RENEWABLES 2023 GLOBAL STATUS REPORT

Global Overview

Policy

Governments are setting renewable energy targets and implementing policies that indirectly promote the uptake of renewables, including climate change policies, economic and green recovery plans, fossil fuel phase-outs and targets for net zero greenhouse gas emissions. Such policies can impact the economy on both the demand and supply sides. Recent events such as the Russian Federation's invasion of Ukraine and rising inflation have led policy makers to prioritise energy security, resulting in comprehensive policies such as the RePowerEU package and the Inflation Reduction Act. These measures create more favourable market conditions for renewables, driving innovation, reducing costs and emissions, providing economic opportunities and enhancing global energy security.

Renewable energy targets, coupled with legislation and committed funding for implementation, illustrate the level of ambition that countries have to accelerate the energy transition. By the end of 2022, 128 countries had in place economy-wide targets for renewable energy, although only 31 countries had targets for 100% renewables, most of them for the year 2050. 121 (See Figure 7.)

Thirteen countries revised or announced new economy-wide targets for renewables in 2022, with new targets announced in seven countries (Azerbaijan, Bhutan, Egypt, Jamaica, New Zealand, the Federated States of Micronesia and Vietnam) and targets revised in five countries (Angola, China, Israel, Jordan and Portugal). 122 Sector-specific renewable energy targets were aimed mainly at the power sector, with targets announced in 133 countries and 41 sub-national jurisdictions. 123

Policies for Renewables in Energy Demand

On the demand side, several notable policy trends and developments occurred over the year. In buildings, the global focus on renewable heating and cooling was supported through national target-setting and specific support policies. The EU's Renewable Energy Directive set a goal for Member States to increase the share of renewables in heating and cooling annually. 124 The European Parliament even proposed raising this target to 2.5%. 125

Many countries also introduced technology-based targets for renewables in buildings. Germany, Ireland, and the United Kingdom, for example, announced national targets for heat pump installations that are significantly higher than previous years. 126 China implemented its Building Energy Efficiency and Green Building Development Plan, which aims for substantial solar PV and geothermal heat coverage. 127 (See GSR 2023 Renewables in Energy Demand Modules: Buildings in Focus.)

FIGURE 7.

Countries with Economy-wide Renewable Energy Targets, by Sector and Targeted Share, 2022

 FIGURE 7.

Source: See endnote 121 for this module.

Policies related to the industry sector have focused primarily on energy efficiency and energy management rather than on renewable energy requirements. However, progress has been made in promoting renewable heat, carbon pricing mechanisms and the policy attention given to renewable hydrogen. 128 Factors driving these policies include energy crises, energy security concerns, net zero commitments and the rise of the hydrogen economy. 129 Despite these developments, the lack of comprehensive national-level data has hindered effective policy design for renewables in the industry sector. (See GSR 2023 Renewables in Energy Demand Modules: Industry in Focus.)

Policies for the transport sector aim to increase the use of renewable energy, with a focus on biofuels and electric vehicles. However, the emphasis is more on decarbonisation than on the penetration of renewables. In 2022, a few countries revised their targets for the share of renewables in transport: Portugal and the Netherlands raised their targets, while Italy lowered its target. 130

Biofuel blending mandates remain the most common policy for promoting renewable fuels in transport, although the number of new biofuel policies has remained stagnant. 131 Electric vehicle incentives and targets have gained increasing interest. In the aviation, rail, and shipping sectors, there is a growing emphasis on sustainable aviation fuel (SAF) to decarbonise these industries. 132 The EU and the United States have implemented policies for SAF, including blending mandates and tax credits. 133 (See GSR 2023 Renewables in Energy Demand Modules: Transport in Focus.)

Overall, policies promoting the uptake of renewables in agriculture have increased. Some governments have introduced targets, requiring a certain share of energy in the sector to come from renewable sources. Four countries – including Bangladesh, India, the Republic of Korea and Zambia – had renewable energy targets in agriculture by the end of 2022. 134 Financial incentives such as subsidies, tax credits and funding programmes are the most common policies for renewables in agriculture. By the end of 2022, a total of 26 national and sub-national jurisdictions had renewable energy policies for agriculture, led by efforts in the United States, India and Bangladesh. 135 (See GSR 2023 Renewables in Energy Demand Modules: Agriculture in Focus.)

Policies for Renewables in Energy Supply

Global energy policy has been shaped by the need for a reliable energy supply and accelerated decarbonisation efforts. Major policy developments in 2022 included the US Inflation Reduction Act, the EU's Fit for 55 and RePowerEU packages, Australia's Climate Change Bill, Japan's GX Green Transformation, and China's 14th Five-Year Plan. 136 These policies reflect increased investments and spending on the energy transition.

