Accelerating Renewable Energy: Progress and Challenges in 2024

The global renewable energy sector is experiencing unprecedented growth, driven by policy incentives, technological advances, and increasing urgency to combat climate change. However, the path toward sustainability presents both opportunities and significant hurdles. Record-Breaking Growth in Renewable Capacity In 2023, the world added nearly 510 gigawatts (GW) of renewable energy capacity, marking a 50% increase over the previous year. Solar photovoltaic (PV) installations led the charge, accounting for three-quarters of these additions. China, in particular, set records by commissioning as much solar PV in one year as the entire world did the year prior. Wind energy also experienced robust growth, with onshore and offshore wind projects driving diversification of energy portfolios globally. Europe, the United States, and Brazil joined China in reaching all-time highs in renewable deployment, underscoring the global momentum toward clean energy solutions【10】【12】. Decarbonization,...