RENEWABLES 2024
GLOBAL STATUS REPORT

Global Overview

2024

POLICY AND TARGETS

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Geopolitical shifts and crises of previous years have brought increased policy attention to the renewable energy landscape. While there is no shortage of commitments and pledges aimed at a more sustainable energy future, the real challenge lies in turning these promises into concrete results.

90
countries had nationwide renewable energy targets as of 2023
170
countries had a renewable energy target for electricity generation
151
countries had net zero targets in place

KEY FACTS

At the UNFCCC's COP28, 130 countries pledged to triple the world's renewable energy capacity and double the annual rate of energy efficiency improvements by 2030.

The revised EU Renewable Energy Directive of 2023 sets a new target of 42.5% of renewable energy by 2030 and aims for 45%. Member States have since submitted their renewable energy targets for sub-sectors including transport, buildings and industry.

China is the only country on track to meet its renewables target, for a 28% share by 2030

Renewable hydrogen strategies had been adopted by 41 countries by the end of 2023, with the EU launching a European Hydrogen Bank to support the regional market with EUR 800 million (USD 862 million) in subsidies.

Carbon pricing mechanisms continued to be a popular measure globally, with 39 countries implementing such policies by the end of 2023.

Policy Context

The renewable energy landscape in 2023 was shaped largely by policy decisions and targets adopted in previous years, particularly measures responding to the COVID-19 pandemic, the Russian Federation's invasion of Ukraine and the subsequent energy crisis. 170 The ambition and effectiveness of these policies helped stimulate large increases in renewable energy investment and in the number of projects announced and commissioned during the year. 171

Geopolitics has played a growing role in the renewables sector. 172 Ambitious policies such as the US Inflation Reduction Act and RePowerEU have proven influential in encouraging both individuals and businesses to invest in renewable energy capacity. 173 These policies are promoting energy independence, diversifying supply chains to more countries and countering the dominance of key players such as China in the global energy market. 174

As of 2023, 7 countries had 100% economy-wide renewable energy targets.

Many countries have strengthened their commitment to renewables by setting targets. By the end of 2023, 90 countries had in place economy-wide targets for renewable energy, although only 7 countries had targets for 100% renewables (most of them aimed at distant time horizons). 175 During the year, three countries announced new or updated renewable energy targets. 176

Despite ambitious targets, countries will continue to fall short of their renewable energy goals if they do not adapt strong policies and regulations. As of December 2023, China was the only country on track to meet its renewable energy target (for 28% renewables in the energy mix by 2030), and China was also ahead in its annual requirements for renewable capacity additions. 177 The EU, despite ongoing efforts, remained off track to meet its target of 42.5% renewables in the energy mix. 178 The wide gap between ambition and achievement in most countries globally highlights the need for more effective action to bridge this divide.

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Policies and Targets in Energy Demand

The global energy landscape is being reshaped by targeted policy interventions across diverse demand sectors. In the agriculture sector, policies to advance the uptake of renewables remain scarce, whereas in the transport sector policies are being crafted to boost renewable energy use across road, air, rail and shipping modes. Similarly, the buildings sector is focused on policies to promote renewables for on-site electricity generation, energy-efficient appliances, as well as heating and cooling. 179 The industry sector is shifting towards an emphasis on decarbonisation and energy efficiency, underpinned by comprehensive policies that integrate climate goals with energy and industrial strategies. 180

Few dedicated policies exist to promote renewable energy in agriculture. Established technologies include biogas and solar-powered water pumps, while the emerging agrivoltaics sector (which combines agriculture and solar PV to maximise land-use efficiency) is maturing rapidly. Fiscal and financial policies are still widely used to advance renewables in the agriculture sector. In 2023, Greece offered grants of up to 60% for farmers to install solar PV systems, and the EU allocated EUR 1.7 billion (USD 1.84 billion) to support agrivoltaics in Italy. 181