Many jurisdictions have set renewable energy targets for electricity generation, with Bolivia, Chile, the EU and sub-national jurisdictions in Canada announcing new or revised targets. Solar and wind power have dominated technology-specific targets. 137

Feed-in tariffs and premiums have been widely used to support renewables, with revisions and re-introductions in various countries. 138 Net metering policies incentivise self-consumption and surplus electricity sale. Auctions and tenders have attracted private sector investments, and financial and fiscal policies, such as tax credits and incentives, have been implemented to promote renewables. However, adjustments to auctions and tenders have been challenging due to inflation and rising costs.

Among recent policies, the US Inflation Reduction Act stands out with substantial subsidies and tax credits, providing confidence to the market. 139 Other jurisdictions, such as the EU, Canada, and South Africa, have introduced financial incentives to align with the US efforts. 140 (See GSR 2023 Renewables in Energy Supply Module.)

Decarbonisation Policies

Renewable energy was at the heart of discussions at the 2022 United Nations Climate Change Conference (COP 27) in Sharm El-Sheikh, Egypt, and renewable-based energy systems are seen as the single most effective way to realise a net zero carbon world. 141 Through their Nationally Determined Contributions (NDCs) towards reducing emissions under the Paris Agreement, countries have established clear targets and commitments for reducing greenhouse gas emissions and are incentivised to invest in and prioritise the development of renewables. Such plans are crucial in efforts to keep global temperature rise below 2 degrees Celsius and highlight the critical role of renewables in the transition to a low-carbon economy.

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Since the signing of the Paris Agreement, 194 Parties have submitted NDCs to the United Nations Framework Convention on Climate Change (UNFCCC), outlining their plans to reduce emissions and increase renewable energy uptake. 142 In 2022, 35 countries submitted updated NDCs, although not all countries include targets for the deployment of renewables in their NDCs. 143 As of 2022, 183 Parties included renewable energy components in their NDCs, but only 143 of these had a quantified target. 144

Policies aimed at decarbonisation indirectly promote the use of renewables and include targets for reducing greenhouse gas emissions, pledges for climate neutrality and policies for net zero emissions. As of May 2023, 146 countries had announced or adopted a net zero target. 145 (See Figure 8.) The net zero target was included in a law in 26 countries and the EU, in a policy document in 47 countries, in discussion or proposed in 52 countries, and had a declaration or pledged in 15 countries. Renewable energy is crucial towards achieving new zero emissions, and 94 countries have both a net zero and an economy-wide renewable energy target. 146

Six countries (Benin, Bhutan, Comoros, Gabon, Guyana and Suriname) declared that they had achieved their net zero targets as of 2022. In March, the Republic of Korea's Carbon Neutrality Bill and Green Growth Act for Climate Change entered into force, requiring the government to cut emissions 35% by 2030 and to reach net zero by 2050. 147 However, as of December 2022 the UNFCCC reported only 57 submissions of long-term low-greenhouse gas emission development strategies, with 11 countries having submitted their strategies during the year (Argentina, Canada, the Gambia, Germany, India, Lithuania, the Russian Federation, Singapore, Thailand, Tunisia and Zimbabwe). 148 Such strategies outline a country's long-term vision for decarbonising its energy system, reducing emissions and promoting renewable energy uptake. 149

Carbon pricing policies put a price on carbon emissions to encourage a shift towards low-carbon technologies, thereby reducing greenhouse gas emissions. Adopted by governments and/or regional organisations, the policies can take the form of carbon taxes or cap-and-trade systems. They can help raise revenue for investments in renewables and other low-carbon technologies and provide incentives for companies to reduce their carbon footprints.

FIGURE 8.

Countries with Net Zero and Renewable Energy Targets, 2022

 FIGURE 8.

Source: See endnote 145 for this module.

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By early 2023, a total of 55 countries had either implemented or were considering carbon pricing policies. 150 (See Figure 9.) Out of these, 24 countries had either implemented or were considering a carbon tax, while 21 countries had implemented or were considering an emission trading system (ETS). 151 A further 10 countries had both a carbon tax and an ETS in place or under consideration. 152 Two countries, Australia and Vietnam, had plans to implement an ETS at a later date. 153 Among the 55 total countries, 37 had both a carbon pricing policy and either an existing or planned ban on fossil fuels in one or more sectors such as power, heating or transport. 154 Out of these 37 countries, 19 also had set a net zero target. 155

Only five countries (Australia, Austria, Indonesia, Montenegro and Uruguay) scheduled or implemented carbon pricing policies in 2022 and early 2023. 156 In a notable breakthrough, the European Council and the European Parliament agreed in December 2022 to implement the EU Carbon Border Adjustment Mechanism, which will apply a carbon price on certain imported goods from countries that do not have carbon pricing policies. 157

The EU is in talks to introduce the EU ETS 2, covering emission trading for buildings, road transport and smaller industries. 158 The EU ETS 2 is aimed at regulating fuel suppliers upstream, potentially starting in 2027, and would include a Social Climate Fund to support vulnerable households and microenterprises. 159 The scheme would update the EU ETS, the world's oldest and largest carbon pricing system, which is in its fourth phase since 2021. In 2022, Mexico also updated its General Law on Climate Change to clarify implementation of the Mexican Emission Trading System. 160 In a reverse move, in 2023 Slovenia abolished its carbon tax policy, first implemented in 1996. 161

FIGURE 9.

