Foreword

In 2023, ongoing economic and geopolitical developments continued to cause major changes to the world's energy system. Markets were tighter and policy makers shifted their focus to ensuring security of supply. High inflation and cost of capital are inhibiting investment, particularly in developing countries with high debt burdens, making development highly unequal across regions.

The good news is that many governments are adopting and promoting renewables as an affordable and secure source of energy to stabilise supply and mitigate inflation. Significant momentum has already been building in the power sector, where renewable electricity is driving the shift in energy supply. Renewables now account for over 30% of total final energy consumption in the power sector.

But we need to accelerate this trend with necessary targets and policies. Special attention must be paid to increasing renewable uptake in heat and fuels as rates still hover at 10% and 3.5% respectively. The UNFCCC COP28 agreement to triple renewable energy capacity and double energy efficiency improvements provides a real opportunity. With the Nationally Determined Contributions (NDCs) towards reducing greenhouse gas emissions under the Paris Agreement, there is a window of opportunity to make clear commitments and raise ambition on renewable energy, but this opportunity must be seized now.

The Renewables 2024 Global Status Report – Energy Supply Module delves into the intricacies of renewable energy progress, examining the distribution of energy among carriers and outlining critical obstacles. It is the third of five modules released this year and represents the collaborative efforts of hundreds of contributors who provide unbiased data and knowledge.

I hope that, in this module, you will find the essential elements and tools to support your work in enabling a swift transition to renewable energy. Thank you to the REN21 team, authors, special advisor and contributors who have given their knowledge, time and effort to produce this report. Their insights and commitment are core in producing these crowd-sourced and peer-reviewed reports. I am confident that this publication will serve as a valuable resource for policy makers, industry leaders and stakeholders to inform decision making in support of a sustainable energy future.

Sincerely,

Rana Adib
Executive Director, REN21