By the end of 2023, a total of 43 national and sub-national jurisdictions had renewable energy policies for agriculture, and 18 countries enacted new policies during the year. 182 In addition, the EU adopted the 2023-2027 Common Agricultural Policy, which aims to use energy efficiency and precision farming to enhance resource management, and to add 1,556 MW of renewable capacity through investment support for nearly 180,000 farms. 183

In the transport sector, 28 countries announced new policies in 2023 to support demand for renewables in road transport, aviation, rail and shipping. 184 This brought the total number of countries with renewable energy policies for transport to 65. 185 The EU‘s New Renewable Energy Directive, adopted in October 2023, includes the option for Member States to choose between a binding target to reduce the greenhouse gas intensity of transport 14.5% by 2030 through the use of renewables, or a binding share of at least 29% renewables in the transport sector's final energy consumption by 2030. 186

Electric vehicle policies continued to lead in road transport. During 2023, at least 13 countries – including China, France, Iceland, Indonesia and Poland – announced fiscal and financial incentives for electrified transport, which are relevant for the uptake of renewables when coupled with ambitious renewable energy targets. 187 Some countries, such as South Africa, increased their biofuel blending mandates. 188 Others, continuing the trend observed in 2022, reduced their blending mandates amid the ongoing cost-of-living crisis. 189 In aviation, the ReFuelEU initiative set a mandate for 2% sustainable aviation fuel in all planes at EU airports by 2025, with a gradual increase to 70% by 2070. 190

Policies in the buildings sector have focused mainly on heating and cooling. In 2023, several EU countries – including Croatia, Cyprus, Denmark, Estonia, Germany, Italy, Latvia, Portugal, Romania and Slovenia – announced new or updated renewable energy targets in the sector. 191 The EU‘s New Renewable Energy Directive includes an indicative target of at least 49% renewables in buildings by 2030. 192 Heat pumps continued to benefit from favourable policies in 18 countries. 193 Germany adopted contentious legislation calling for the replacement of all fossil fuel heating systems by 2045. 194

As of December 2023, 10 countries had new or updated renewable energy policies in the industry sector, bringing the total to 37 countries. 195 Policies in the sector continued to be driven by the need to decarbonise, with a primary focus on energy efficiency. Some countries have increasingly adopted an integrated approach, merging their climate, energy security and industrial policies into broader, more cohesive strategies, such as the US Inflation Reduction Act, the RePowerEU package and Japan's Green Transformation Program. 196 In South Africa, the new South African Renewable Energy Master Plan (SAREM) was announced in July 2023; the plan calls for increased investment in industrialisation, localised manufacturing and skilled labour. 197 (See Snapshot: South Africa.)

As part of the EU's Green Deal plan, the Net-Zero industry Act was under negotiation in 2023 and includes provisions to boost the manufacturing capacity of net zero technologies (such as renewable energy and renewable hydrogen) by 2030. 198 The United Kingdom also published its Net Zero Growth Plan, which includes strategies to achieve the country's commitment to net zero emissions through renewable energy investment and other measures. 199 Renewable heat continued to gain momentum in the industry sector, with new targets announced in Italy, Latvia and Slovenia. 200

Snapshot.SOUTH AFRICA

How Transformative Policy Is Shifting South Africa's Renewable Energy Landscape from Crisis to Opportunity

Coal mining is crucial to South Africa's economy. The sector accounted for around 100,000 jobs nationwide in 2021, and in 2023 coal contributed more than 70% of the country's energy supply and 85% of its electricity generation.

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How Transformative Policy Is Shifting South Africa's Renewable Energy Landscape from Crisis to Opportunity

Coal mining is crucial to South Africa's economy. The sector accounted for around 100,000 jobs nationwide in 2021, and in 2023 coal contributed more than 70% of the country's energy supply and 85% of its electricity generation.

