Abstract:

This overview sets the scene for the various modules in the Renewables 2024 Global Status Report Collection. It provides high-level trends on the status of renewables in the wider fossil fuel-dominated energy system in the context of global challenges such as climate change, development goals and the geopolitical landscape. Urgent focus on renewable energy enablers like policies, permitting and finance, is needed to meet ambition and achieve an equitable and just energy transition. Rising demand for energy is not yet fully met by renewables, leading to a 1.1% increase in energy related carbon-dioxide emissions in 2023. The 473 GW of renewable power capacity added in 2023 is a new record. But it falls short from the 1,000 GW needed annually to meet global climate and sustainable development commitments . The cost of capital for renewable energy projects is increasingly unequal globally, ranging from less than 4% in developed countries to more than 10% in the developing world.