Foreword We stand at a precipice, with the urgent need for a rapid transition to renewable energy underscored by escalating global crises and the encouraging targets set at COP28. The role of renewable energy as a key solution to climate, energy, and economic challenges is more apparent than ever. This yearʼs Renewables Global Status Report illuminates a complex landscape of progress tempered by persistent challenges. Despite record investments in renewables, reaching USD 622.5 billion in 2023, we are still far from what is needed to meet our climate and sustainable development goals. Estimates suggest that global investments need to reach at least USD 1.3 trillion annually between now and 2030 if we are to keep the 1.5°C target in reach. The disparity in investment opportunities between high- and low-income countries, compounded by unequal access to capital, remains a major obstacle to an equitable energy transition. Interest rates in emerging economies remain significantly higher than in advanced economies, further hindering progress towards sustainability. We find hope in the commitments made at COP28 – to triple renewable capacity and double energy efficiency by 2030. These pledges, however, risk becoming empty promises unless they are backed up with immediate, drastic action. As we celebrate our achievements, we remain acutely aware that radical action is necessary to keep pace with ever-growing energy demand and significantly reduce greenhouse gas emissions. In 2023, renewable energy accounted for 86% of power capacity additions, a testament to progress. Yet renewables represented just 12.9% of total final energy consumption in 2022. The shift towards renewable energy is not just a necessity but an opportunity to create a more sustainable, equitable, and prosperous future. To seize this opportunity, we must strengthen policies, increase investments, and foster technology and skill sharing at a global scale. I extend my deepest thanks to the REN21 team and all contributors for their unwavering dedication and insight. As REN21 celebrates its 20 years, I want to particularly acknowledge the REN21 community’s ongoing engagement in helping craft this comprehensive report. The GSR 2024 once again exemplifies our collective commitment to accelerating the renewable energy transition. We must act fast. We must act together. Let us respond to the momentous challenges and opportunities that confront us with renewed determination and confidence that we can, and must, transition to renewables, now. Sincerely, Rana Adib Executive Director, REN21