Since 2008, the national energy supply has been unable to meet demand, resulting in year-round electricity “load-shedding”. In addition to costing South Africa an estimated USD 53 billion, this power supply crisis has deterred investor confidence, hindered development, and exacerbated inequality, forcing many residents to rely on costly diesel generators for energy security, which most people cannot afford.

Motivated by the pressing need for new generation capacity, as well as by international pressure to decarbonise, South Africa has put massive efforts into research and planning for a “just energy transition” that suits the local context.

Renewable energy deployment has accelerated since 2011 with the launch of the government-led Renewable Energy Independent Power Procurer Procurement Programme (REIPPPP), a competitive tender process that was designed to facilitate private sector investment in grid-connected renewable energy generation. During 2011-2015, the REIPPPP, along with the Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP), successfully secured 11,590 MW of renewable energy technologies and 415 MW of battery storage capacity, providing valuable lessons for other countries in organising competitive tenders for grid-connected independent renewable power production.

In 2023, South Africa experienced a critical juncture in its energy sector, marked by a series of policy developments aimed at addressing the pressing challenges posed by the ongoing energy crisis. Policies included the following:

South African Renewable Energy Master Plan (SAREM): Building on a 2022 draft, the plan focuses on unlocking market demand, driving industrial development through localisation efforts, ensuring inclusive growth, and building local capabilities in skills and technological innovation. The first such plan for the country, the SAREM sets a clear strategy for energy storage uptake while emphasising the maximisation of local value chains. To leverage South Africa's already developed manufacturing and assembly industries, the country will likely raise its tariffs on imported solar panel mounting structures (which can also be made with locally sourced steel) and on fully assembled lithium-ion battery packs. Although the plan provides few details on the country's stance on mining and the critical minerals required for the energy transition, it outlines an alignment between the steel, automotive and battery minerals masterplans to improve the competitiveness of local minerals and materials. The SAREM highlights South Africa's plans to use public procurement to add 22.9 GW of utility-scale renewable energy and battery storage during 2022-2030.

National Wheeling Framework: A report released in July 2023 outlines steps for municipalities to enable electricity wheeling and introduced a national wheeling framework that is under development. Wheeling involves delivering energy from producers to end-users via a distribution network, enabling independent power producers to sell electricity directly while paying for grid use.

Electric Vehicle White Paper: In line with the global shift towards lower-carbon transport, South Africa introduced a White Paper on electric vehicles in 2023. As Africa's largest producer of cars and second largest exporter, South Africa faces significant challenges due to international bans on the export of internal combustion engine vehicles. To support a just transition, the paper outlines a technology-agnostic approach, investment support and incentives for the localisation of the automotive supply chain.

These emerging policy developments indicate a pro-active and strategic response to the energy challenges facing South Africa. In 2022, a substantial increase in renewable energy project registrations occurred, with 1.6 GW reported to the National Energy Regulator of South Africa (NERSA), up sharply from the 86 MW recorded in 2021. The momentum continued in the first quarter of 2023, with the registration of 2.5 GW. In December 2023, the Ministry of Mineral Resources and Energy launched a seventh round of the REIPPPP, expecting to allocate 1.8 GW of solar PV capacity to add to the existing 5,826 MW at the end of 2022.

Source: See endnote 197 for this module.

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Policies and Targets in Energy Supply

Integrating renewables into energy supply encompasses a diverse range of policy goals, from the promotion of renewable electricity generation to support for renewable heating. Policy measures include setting targets, employing auction mechanisms, leveraging fiscal and financial measures, and adopting renewable portfolio standards.

