The International Renewable Energy Agency (IRENA) produces comprehensive, reliable datasets on renewable energy capacity and use worldwide.

The International Renewable Energy Agency (IRENA) has released its World Energy Transitions Outlook (WETO) 2023, emphasizing the urgent need for a significant increase in renewable power capacity. The report highlights the importance of tripling annual renewable power additions by 2030 to stay on track with the 1.5°C climate target set by the Paris Agreement.

Electrifying the use of energy in industry, transport and buildings with renewables is a cost-effective way to decarbonise end-use sectors, increase security of supply, reduce dependency of imported fossil fuels and mitigate risks of fuel prices volatility as experienced in recent years.

The need to scale up the deployment of technologies such as green hydrogen, energy storage and offshore wind has become increasingly critical to the success of the global energy transition and to meeting global climate goals. To this end, access to low-cost capital for project financing in G20 Member Countries and beyond is vital.

The cost of capital (CoC) for renewable power generation technologies is a major determinant of the total price to purchasers of renewable electricity. Both reliable data, and a deep understanding of the composition of the CoC and its drivers, are therefore critical information.

Among the broad range of renewable energy options available within the global energy transition, ocean energy offers significant potential to support decarbonisation efforts. With a global market potential of 350 GW by 2050, ocean energy can provide clean, local, predictable electricity to coastal nations and islands around the world.

An average of 1TW of new renewables deployment annually is necessary to reach the world’s 1.5°C climate target by 2030, according to this World Energy Transitions Outlook 2023 preview by the International Renewable Energy Agency (IRENA).

By the end of 2022, global renewable generation capacity amounted to 3372 Gigawatt (GW), growing the stock of renewable power by a record of 295 GW or by 9.6 per cent. An impressive 83 per cent of all power capacity added last year was produced by renewables.

The Malaysia energy transition outlook provides a comprehensive, renewables-focused, long-term energy pathway for the transition to a cleaner and more sustainable energy system in Malaysia. Malaysia is among the most highly developed states of the Southeast Asia region and a founding member of the Association of Southeast Asian Nations (ASEAN).

Global investment in energy transition technologies, including energy efficiency, reached a record high of USD 1.3 trillion in 2022. However, annual investments need to at least quadruple to remain on track to achieve the 1.5°C Scenario in IRENA’s World Energy Transitions Outlook 2022.