Countries with Climate Change Policies, by Type of Measure, 2022

 FIGURE 9.

Source: See endnote 150 for this module.

Phase-Outs and Bans on Fossil Fuel Subsidies

In 2022, fossil fuel prices reached unprecedented highs and volatility following the Russian Federation's invasion of Ukraine, particularly as the Russian fossil gas supply to Europe was reduced sharply. 162 Various policy measures were implemented to shield consumers from surging prices and fuel poverty, maintaining the competitiveness of fossil fuels compared to low-emission alternatives. As a result, global subsidies for fossil fuel use surpassed USD 1 trillion, the highest annual value ever recorded. 163

Many countries have Implemented temporary measures to shield end-consumers from rising fossil fuel prices, particularly in the transport and electricity sectors. 164 Egypt, El Salvador, France, Peru and Thailand have put in place price caps or have fixed prices for fossil fuels for electricity and/or transport. 165 Belgium, Guyana, South Africa and the United Kingdom have implemented exemptions on fossil fuel taxes and levies. 166 Germany, India and the Republic of Korea have enacted compensation mechanisms for different consumer groups. 167

All of these measures can be categorised as fossil fuel subsidies, effectively hampering the uptake of renewables by distorting end-user energy prices for fossil fuels. 168 Policies supporting fossil fuels, including subsidies for exploration, production, and consumption, distort the market and are strong roadblocks to the deployment of renewables. 169

Among efforts to slow fossil fuel growth, Colombia, an oil-producing country, announced in early 2023 that it would not approve new oil and gas exploration projects. 170 In 2022, Indonesia signed a Just Transition Partnership with the Group of Twenty (G20) countries and the EU to phase out coal. 171 Brazil entered a Just Transition Partnership to phase out coal use in the Santa Catarina region. 172 India led the call to phase out fossil fuels at COP 27. 173 Climate ministers in the Group of Seven (G7) countries agreed to speed the phase-out of unabated fossil fuel by 2050 at the latest. 174 At the sub-national level, Quebec, Canada voted to ban new fossil fuel exploration and to shut down existing drill sites within three years. 175 On the other hand, Norway approved new oil and gas projects worth USD 18.6 billion in 2023. 176

Renewable Energy for Economic Development and Recovery

Amid the current global energy crisis, countries have developed recovery plans mentioning renewables (on both the supply and demand sides), usually targeting specific sectors such as industry and transport. In October 2022, the EU approved the National Recovery and Resilience Plans of the 26 Member States, which allocate a total of EUR 34 billion (USD 36.3 billion) in clean energy investment. 177 Under the plans, Member States intend to invest in a range of renewable technologies, including solar (Austria, Bulgaria, the Czech Republic, Greece, Italy, Lithuania and Spain), offshore and onshore wind (Belgium, Finland, Greece, Italy and Poland), biomass (Austria, Croatia and Sweden), hydrogen (17 Member States) and energy infrastructure (Estonia, Latvia and Romania). 178

In August 2022, the United States launched the Inflation Reduction Act with the objective of reducing inflation while also tackling climate change, allocating more than USD 370 billion to clean energy measures. 179 At the sub-national level, Puerto Rico announced a USD 1 billion energy resilience relief package with dedicated funds for residential renewables. 180 Greece's post-pandemic recovery plan allocates EUR 200 million (USD 213.5 million) for residential solar with storage. 181 However, NIMBY (“not-in-my-back-yard”) movements and opposition to renewable energy are still very present; in the United States, at least 121 local policies block or counteract the adoption of renewables in 31 states. 182

Energy Efficiency

As of May 2023, 146 countries had announced or adopted a net zero target.

Energy efficiency policies are instrumental in driving the energy transition in all sectors (including buildings, heating and cooling)and complement renewable energy policies. Many existing recovery plans, such as in Canada, Europe, and the United States, include an energy efficiency component to tackle energy security. 183 In an update to Japan's energy efficiency law for buildings, starting in 2025 energy efficiency standards will become compulsory for all new residential and non-residential buildings, in addition to the current coverage of non-residential buildings with a floor area of 300 square metres or more. 184 Singapore has launched an Energy Efficiency Grant Program to help businesses invest in energy-efficient solutions to mitigate rising energy costs. 185 In 2022, Cambodia announced a National Energy Efficiency Policy aimed at setting long-term energy transition objectives for the energy sector. 186

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TABLE 1.

Renewable Energy Indicators, 2022

 TABLE 1.