With the sustained growth in renewable generation capacity worldwide, more countries have updated their targets. In 2023, 31 countries – including Brazil, Côte d'Ivoire, Egypt, Ireland, Italy and Uganda – announced new or revised targets for the renewable share in electricity generation, bringing the total number of countries with economy-wide renewable energy targets to 90. 201 (See Figure 3.) During the COP 28 event, the Latin America and Caribbean Renewables Hub raised its 2030 target for the share of renewables in the region's total electricity generation from 70% to 80%. 202 The region also aims for 36% renewables in its total energy supply. 203

By the end of 2023, a total of 170 countries had a renewable energy target for electricity generation. 204 Solar, wind and hydropower have dominated technology-specific targets. 205

Feed-in tariffs remained popular in 2023, and several countries – including France, Serbia and Türkiye – announced new tariffs for systems of various sizes. 206 Auctions and tenders were still in wide use for wind and solar PV, and were increasingly being used for renewable hydrogen (including in Albania, Algeria, Greece, India and Romania). 207

Fiscal and financial policies for renewable power supply, such as tax credits and financial incentives, remained prevalent. Among the countries that announced fiscal and/or financial policies related to renewable power in 2023 were Austria, Brazil, China, Egypt, Greece, Indonesia, Poland and Switzerland. 208 Switzerland allocated USD 682 million (CHF 600 million) in subsidies for small and large-scale solar PV. 209

Renewable portfolio standards (RPS) i continued to be a cornerstone of state-level energy policy in the United States. As of 2022, 30 US states had established RPS, with 17 of the policies targeting 100% clean or renewable electricity by 2050. 210 Connecticut announced a goal of 48% renewable electricity by 2030, and Illinois increased its targets to 50% by 2040 and 100% by 2050. 211

Renewable heat supply gained growing policy attention in 2023. This ranged from supports for district heating (in Croatia, the Czech Republic, Denmark and the United Kingdom) to bans on fossil fuel use for heating (in Austria, France, Germany and the US state of New York). 212 Heat pumps and solar water heaters continued to attract interest, including in Kenya where it has now become mandatory to equip all residential buildings, schools, health-care institutions and commercial buildings with solar water heaters. 213 Ireland announced its intention to introduce a renewable heat obligation by 2024. 214

FIGURE 3.Renewable Energy Targets, by Country and by Sector, as of 2023

FIGURE 3.

Source: REN21. See endnote 201 for this module.

Policies in Energy Infrastructure

Policies aimed at improving the penetration of renewables in energy systems typically require long-term planning, yet they remain scarce. 215 The EU has made progress on electricity market design, including a proposed two-way Contract for Difference ii mechanism that aims to create a buffer between electricity markets (which are heavily dependent on global fossil fuel prices) and consumer bills. 216 Energy producers receive payments if market prices fall below a certain level, and must pay back when prices exceed a certain level, ensuring revenue stability and encouraging investment in renewables. 217

Under the 2022 EU Trans-European Network for Energy – a policy aimed at connecting the energy infrastructures across EU Member States – projects were selected in 2023 among 11 priority corridors and 3 thematic policy areas. 218 The EU also updated its rules for cross-border energy infrastructure in 2022. 219 In addition, the European Commission presented a New Grid Action Plan, a comprehensive strategy to enhance the efficiency and expansion of regional electricity grids in light of rising demand for and integration of renewables in order to achieve the EU Green Deal and “green” the economy. 220

Renewable hydrogen gained policy attention during 2023, with 41 countries having in place a renewable hydrogen strategy or roadmap by year's end. 221 Several countries – including Argentina, Estonia, India, Oman and Türkiye – announced new strategies. 222 Denmark launched a tender for up to 6 GW of electrolysis capacity by 2030, with an emphasis on “power-to-X”. 223 This entails linking the electricity sector with other sectors (such as heating, cooling, transport and industry) to increase the integration of variable renewable electricity, while also storing the surplus electricity from other sectors (in batteries, as thermal energy or as renewable hydrogen) for later use.

