The ESG Mirage”, Bloomberg, 10 December 2021, https:// Finance-2023.pdf. Launches Latin America & Caribbean Network to Support
Finance-2023.pdf.
www.bloomberg.com/graphics/2021-what-is-esg-investing- 308 Climate Policy Initiative, “Global Landscape of Climate 319 Climate Policy Initiative, “Global Landscape of Climate Climate Finance in the Region”, 23 October 2023, https://
msci-ratings-focus-on-corporate-bottom-line. Finance 2023”, 2023, https://www.climatepolicyinitiative.org/ Finance 2023”, 2023, https://www.climatepolicyinitiative.org/ www.gfanzero.com/press/gfanz-launches-latin-america-
303 Mattias Taeger, “‘Double Materiality’: What Is It and Why wp-content/uploads/2023/11/Global-Landscape-of-Climate- wp-content/uploads/2023/11/Global-Landscape-of-Climate- caribbean-network-to-support-climate-finance-in-the-region.
Does It Matter?” Grantham Research Institute on Climate Finance-2023.pdf. Finance-2023.pdf.
Change and the Environment, 21 April 2021, https://www.
309 Climate Policy Initiative, “Global Landscape of Climate 320 BloombergNEF, “Tripling Global Renewables by 2030”,
lse.ac.uk/granthaminstitute/news/double-materiality-what-
Finance 2023”, 2023, https://www.climatepolicyinitiative.org/ 21 November 2023, https://assets.bbhub.io/professional/
is-it-and-why-does-it-matter; Malin Emmerich and Karsten
wp-content/uploads/2023/11/Global-Landscape-of-Climate- sites/24/BNEF_2023-11-21_triplingrenewables_Final.pdf;
Loeffler, personal communication with REN21, 8 March 2024.
Finance-2023.pdf. International Renewable Energy Agency (IRENA), “World
304 Malin Emmerich and Karsten Loeffler, personal
310 Climate Policy Initiative, “Global Landscape of Climate Energy Transitions Outlook 2023”, 2023, https://www.irena.
communication with REN21, 8 March 2024. org/Digital-Report/World-Energy-Transitions-Outlook-2023;
Finance 2023”, 2023, https://www.climatepolicyinitiative.org/
305 Organisation for Economic Co-operation and Development BloombergNEF, “Energy Transition Investment Trends
wp-content/uploads/2023/11/Global-Landscape-of-Climate-
(OECD), ed., “ESG Investing and Climate Transition, Market 2024”, 2024, https://about.bnef.com/energy-transition-
Finance-2023.pdf.
Practices, Issues and Policy Considerations”, OECD Business investment. Figure 12 from the following sources: historical
and Finance Outlook, 6th edition, 2020, https://doi.org/10.1787/ 311 Climate Policy Initiative, “Global Landscape of Climate
investments from BloombergNEF, idem; IRENA 1.5 Scenario
eb61fd29-en. Finance 2023”, 2023, https://www.climatepolicyinitiative.org/
from IRENA, “World Energy Transitions Outlook 2023”,
306 Box 2 from the following sources: fossil fuel CEO from Ben wp-content/uploads/2023/11/Global-Landscape-of-Climate- 2023, https://www.irena.org/Digital-Report/World-Energy-
Stockton and Amy Westervelt, “Inside the Campaign That Put Finance-2023.pdf. Figure 11 from idem. Transitions-Outlook-2023; Bloomberg Net Zero Scenario
an Oil Boss in Charge of a Climate Summit”, The Intercept, 312 Climate Policy Initiative, “Global Landscape of Climate from “Tripling Global Renewables by 2030”, 21 November
25 October 2023, https://theintercept.com/2023/10/25/cop28- Finance 2023”, 2023, https://www.climatepolicyinitiative.org/ 2023, https://assets.bbhub.io/professional/sites/24/
uae-oil-climate-sultan-al-jaber; USD 100 billion and strong wp-content/uploads/2023/11/Global-Landscape-of-Climate- BNEF_2023-11-21_triplingrenewables_Final.pdf. Note that
confidence from Jillian Ambrose, “Big Five Oil Companies to Finance-2023.pdf. 2023-2025 requirements are USD 884 billion, increasing to
49
PHOTOCREDITS
Page 06: ©Elnur; shutterstock.com Page 22: Piaui, Brazil; ©Joe Dordo Brnobic;
Page 07: Ninh Thuan, Vietnam; ©Nguyen Quang Ngoc shutterstock.com
Tonkin; shutterstock.com Page 22: ©Jenson; shutterstock.com
Page 08: ©sdf_qwe; shutterstock.com Page 23: ©Sorin Vidis; shutterstock.com
Page 10: ©Sorrawit Saosiri; shutterstock.com Page 24: Northern Cape, South Africa; ©Saffa_O;
shutterstock.com
Page 11: San Francisco bay area, Silicon Valley,
California; ©Sundry Photography; Page 28: Factory producing components for wind
shutterstock.com farms, Szczecin, Poland; ©Mike Mareen;
shutterstock.com
Page 12: Jiangxi, China; ©humphery; shutterstock.com
Page 29: ©Vitpho; shutterstock.com
Page 13: Boston, Massachusetts, U.S.; ©Mike Condon
Photography; shutterstock.com Page 30: ©kaninw; shutterstock.com
Page 31: ©mikeledray; shutterstock.com
Page 13: Bakersfield, CA, U.S.; ©Sheila Fitzgerald;
shutterstock.com Page 32: ©only_kim; shutterstock.com
Page 14: ©Fotojibb; shutterstock.com Page 33: ©Quang Nguyen Vinh; pexels.com
Page 15: ©rarrarorro; shutterstock.com Page 34: ©Coleman photographer; shutterstock.com
Page 16: ©Dorothy Chiron; shutterstock.com Page 35: ©Sydney, Australia; ©Holli; shutterstock.com
COPYRIGHT & IMPRINT
Page 35: ©BearFotos; shutterstock.com Renewable Energy Policy Network
Page 17: Spillway of Xepian dam Hydroelectric
for the 21st Century
Power Plant, Laos; ©wwwohmdotcom; Page 36: Paris, France; ©r.nagy; shutterstock.com
shutterstock.com Page 36: ©Rudmer Zwerver; shutterstock.com
Page 18: ©mycteria; shutterstock.com Page 37: ©anatoliy_gleb; shutterstock.com
Page 19: ©Mike Seaman; shutterstock.com Page 38: New Delhi, India; ©PradeepGaurs;
Page 19: Hamburg, Germany; ©Claudia Harms-Warlies; shutterstock.com REN21 Secretariat
shutterstock.com Page 39: Santa Ana, Costa Rica; ©Margus Vilbas; c/o Deskopolitan
226 boulevard Voltaire
Page 20: Methanol and ethanol factory near Nysa in shutterstock.com
75011 Paris
Poland; ©Chawranphoto; shutterstock.com Page 40: ©RenataP; shutterstock.com France
Page 21: ©Mariia Korneeva; shutterstock.com Page 50: ©Moomusician; shutterstock.com
50
RENEWABLES 2024
GLOBAL OVERVIEW
2024
ISBN 978-3-948393-13-7
REN21 Secretariat
c/o Deskopolitan
226 boulevard Voltaire
75011 Paris
France
www.ren21.net