1 Data are from BloombergNEF and include investment in new capacity of all biomass, geothermal and wind power projects of more than 1 MW; all hydropower projects of between 1 and 50 MW; all solar power projects, with those less than 1 MW estimated separately; all ocean power projects; and all biofuel projects with an annual production capacity of 1 million litres or more. Total investment values include estimates for undisclosed deals as well as company investment (venture capital, corporate and government research and development, private equity and public market new equity).

2 A country is counted a single time if it has at least one national or state/provincial target or policy.

3 Biofuel policies include policies listed in Reference Table R3a in the GSR 2023 Demand Module Data Pack, available at https://www.ren21.net/gsr2023-data-pack.

4 Data reflect all countries where the policies have been used at any time up through the year of focus at the national or state/provincial level. See Reference Table R5 in the GSR 2023 Supply Module Data Pack, available at https://www.ren21.net/gsr2023-data-pack/supply.

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TABLE 2.

Renewable Energy Targets and Policies, 2022

 TABLE 2.

Note: Please see key on last page of table.

TABLE 2.

Note: Please see key on last page of table.

TABLE 2.

Note: Please see key on last page of table.

TABLE 2.

Notes: (INDCs) are Intended Nationally Determined Contributions and (NDCs) are Nationally Determined Contributions. Multiple entries refer to multiple policies; see Reference Tables in the REN21 Policy Database for the GSR 2023 Collection. Countries are organised according to annual gross national income (GNI) per capita levels as follows: “high” is USD 13,205 or more, “upper-middle” is USD 4,256 to USD 13,205, “lower-middle” is USD 1,086 to USD 4,255 and “low” is USD 1,085 or less. Per capita income levels and group classifications from World Bank, “Country and Lending Groups”, http://data.worldbank.org/about/country-and-lending-groups, viewed June 2023. Only enacted policies are included in the table; however, for some policies shown, implementing regulations may not yet be developed or effective, leading to lack of implementation or impacts. Policies known to be discontinued have been omitted or marked as removed or expired. Many feed-in policies are limited in scope of technology.

Source: This module is intended to be only indicative of the overall landscape of policy activity and is not a definitive reference. Generally, listed policies are those that have been enacted by legislative bodies. Some of the listed policies may not yet be implemented, or are awaiting detailed implementing regulations. It is difficult to capture every policy change, so some policies may be unintentionally omitted or incorrectly listed. This report does not cover policies and activities related to technology transfer, capacity building, carbon finance and Clean Development Mechanism projects, nor does it attempt to provide a comprehensive list of broader framework and strategic policies – all of which are still important to renewable energy progress. For the most part, this report also does not cover policies that are still under discussion or formulation, except to highlight overall trends. Information on policies comes from a wide variety of sources, including the International Energy Agency and International Renewable Energy Agency Global Renewable Energy Policies and Measures Database, the US Database of State Incentives for Renewables & Efficiency (DSIRE), press reports, submissions from REN21 contributors and a wide range of unpublished data. Table 2 is based on numerous sources cited throughout this module and the sources listed in the REN21 Policy Database Data Packs for the Renewables in Energy Demand, Renewables in Energy Supply and Global Overview found on the REN21 website and through the modules' interactive online version.