Among advances in hydrogen in 2023, Italy allocated EUR 300 million (USD 328 million) to develop a renewable hydrogen-based railway system, including the generation plants and hydrogen-powered trains. 224 The EU launched the European Hydrogen Bank to initiate the regional market, with EUR 800 million (USD 875 million) in subsidies for renewable hydrogen production. 225 The United States issued regulations on the Clean Hydrogen Production Credit under the Inflation Reduction Act. 226 The United Kingdom released details on a 15-year support mechanism for low-carbon hydrogen production to make up the gap in operating costs between low- and high-carbon fuels. 227 Despite rising policy attention, renewable hydrogen deployment has lagged globally due to high production costs and weak demand. 228

Energy and Climate Policies

As of December 2023, 151 countries had in place targets for net zero emissions (see Figure 4.) , covering 88% of global greenhouse gas emissions. 229 In 2023, Georgia adopted its Long Term Low Emission Development Strategy 2050, which sets the stage for reaching the country's net zero target for 2050. 230 In addition, 20 countries submitted new or updated Nationally Determined Contributions (NDCs) towards reducing emissions under the Paris Agreement, bringing the total available submissions to 168; Eritrea became a new signatory to the agreement. 231 Countries are expected to submit their second NDC updates by 2025. 232

FIGURE 4.Countries with Net Zero and Renewable Energy Targets, as of 2023

FIGURE 4.

Note: The Philippines has a 100% RE target, but no net-zero target.

Source: REN21. See endnote 229 for this module.

Despite rising interest in decarbonisation, many G20 countries have increased their direct subsidies to fossil fuels, bringing the G20 total to a record USD 1.3 trillion in 2022. 233 This was more than double the amount in 2019, prior to the COVID-19 pandemic and the global energy crisis. 234 Globally, total fossil fuel subsidies (direct and indirect) reached USD 7 trillion in 2022, with China contributing the most (USD 2.2 trillion) followed by the United States (USD 760 billion), the Russian Federation (USD 420 billion), India (USD 350 billion) and the EU (USD 310 billion). 235 Most of these were direct subsidies, in addition to investments by state-owned enterprises and lending from public financial institutions. 236 In a different approach, Canada banned subsidies to the oil and gas sector starting in July 2023 in an effort to comply with the 2009 G20 commitment to phase out inefficient fossil fuel subsidies. 237

Carbon pricing policies continued to gain traction in 2023, in the form of either carbon taxes or emission trading systems. A total of 39 countries were implementing a carbon pricing mechanism by year's end. 238 (See Figure 5.) Indonesia launched the Indonesia Carbon Exchange (IDX Carbon) on its stock exchange, and Australia updated its carbon pricing mechanism to target the most polluting industries. 239 The United Kingdom announced that it would introduce a domestic carbon tax by 2027. 240

The EU's Implementing regulation for the Carbon Border Adjustment Mechanism, which entered into force in October 2023, covers cement, iron, steel, aluminium, fertilisers, electricity and hydrogen. 241 The mechanism is designed to counteract carbon “leakage” by imposing a cost on carbon emissions associated with imported goods, and aims to level the playing field between EU producers (which are subject to stringent climate policies) and non-EU producers (which may face less strict environmental standards). 242

Increasingly, policy makers have recognised the role of energy efficiency in bolstering energy security, reducing costs and aiding the energy transition. 243 By the end of 2023, nearly all countries were implementing efficiency standards for air conditioners, and the number of countries with standards for industrial motors increased three-fold in the last decade. 244 At least 16 countries implemented new or updated energy efficiency policies in 2023. 245

Several Eastern European countries allocated large grants for energy efficiency, including Bosnia and Herzegovina (BAN 12.6 million or USD 13.7), Croatia (EUR 40 million or USD 43 for public buildings) and Estonia (EUR 80 million or USD 87 for buildings). 246 Singapore and the United States announced plans to update their minimum energy performance standards. 247 Türkiye issued a 2030 Energy Efficiency Strategy and Action Plan, which aims to reduce energy consumption 16% and to prevent 100 million tonnes of emissions by 2030. 248 As noted earlier, the final text from COP 28 called for doubling the rate of global energy efficiency improvements by 2030, with 130 countries committing to the target. 249

FIGURE 5.Countries with Climate Change Policies, by Type of Measure, as of 2023

FIGURE 5.

