Progress in renewable energy uptake in the largest energy-consuming sectors slowed globally in 2023, amid high interest rates, supply-chain issues, and regulatory and policy uncertainties in the wake of the energy crisis, renewable energy think tank REN21 said in a new report on Thursday. Last year, global additions to renewable power capacity increased by an estimated 36% to reach 473 gigawatts GW, a new record for the 22nd consecutive year, REN21’s Renewables 2024 Global Status Report found.
Following the energy crisis of 2022, some countries have accelerated the transition to renewables, but others “have opted to embrace fossil fuels for energy supply assurance,” the report says. Global investment in both natural gas and coal infrastructure remains substantial, while many developing countries have prioritized short-term economic growth over long-term energy transition, according to REN21.
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