"[1] 2023 saw a step change in renewable capacity additions, driven by China’s solar PV market. Global annual renewable capacity additions increased by almost 50% to nearly 510 gigawatts (GW) in 2023, the fastest growth rate in the past two decades. . . . [2] Achieving the COP28 target of tripling global renewable capacity by 2030 hinges on policy implementation. . . . [C]hallenges [that could prevent reaching the tripling goal] fall into four main categories and differ by country: 1) policy uncertainties and delayed policy responses to the new macroeconomic environment; 2) insufficient investment in grid infrastructure preventing faster expansion of renewables; 3) cumbersome administrative barriers and permitting procedures and social acceptance issues; 4) insufficient financing in emerging and developing economies. . . . [3] The global power mix will be transformed by 2028. . . . In 2028, renewable energy sources [are expected to] account for over 42% of global electricity generation, with the share of wind and solar PV doubling to 25%. . . . [4] China is the world’s renewables powerhouse. . . . China’s role is critical in reaching the global goal of tripling renewables because the country is expected to install more than half of the new capacity required globally by 2030. . . . [5] The US, the EU, India and Brazil remain bright spots for onshore wind and solar PV growth. . . . Supportive policy environments and the improving economic attractiveness of solar PV and onshore wind are the primary drivers behind this acceleration. . . . [6] Solar PV prices plummet amid growing supply glut. . . . Despite unprecedented PV manufacturing expansion in the United States and India driven by policy support, China is expected to maintain its 80‑95% share of global supply chains . . . . [7] Onshore wind and solar PV are cheaper than both new and existing fossil fuel plants. . . . Despite the increasing contribution needs for flexibility and reliability to integrate variable renewables, the overall competitiveness of onshore wind and solar PV changes only slightly by 2028 in Europe, China, India and the United States. . . . [8] The new macroeconomic environment presents further challenges that policy makers need to address. . . . Since 2022, central bank base interest rates have increased from below 1% to almost 5%. . . . The implications . . . are manifold . . . . [I]nflation has increased equipment costs . . . [H]igher interest rates are increasing the financing costs of capital-intensive variable renewable technologies. . . . [And] policy has been relatively slow to adjust to the new macroeconomic environment due in part to expectations that cost reductions would continue . . . . [9] The forecast for wind capacity additions is less optimistic outside China, especially for offshore. . . .The wind industry, especially in Europe and North America, is facing challenges due to a combination of ongoing supply chain disruptions, higher costs and long permitting timelines. . . . [10] Faster deployment of variable renewables increases integration and infrastructure challenges. . . . Although European Union interconnections help integrate solar PV and wind generation, grid bottlenecks will pose significant challenges and lead to increased curtailment in many countries as grid expansion cannot keep pace with accelerated installation of variable renewables. . . . [11] Current hydrogen plans and implementation don’t match. . . . We have revised down our forecasts for all regions except China. The main reason is the slow pace of bringing planned projects to final investment decisions due to a lack of off‑takers and the impact of higher prices on production costs. . . . [12] Biofuel deployment is accelerating and diversifying more into renewable diesel and biojet fuel. . . . Emerging economies, led by Brazil, dominate global biofuel expansion . . . . Biofuels remain the dominant pathway for avoiding oil demand in the diesel and jet fuel segments. EVs outpace biofuels in the gasoline segment, especially in the United States, Europe and China. . . . [13] Aligning biofuels with a net zero pathway requires a huge increase in the pace of deployment. . . . Much faster biofuel deployment is possible through new policies and addressing supply chain challenges. [14] Renewable heat accelerates amid high energy prices and policy momentum – but not enough to curb emissions. . . . [The renewable heat acceleration comes] predominantly from the growing reliance on electricity for process heat – notably with the adoption of heat pumps in non‑energy‑intensive industries – and the deployment of electric heat pumps and boilers in buildings, increasingly powered by renewable electricity."