Overview

• Global renewable energy capacity grew by 50% in 2023, the fastest growth rate in the past 25 years, driven primarily by China's solar power expansion.
• Despite this growth, the International Energy Agency (IEA) warns that the current pace is insufficient to meet the COP28 goal of tripling renewable capacity by 2030.
• China, the world's largest renewable energy producer, is expected to account for 60% of new clean energy capacity by 2028.
• Challenges to meeting the COP28 target include high interest rates and supply chain disruptions in wealthy countries, and lack of financing and strong governance in developing countries.
• Policy uncertainties, fragile economic environments, and insufficient investment in electricity transmission grids are also hindering the growth of clean energy.