Renewables 2024 Global Status Report: Energy Demand

Despite a notable decline in the prices of fossil fuels and other energy commodities in the first half of 2023, wholesale electricity prices remained high in many countries, negatively affecting energy-consuming sectors. Inflation and high interest rates continued to hamper investment, particularly in emerging markets that face debt burdens and a higher cost of capital. Meanwhile, massive subsidies to fossil fuels remain prevalent and have distorted the market, placing renewables at a disadvantage. Renewables nonetheless continued to prove attractive as an affordable and secure energy source in 2023, with investments rising to a record USD 623 billion and corporate power purchase agreements reaching a record 46 gigawatts (GW)