  1. United Nations Development Programme (UNDP) Sustainable Energy Hub, “Three Trends That Will Shape the Energy Sector in 2023”, January 12, 2023, https://www.undp.org/energy/blog/three-trends-will-shape-energy-sector-2023; International Energy Agency (IEA), “Global Energy Crisis – Topics”, https://www.iea.org/topics/global-energy-crisis, accessed May 11, 2023. Box 1 from the following sources: IEA, “World Energy Outlook 2022”, 2022, https://iea.blob.core.windows.net/assets/830fe099-5530-48f2-a7c1-11f35d510983/WorldEnergyOutlook2022.pdf; IEA, “Global Energy Crisis – Topics”, op. cit. this note; Eurostat, “Electricity & Gas Hit Record Prices in 2022”, April 26, 2023, https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20230426-2.1
  2. IEA, “World Energy Outlook 2022”, op. cit. note 1.2
  3. European Commission, “REPowerEU: Affordable, Secure and Sustainable Energy for Europe”, May 18, 2022, https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal/repowereu-affordable-secure-and-sustainable-energy-europe_en; US Environmental Protection Agency (EPA), “The Inflation Reduction Act”, Overviews and Factsheets, November 21, 2022, https://www.epa.gov/green-power-markets/inflation-reduction-act.3
  4. World Meteorological Organization, “Climate and Weather Extremes in 2022 Show Need for More Action”, December 23, 2022, https://public.wmo.int/en/media/news/climate-and-weather-extremes-2022-show-need-more-action. 4
  5. BP, “Statistical Review of World Energy 2022”, 2022, https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2022-full-report.pdf. 5
  6. United Nations Framework Convention on Climate Change (UNFCCC), “Maintaining a Clear Intention to Keep 1.5°C Within Reach”, https://unfccc.int/maintaining-a-clear-intention-to-keep-15degc-within-reach, accessed June 28, 2023.6
  7. Ibid.7
  8. United Nations Environment Programme (UNEP), “COP27 Ends with Announcement of Historic Loss and Damage Fund”, November 22, 2022, https://www.unep.org/news-and-stories/story/cop27-ends-announcement-historic-loss-and-damage-fund. 8
  9. IEA, “Energy Technology Perspectives 2023”, 2023, https://iea.blob.core.windows.net/assets/a86b480e-2b03-4e25-bae1-da1395e0b620/EnergyTechnologyPerspectives2023.pdf; US EPA, op. cit. note 3. Box 2 based on the following sources: McKinsey, “Renewable-Energy Development: Disrupted Supply Chains”, February 2023, https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/renewable-energy-development-in-a-net-zero-world-disrupted-supply-chains; IEA, “Renewable Energy Market Update – June 2023”, June 2023, https://www.iea.org/reports/renewable-energy-market-update-june-2023; BloombergNEF, “Cost of New Renewables Temporarily Rises as Inflation Starts to Bite”, June 30, 2022, https://about.bnef.com/blog/cost-of-new-renewables-temporarily-rises-as-inflation-starts-to-bite; Energy Transitions Commission, “Streamlining Planning and Permitting to Accelerate Wind and Solar Deployment”, in Barriers to Clean Electrification Series – Planning and Permitting, January 2023, https://www.energy-transitions.org/wp-content/uploads/2023/01/Barriers_PlanningAndPermitting_vFinal.pdf; BloombergNEF, “2H 2022 Levelized Cost of Electricity Update”, December 2022, https://about.bnef.com/blog/2h-2022-levelized-cost-of-electricity-update; Wood Mackenzie, “Renewable Power in Asia Pacific Gains Competitiveness Amidst Cost Inflation”, January 2022, https://www.woodmac.com/press-releases/renewable-power-in-asia-pacific-gains-competitiveness-amidst-cost-inflation; J. Saul, W. Mathis and R. Morison, “Planet-Saving Wind Farms Fall Victim to Global Inflation Fight”, Bloomberg, March 10, 2023, https://www.bloomberg.com/news/articles/2023-03-10/offshore-wind-farms-face-fresh-hurdles-around-the-world-because-of-inflation. 9
  10. Figure 1 from IEA, “World Energy Outlook 2021”, 2021, https://iea.blob.core.windows.net/assets/4ed140c1-c3f3-4fd9-acae-789a4e14a23c/WorldEnergyOutlook2021.pdf. 10
  11. L. Cozzi et al., “For the First Time in Decades, the Number of People Without Access to Electricity Is Set to Increase in 2022 – Analysis”, IEA, November 3, 2022, https://www.iea.org/commentaries/for-the-first-time-in-decades-the-number-of-people-without-access-to-electricity-is-set-to-increase-in-2022. 11
  12. IEA, “Energy Access – Achieving Modern Energy for All by 2030 Seems Unlikely”, https://www.iea.org/topics/energy-access, accessed May 11, 2023.12
  13. Ibid. 13
  14. Ibid.14
  15. Renewable Energy Policy Network for the 21st Century (REN21), “Renewables 2023 Global Status Report Collection, Renewables in Energy Supply”, June 2023, https://www.ren21.net/wp-content/uploads/2019/05/GSR-2023_Energy-Supply-Module.pdf.15