GSR2024 GlobalOverview Full Report With Endnotes Web

Uploaded by

Copyright:

Available Formats

GSR2024 GlobalOverview Full Report With Endnotes Web

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

GSR2024 GlobalOverview Full Report With Endnotes Web

Uploaded by

Copyright:

Available Formats

RENEWABLES 2024

GLOBAL STATUS REPORT

RENEWABLE ENERGY POLICY NETWORK

REN21 is unique. It is the only global, multi-stakeholder network dedicated to renewables.

We create an enabling environment to support renewable uptake. Together, we build

20 YEARS OF CROWD-SOURCED, CROWD-OWNED KNOWLEDGE AND DATA

RENEWABLES GLOBAL STATUS REPORT

creation, acknowledging the key benefits of renewables for ENERGY DEMAND

This report was commissioned by REN21 and produced in collaboration 2024

Affairs and Climate Action (BMWK). ENERGY SYSTEMS

REN21 Knowledge and Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04

Photo Credits and Impressum. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

Policy and Targets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Investment and Finance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Challenges and Opportunities. . . . . . . . . . . . . . . . . . . . . . . . . . 39

FIGURES SIDEBARS LINKS TO MICROSITE

GLOBAL STATUS REPORT 2024 COLLECTION

SNAPSHOT UNITED STATES

THE INFLATION REDUCTION ACT’S ONE-YEAR IMPACT ON US CLEAN ENERGY PROGRESS

SNAPSHOT CHINA AND INDIA

SIDEBAR 1. Tackling the Bottleneck of Renewable Energy Connection Queues

Source: See endnote 141 for this module.

countries • Carbon pricing mechanisms continued to be a popular

SNAPSHOT SOUTH AFRICA

SIDEBAR 2. Development Finance for Renewable Energy

Over the past decade, a major shift has occurred in aid

i The lack of finance flowing through private sector institutions in

SUSTAINABLE FINANCE TAXONOMIES

relevant for renewables in two main ways: 1) for The number of

In the United States, the Securities and Exchange

28 % 26 % finance – including funds provided by development finance

Page 15: ©rarrarorro; shutterstock.com Page 34: ©Coleman photographer; shutterstock.com

You might also like

REN21 is unique. It is the only global, multi-stakeholder network dedicated to renewables.  

countries • Carbon pricing mechanisms continued to be a popular

i The lack of finance flowing through private sector institutions in