Renewables 2024 Global Status Report: Energy Supply

Global investment in and deployment of renewables reached an all-time high in 2023, despite high interest rates and higher costs of raw materials. Globally, renewable energy supplied 30% of electricity, 10% of heat and 3.5% of fuel in 2023. Global renewable capacity additions need to reach almost 1 terawatt (TW) per year to achieve the global target of 11 TW by 2030. Investment in renewable energy and enabling technology manufacturing grew 70% in 2023, mainly in solar PV and batteries. In 2023, 24 countries updated their targets for the share of renewables in the electricity supply.