  16. Ibid.16
  17. IEA, “World Energy Balances”, 2022, https://www.iea.org/reports/world-energy-balances-overview/world.17
  18. Ibid.18
  19. Figure 2 from Ibid.19
  20. Figure 3 from Ibid. 20
  21. Ibid.21
  22. Ibid.22
  23. REN21, op. cit. note 15.23
  24. Ibid.; IEA “Renewable Heat – Renewables 2022 – Analysis”, 2022, https://www.iea.org/reports/renewables-2022/renewable-heat.24
  25. REN21, op. cit. note 15.25
  26. REN21 Policy Database. See Reference Table R3a in the GSR 2023 Renewables in Energy Demand Data Pack, http://www.ren21.net/gsr2023-data-pack. 26
  27. IEA, “CO2 Emissions in 2022 – Analysis”, March 2023, https://www.iea.org/reports/co2-emissions-in-2022.27
  28. Ibid.28
  29. Ibid.29
  30. Ibid.30
  31. Ibid.31
  32. Figure 4 from Ibid.32
  33. M. Wiatros-Motyka, “Global Electricity Review 2023”, Ember, https://ember-climate.org/insights/research/global-electricity-review-2023/#supporting-material. 33
  34. Ibid. Figure 5 from Ember, “Electricity Data Explorer | Open Source Global Electricity Data”, 2023, https://ember-climate.org/data/data-tools/data-explorer.34
  35. Our World in Data, “Carbon Intensity of Electricity”, https://ourworldindata.org/grapher/carbon-intensity-electricity, accessed June 27, 2023.35
  36. Ibid.36
  37. REN21, “Renewables 2023 Global Status Report Collection: Renewables in Energy Demand”, March 2023, https://www.ren21.net/wp-content/uploads/2019/05/GSR2023_Demand_Modules.pdf.37
  38. Ibid.38
  39. International Renewable Energy Agency (IRENA), “Electrification with Renewables: Driving the Transformation of Energy Services”, 2019, https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Jan/IRENA_RE-Electrification_SGCC_2019_preview.pdf. 39
  40. REN21, op. cit. note 15.40
  41. Energy Institute in partnership with KPMG and KEARNEY, “Statistical Review of World Energy 2023, 72nd Edition”, June 2023, https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2022-full-report.pdf. 41
  42. “Explained: Why India Is Facing Longest Power Cuts in 6 Years”, Times of India, April 30, 2022, https://timesofindia.indiatimes.com/india/explained-why-india-is-facing-longest-power-cuts-in-6-years/articleshow/91198487.cms; Bloomberg, “China's Factories Still Struggling as Power Cuts Curb Output”, August 31, 2022, https://www.bloomberg.com/news/articles/2022-08-31/china-factory-activity-falls-again-as-power-outages-curb-output; S-L. Tan, “China Is Facing Another Power Crunch. But This Time It's Likely to Be Different”, CNBC, August 23, 2022, https://epthinktank.eu/2023/01/12/how-will-increasing-fuel-prices-impact-transport-ten-issues-to-watch-in-2023. 42
  43. REN21, op. cit. note 37.43
  44. IRENA, “World Energy Transitions Outlook 2023”, June 2023, https://mc-cd8320d4-36a1-40ac-83cc-3389-cdn-endpoint.azureedge.net/-/media/Files/IRENA/Agency/Publication/2023/Jun/IRENA_World_energy_transitions_outlook_v_1_2023.pdf; IEA, “World Energy Outlook 2022”, op. cit. note 1.44
  45. Ibid.45
  46. Ibid. 46
  47. REN21, op. cit. note 37.47
  48. REN21, op. cit. note 15.48
  49. Ibid.49
  50. IEA, “Electrification – Analysis”, September 2022, https://www.iea.org/reports/electrification.50
  51. Ibid.51
  52. Ibid.52
  53. “Greenhyscale Has Begun the Installation Process of a 6 MW Prototype Electrolyser in the Danish Green Industrial Park, Greenlab.” Hydrogen Central, April 12, 2023. https://hydrogen-central.com/greenhyscale-begun-installation-process-6-mw-prototype-electrolyser-danish-green-industrial-park-greenlab/ 53
  54. IRENA, “Hydrogen”, https://www.irena.org/Energy-Transition/Technology/Hydrogen, accessed May 21, 2023.54
  55. UNDP Sustainable Energy Hub, op. cit. note 1.55
  56. European Commission, “A Hydrogen Strategy for a Climate-Neutral Europe”, July 2020, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020DC0301. The EU Hydrogen Strategy consists of the following phases: Phase 1 (2020-2024): Install 6 GW of renewable hydrogen electrolysers and produce up to 1 million tonnes of renewable hydrogen. Scale up electrolyser manufacturing, including large ones up to 100 MW and establish hydrogen refuelling stations for fuel-cell buses and trucks. Retrofit existing hydrogen production plants with carbon capture and storage technologies. Phase 2 (2025-2030): Install 40 GW of renewable hydrogen electrolysers and produce up to 10 million tonnes of renewable hydrogen. Gradual cost competitiveness of renewable hydrogen. Implement demand side policies for industrial applications, including steel-making, trucks, rail, and maritime transport. Use green hydrogen for balancing a renewables-based electricity system, providing flexibility and storage.56
