RENEWABLES2024GLOBALSTATUSREPORT GLOBALOVERVIEW 2024 REN21MEMBERS INTER-GOVERNMENTALORGANISATIONS AsiaPacificEnergyResearchCenter(APERC) AsianDevelopmentBank(ADB) ECOWASCentreforRenewableEnergyandEnergyEfficiency(ECREEE) ElectricPowerCounciloftheCommonwealthofIndependentStates(ExecutiveCommittee)(EPC) EuropeanCommission(EC)GlobalEnvironmentFacility(GEF)InternationalEnergyAgency(IEA) InternationalRenewableEnergyAgency(IRENA) IslamicDevelopmentBank(IsDB) LatinAmericanEnergyOrganization(OLADE) RegionalCenterforRenewableEnergyandEnergyEfficiency(RCREEE) UnitedNationsDevelopmentProgramme(UNDP) UnitedNationsEnvironmentProgramme(UNEP) UnitedNationsIndustrialDevelopmentOrganization(UNIDO) WorldBank(WB) INDUSTRYASSOCIATIONS AfricaMinigridDevelopersAssociation(AMDA) AllianceforRuralElectrification(ARE)AmericanCouncilonRenewableEnergy(ACORE) AsiaPacificUrbanEnergyAssociation(APUEA) AssociaçãoLusófonadeEnergiasRenováveis(ALER) ChineseRenewableEnergyIndustriesAssociation(CREIA) CleanEnergyCouncil(CEC)Euroheat&Power(EHP) EuropeanHeatPumpAssociation(EHPA)EuropeanRenewableEnergiesFederation(EREF) GlobalOff-GridLightingAssociation(GOGLA) GlobalSolarCouncil(GSC) GlobalWindEnergyCouncil(GWEC)IndianRenewableEnergyFederation(IREF) InternationalGeothermalAssociation(IGA)InternationalHydropowerAssociation(IHA)InternationalUnionofRailways/UnionInternationaledesCheminsdeFer(UIC) LongDurationEnergyStorageCouncil(LDES) PortugueseAssociationofRenewableEnergy(APREN) RE100/ClimateGroup(RE100)RES4AfricaFoundation(RES4Africa)SolarPowerEurope(SPE) UnionInternationaledesTransportsPublics(UITP) WorldBioenergyAssociation(WBA)WorldWindEnergyAssociation(WWEA) SCIENCEANDACADEMIA AEE–InstituteforSustainableTechnologies(AEE-INTEC) CouncilonEnergy,EnvironmentandWater(CEEW) FundaciónBariloche(FB) InternationalInstituteforAppliedSystemsAnalysis(IIASA) InternationalSolarEnergySociety(ISES) NationalRenewableEnergyLaboratory(NREL) NationalResearchUniversityHigherSchoolofEconomicsRussia(HSE) SouthAfricanNationalEnergyDevelopmentInstitute(SANEDI) TheEnergyandResourcesInstitute(TERI) UniversityofTechnology–InstituteforSustainableFutures(UTS) WorldResourcesInstitute(WRI) GOVERNMENTS AustraliaAustriaBrazilDenmark DominicanRepublicGeorgia GermanyIndia RepublicofKoreaMexico MoroccoNorwayPanama RíoNegroProvince,ArgentinaSouthAfrica SouthAustraliaState,AustraliaSpain UnitedArabEmiratesUnitedStatesZimbabwe NON-GOVERNMENTALORGANISATIONS PRESIDENT ArthourosZervos EXECUTIVEDIRECTOR RanaAdib 350.org AfricanAssociationforRuralElectrification(Club-ER)AsociaciónIvy CDP CleanCookingAlliance(CCA)ClimateActionNetworkInternational(CAN-I) CoalitiondeCiudadesCapitalesdelasAmericas(CC35) CollaborativeLabelingandApplianceStandardsProgram(CLASP) EnergyCities EuropeanYouthEnergyNetwork(EYEN)FundaciónRenovables(FER) GlobalForumonSustainableEnergy(GFSE) GlobalWomen’sNetworkfortheEnergyTransition(GWNET) GreenpeaceInternationalICLEI–LocalGovernmentsforSustainability InstituteforSustainableEnergyPolicies(ISEP) InternationalElectrotechnicalCommission(IEC) InternationalInstituteforSustainableDevelopment(IISD) JeuneVolontairespourl’Environnement(JVE) MaliFolkecenter(MFC)PowerforAll PowerShiftAfrica RenewableEnergyandEnergyEfficiencyPartnership(REEEP) RenewableEnergyInstitute(REI)RenewablesGridInitiative(RGI)SLOCATPartnershiponSustainable,LowCarbonTransport(SLOCAT)SolarCookersInternational(SCI)SolutionsforOurClimate(SFOC)SustainableEnergyAfrica(SEA)SustainableEnergyforAll(SEforALL)TheGlobal100%RenewableEnergyPlatform(Global100%RE) WomenEngageforaCommonFuture(WECF) WorldCouncilforRenewableEnergy(WCRE) WorldFutureCouncil(WFC) WorldWideFundforNature(WWF) MEMBERSATLARGE MichaelEckhartRabiaFerroukhiDavidHalesKirstyHamiltonPeterRae 2 FOREWORD Westandataprecipice,withtheurgentneedforarapidtransitiontorenewableenergyunderscoredbyescalatingglobalcrisesandtheencouragingtargetssetatCOP28.Theroleofrenewableenergyasakeysolutiontoclimate,energy,andeconomicchallengesismoreapparentthanever. ThisyearʼsRenewablesGlobalStatusReportilluminatesacomplexlandscapeofprogresstemperedbypersistentchallenges.Despiterecordinvestmentsinrenewables,reachingUSD622.5billionin2023,wearestillfarfromwhatisneededtomeetourclimateandsustainabledevelopmentgoals.EstimatessuggestthatglobalinvestmentsneedtoreachatleastUSD1.3trillionannuallybetweennowand2030ifwearetokeepthe1.5°Ctargetinreach. Thedisparityininvestmentopportunitiesbetweenhigh-andlow-incomecountries,compoundedbyunequalaccesstocapital,remainsamajorobstacletoanequitableenergytransition.Interestratesinemergingeconomiesremainsignificantlyhigherthaninadvancedeconomies,furtherhinderingprogresstowardssustainability. WefindhopeinthecommitmentsmadeatCOP28–totriplerenewablecapacityanddoubleenergyefficiencyby2030.Thesepledges,however,riskbecomingemptypromisesunlesstheyarebackedupwithimmediate,drasticaction. Aswecelebrateourachievements,weremainacutelyawarethatradicalactionisnecessarytokeeppacewithever-growingenergydemandandsignificantlyreducegreenhousegasemissions.In2023,rene