CO2 emissions from the _{energy sector grew by 1.1% in 2023 as renewables do not fully cover demand growth}

Lack of action, financing and infrastructure hinders the transition from fossil fuels to renewables, according to a report by REN21

Public policy responses to the geopolitical landscape and global commitments accelerated the deployment and use of renewables in 2023, especially in the power sector. The landmark decision at the 2023 United Nations Climate Change Conference (COP28) to triple global renewable energy capacity and double energy efficiency by 2030 further raised ambition and generated momentum for renewables. Growing leadership and appetite for renewables in developing countries is evident, but financing remains a major obstacle. While renewables are increasing in the energy mix, they are not yet replacing coal, oil and gas at the required rate. Among the various reasons are the rapid increase in global energy demand, the high cost of renewable energy projects in developing countries, and the persistent bottlenecks associated with permitting, infrastructure, and integrating renewables into the power grid. This is the main message of the Renewables Global Status Report (GSR) 2024: Global Overview, released today.

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