  57. FleishmanHillard, “National Hydrogen Strategies in the EU Member States”, February 2022, https://fleishmanhillard.eu/wp-content/uploads/sites/7/2022/02/FH-National-Hydrogen-Strategies-Report-2022.pdf. The Hydrogen Innovation Scheme is divided into two streams. Stream 1 focuses on funding feasibility studies or technical demonstrations of hydrogen production, distribution, or storage solutions at various Technology Readiness Levels (TRL 3 to 7). Stream 2 provides support for the development of test and demonstration facilities and equipment within Scotland. See also Scottish Government, “Emerging Energy Technologies Fund – Hydrogen Innovation Scheme: Form and Guidance”, October 21, 2022, http://www.gov.scot/publications/emerging-energy-technologies-fund-hydrogen-innovation-scheme-form-and-guidance. 57
  58. Energy Transitions Commission, op. cit. note 9.58
  59. Ibid.59
  60. Ibid.60
  61. IEA, “Renewable Energy Market Update – June 2023”, op. cit. note 9.61
  62. Energy Transitions Commission, op. cit. note 9.62
  63. IEA, “Renewable Energy Market Update – June 2023”, op. cit. note 9.63
  64. Ibid.64
  65. Ibid.65
  66. Energy Transitions Commission, op. cit. note 9.66
  67. Ibid.67
  68. Ibid.68
  69. Ibid.69
  70. Ibid.70
  71. Global Wind Energy Council, 2022, "India Wind Power Market Outlook, 2022-2026", https://gwec.net/wp-content/uploads/2022/
    08/India-Outlook-2026.pdf    .71
  72. S. Mojib Zahraee, N. Shiwakoti and P. Stasinopoulos, “Agricultural Biomass Supply Chain Resilience: COVID-19 Outbreak vs. Sustainability Compliance, Technological Change, Uncertainties, and Policies”, Cleaner Logistics and Supply Chain, Vol. 4 (July 2022), p. 100049, https://doi.org/10.1016/j.clscn.2022.100049.72
  73. OECD, “Supply of Critical Raw Materials Risks Jeopardising the Green Transition”, April 2023, https://www.oecd.org/newsroom/supply-of-critical-raw-materials-risks-jeopardising-the-green-transition.htm. 73
  74. IEA, “Renewable Energy Market Update – June 2023”, op. cit. note 9.74
  75. C40, “How to win support for local clean energy”, September 2021, https://www.c40knowledgehub.org/s/article/How-to-win-
    support-for-local-clean-energy    .75
  76. Ibid.76
  77. B.K. Sovacool et al., “Conflicted Transitions: Exploring the Actors, Tactics and Outcomes of Social Opposition Against Energy Infrastructure”, Global Environmental Change, Vol. 73, (March 2022), p. 102473, https://doi.org/10.1016/j.gloenvcha.2022.102473.77
  78. BP, op. cit. note 5; Energy Institute in partnership with KPMG and KEARNEY, op. cit. note 41; Ember, op. cit. note 34.78
  79. BP, op. cit. note 5; Ember, op. cit. note 34.79
  80. Energy Institute in partnership with KPMG and KEARNEY, op. cit. note 41.80
  81. BP, op. cit. note 5.81
  82. Energy Institute in partnership with KPMG and KEARNEY, op. cit. note 41. 82
  83. Ibid.83
  84. Ember, op. cit. note 34.84
  85. Wiatros-Motyka, op. cit. note 33.85
  86. Sidebar 1 from the following sources: BloombergNEF, “Tech Firms Seal US Dominance in Corporate Clean Power Purchasing”, March 17, 2023, https://about.bnef.com/blog/tech-firms-seal-us-dominance-in-corporate-clean-power-purchasing; American Clean Power (ACP), "Clean Energy Investing in America", 2023, https://cleanpower.org/wp-content/uploads/2023/05/CleanEnergy_ImpactReport_230505.pdf. Figure 6 from BloombergNEF, “Corporations Brush Aside Energy Crisis, Buy Record Clean Power”, February 9, 2023, https://about.bnef.com/blog/corporations-brush-aside-energy-crisis-buy-record-clean-power.86
  87. Ember, op. cit. note 34.87
  88. Energy Institute in partnership with KPMG and KEARNEY, op. cit. note 41.88
  89. REN21, op. cit. note 15.89
  90. Deloitte, “2023 Renewable Energy Industry Outlook”, 2023, https://www2.deloitte.com/content/dam/Deloitte/us/Documents/energy-resources/us-eri-renewable-energy-outlook-2023.pdf; Anadolu Ajansı, “Renewables Set to Break New Record in 2022 Despite Supply Chain Challenges”, May 11, 2022, https://www.aa.com.tr/en/economy/renewables-set-to-break-new-record-in-2022-despite-supply-chain-challenges/2584641. 90
  91. Ibid.91
  92. Ibid.92
  93. Ibid.93
  94. Ibid.94
  95. REN21, op. cit. note 15.95
  96. Wiatros-Motyka, op. cit. note 33; Global Energy Monitor, “China Permits Two New Coal Power Plants per Week in 2022”, February 26, 2023, https://globalenergymonitor.org/press-release/china-permits-two-new-coal-power-plants-per-week-in-2022. 96
  97. Ibid. 97
  98. Ibid. 98
  99. Ibid.99
  100. IEA, “The State of Clean Technology Manufacturing. An Energy Technology Perspectives Special Briefing”, 2023, https://iea.blob.core.windows.net/assets/baa765ac-27c7-42ba-9eba-73717359de23/TheStateofCleanTechnologyManufacturing.pdf. 100
