Challenges and Opportunities Trade, markets, energy demand, infrastructure development, investment and policies are changing. The shifting macroeconomic and geopolitical conditions create huge challenges and opportunities for the uptake of renewable energy. Challenges Investment in renewable energy in 2023 was complicated by high interest rates and challenging market conditions worldwide. Higher input costs for key raw materials including critical minerals further affected the investment environment. High capital costs and rising interest rates, especially in emerging markets, have challenged the financing of renewable energy projects – potentially slowing the global transition to renewables – and have amplified energy inequality. Ongoing geopolitical conflicts and international tensions continue to disrupt global supply chains and impact the energy landscape, making the renewable sector vulnerable to international disputes and logistical constraints. The heavy reliance on a few regions for renewable energy components and critical minerals presents a risk of supply chain disruptions and geopolitical dependencies. Despite ambitious clean energy targets, many countries have fallen short of their goals, highlighting a significant gap between policy ambition and actual achievement in renewable energy deployment. Fossil fuel subsidies continue to increase globally, contradicting global commitments to decarbonise. The renewable energy sector faces a shortage of skilled workers, with the demand for qualified personnel outpacing the deployment of renewable energy technologies. Opportunities The global agreement at COP 28 to triple renewable energy capacity, with 130 countries committing to a collective target of at least 11 terawatts by 2030, demonstrates a strong international commitment to renewables. Energy security goals and industrial strategies are helping to boost renewable energy investment. Countries are consistently updating their renewable energy policies and targets. New and updated renewable energy policies in the demand and supply sectors represent an opportunity to boost the uptake of renewables in heavy industry and heavy transport. The concurrent solar PV and electric vehicle booms present an opportunity for creating integrated energy ecosystems where solar PV powers electric vehicle charging stations, fostering a self-sustaining cycle of clean energy. This synergy enhances energy independence and drives innovation in smart grid and storage technologies. The development and deployment of sector coupling solutions helps integrate renewable energy across multiple sectors such as heating and transport. It helps improve overall system efficiency and opens new markets for renewable energy technologies. Investment