Source: REN21. See endnote 238 for this module.

Footnotes

i A regulation that requires the increased production of energy from renewable energy sources.

ii A type of derivative product that is used to speculate on the future direction of a market price.

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  294. Hortense Bioy, “Global ESG Funds Hit With Outflows for First Time in Q4”, Morningstar, Inc., 2 February 2024, https://www.morningstar.com/sustainable-investing/globally-esg-funds-suffer-first-ever-quarterly-outflows-fourth-quarter-2023.294
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  298. The Business Times, “China Proposes New ESG Rules to Keep Up with Europe”, 21 February 2024, https://www.businesstimes.com.sg/esg/china-proposes-new-esg-rules-keep-europe. 298
  299. Hortense Bioy, “Global ESG Funds Hit With Outflows for First Time in Q4”, Morningstar, Inc., 2 February 2024, https://www.morningstar.com/sustainable-investing/globally-esg-funds-suffer-first-ever-quarterly-outflows-fourth-quarter-2023. 299
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  306. Box 2 from the following sources: fossil fuel CEO from Ben Stockton and Amy Westervelt, “Inside the Campaign That Put an Oil Boss in Charge of a Climate Summit”, The Intercept, 25 October 2023, https://theintercept.com/2023/10/25/cop28-uae-oil-climate-sultan-al-jaber; USD 100 billion and strong confidence from Jillian Ambrose, “Big Five Oil Companies to Reward Shareholders with Record Payouts”, The Guardian, 1 January 2024, https://www.theguardian.com/business/2024/jan/01/oil-companies-shareholders-payouts-bp-shell-chevron-exxonmobil-totalenergies; fossil fuel spending from International Energy Agency, “The Oil and Gas Industry in Net Zero Transitions”, 2023, https://www.iea.org/reports/the-oil-and-gas-industry-in-net-zero-transitions; Shell job cuts from Ron Bousso, “Exclusive: Shell Cuts Low-carbon Jobs, Scales Back Hydrogen in Overhaul by CEO”, Reuters, 25 October 2023, https://www.reuters.com/sustainability/climate-energy/shell-cuts-low-carbon-jobs-scales-back-hydrogen-ceo-overhaul-sources-2023-10-25; investor reactions from “Shell under fire from Europe's largest asset manager over climate policy “, Financial Times, 15 January 2024, https://www.ft.com/content/8e530a5c-6f67-424a-a9d9-a14d395ee4c1; France from “Environmental Groups File Complaint Against France's TotalEnergies over Climate Impact”, Reuters, 2 October 2023 https://www.reuters.com/sustainability/environmental-groups-file-complaint-against-frances-totalenergies-over-climate-2023-10-02. 306
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  309. Climate Policy Initiative, “Global Landscape of Climate Finance 2023”, 2023, https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf. 309
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  316. Climate Policy Initiative, “Global Landscape of Climate Finance 2023”, 2023, https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf. 316
  317. Climate Policy Initiative, “Global Landscape of Climate Finance 2023”, 2023, https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf. 317
  318. Climate Policy Initiative, “Global Landscape of Climate Finance 2023”, 2023, https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf. 318
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  323. Mike Scott, “ESG Watch: COP28 a Milestone in Terms of Ambition, but Falls Short on Finance”, Reuters, 14 December 2023, https://www.reuters.com/sustainability/sustainable-finance-reporting/esg-watch-cop28-milestone-terms-ambition-falls-short-finance-2023-12-14. 323
  324. Glasgow Financial Alliance for Net Zero (GFANZ), “About Us”, 2022, https://www.gfanzero.com/about; GFANZ, “GFANZ Launches Latin America & Caribbean Network to Support Climate Finance in the Region”, 23 October 2023, https://www.gfanzero.com/press/gfanz-launches-latin-america-caribbean-network-to-support-climate-finance-in-the-region.324