  101. Ibid.101
  102. Ibid.102
  103. Ibid.103
  104. IEA, “Energy Technology Perspectives 2023”, op. cit. note 9.104
  105. IEA, op. cit. note 100.105
  106. Energy Transitions Commission, op. cit. note 9.106
  107. McKinsey, op. cit. note 9.107
  108. IEA, op. cit. note 100.108
  109. McKinsey, op. cit. note 9.109
  110. Eco Green Energy, “PV Industry Price Trends”, April 2023, https://www.eco-greenenergy.com/pv-industry-price-trends-april-2023.110
  111. Global Wind Energy Council, “Global Wind Report 2023”, 2023, https://gwec.net/globalwindreport2023. 111
  112. Ibid.112
  113. Ibid.113
  114. op. cit. note 100. 114
  115. Ibid.115
  116. Ibid.116
  117. IRENA, “Renewable Energy and Jobs: Annual Review 2022”, September 2022, https://www.irena.org/publications/2022/Sep/Renewable-Energy-and-Jobs-Annual-Review-2022.117
  118. Ibid.118
  119. McKinsey, “Renewable Development: Overcoming Talent Gaps”, https://www.mckinsey.com/industries/electric-power-andnatural-gas/our-insights/renewable-energy-development-in-anet-zero-world-overcoming-talent-gaps, accessed June 30, 2023.119
  120. Ibid.120
  121. Figure 7 from REN21 Policy Database. See GSR 2023 Data Pack, available at www.ren21.net/gsr2023-data-pack/go.121
  122. REN21 Policy Database. See GSR 2023 Data Pack, available at www.ren21.net/gsr2023-data-pack/go.122
  123. Ibid.123
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  136. IEA, “World Energy Outlook 2022 Shows the Global Energy Crisis Can Be a Historic Turning Point Towards a Cleaner and More Secure Future”, October 27, 2022, https://www.iea.org/news/world-energy-outlook-2022-shows-the-global-energy-crisis-can-be-a-historic-turning-point-towards-a-cleaner-and-more-secure-future. 136
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  147. Ibid.147
  148. IEA, “Carbon Neutrality and Green Growth Act for the Climate Change”, 8 November 2021, https://www.iea.org/policies/14212-carbon-neutrality-and-green-growth-act-for-the-climate-change. 148
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  152. Ibid.152
  153. Ibid.153
  154. Ibid.154
  155. Ibid.155
  156. Ibid.156
  157. European Commission, “Carbon Border Adjustment Mechanism”, https://taxation-customs.ec.europa.eu/green-taxation-0/carbon-border-adjustment-mechanism_en, accessed May 2, 2023.157
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  166. Ibid.166
  167. Ibid.167
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  221. C. Gardes-Landolfini, personal communication with REN21, February 21, 2023. Statement reflects personal opinion and does not reflect the broader opinion of the International Monetary Fund.221
  222. Ibid.222
  223. IMF Climate Finance Policy Unit, “ESG Monitor Q4 2021”, February 8, 2022, https://www.imfconnect.org/content/dam/imf/News%20and%20Generic%20Content/GMM/Special%20Features/ESG%20Monitor%20Q4%202021.pdf. 223
  224. C. Harrison, “Green Bond Pricing in the Primary Market H2 2022”, Climate Bonds Initiative, March 2023, https://www.climatebonds.net/files/reports/cbi_pricing_h2_2022_01c.pdf.224
  225. IMF Climate Finance Policy Unit, “Climate Finance Monitor Q4 2022”, February 1, 2023, https://www.imfconnect.org/content/dam/imf/News%20and%20Generic%20Content/GMM/Special%20Features/Climate%20Finance%20Monitor%20Q4%202022.pdf. 225
  226. Ibid.226
  227. Ibid.227
  228. Harrison, op. cit. note 224.228
  229. Ibid.229
  230. OECD, “ESG Investing and Climate Transition, Market Practices, Issues and Policy Considerations: OECD Business and Finance Outlook, 6th edition”, 2020, https://doi.org/10.1787/eb61fd29-en.230
  231. IMF Climate Finance Policy Unit, op. cit. note 225.231
  232. Ibid.; Skadden, Arps, Slate, Meagher & Flom LLP, “ESG in 2022 and
    Predictions for 2023”, February 1, 2023, https:// www.skadden.com/
    insights/publications/2023/02/esg-in-2022-and-predictions-for-2023    . 232
  233. Emmerich and Loeffler, op. cit. note 209.233
  234. MSCI, “ESG Investing: ESG Ratings”, https://www.msci.com/our-solutions/esg-investing/esg-ratings, accessed February 24, 2023; C. Simpson, A. Rathi and S. Kishan, “The ESG Mirage”, Bloomberg, December 10, 2021, https://www.bloomberg.com/graphics/2021-what-is-esg-investing-msci-ratings-focus-on-corporate-bottom-line. 234
  235. M. Taeger, “‘Double Materiality': What Is It and Why Does It Matter?” Grantham Research Institute on Climate Change and the Environment, April 21, 2021, https://www.lse.ac.uk/grantham-institute/news/double-materiality-what-is-it-and-why-does-it-matter; Emmerich and Loeffler, op. cit. note 209.235
  236. Emmerich and Loeffler, op. cit. note 209.236
  237. OECD, op. cit. note 230.237