The lack of global investment in renewable technology is leaving the world liable to missing key targets to contain climate change, according to a new report.
The Renewables 2024 Global Status Report (GSR 2024), from renewable energy think tank REN21, reports a record $600bn (£474.06bn) was invested in renewable energies in 2023.
However, the report warns that roughly $1.3tn (£1.03tn) is needed annually until the end of the decade if global warming is to be reined.
"The world is burning more fossil fuels than ever before, global energy-related emissions are increasing, and ever-growing energy demand is not being fully met by renewables," according to REN21 Executive Director Rana Adib.
Energy CO2 emissions rise
Renewables remain behind the curve in the world's rising demand for energy, with a 1.1% increase in energy-related carbon dioxide emissions in 2023.
A 16% increase in overall energy demand between 2012 and 2022 was met primarily by fossil fuels, which accounted for nearly two-thirds of energy consumption growth in the same time period.
The world is also falling behind on increase renewable energy capacity, despite a record 473 Gigawatts (Gw) being created in in 2023, a 36% uplift from the year prior.
Around 1,000 Gw of new renewable energy capacity is required each year until the end of the decade in order to meet global and sustainable development commitments.
An estimated 3,000 Gw of renewable energy projects remain underdeveloped due to inadequate grid infrastructure, insufficient finance and delays, the report adds.
"Electricity grids have been ignored far too long," according to Renewables-Grid Initiative (RGI) CEO Antonella Battaglini.
She added: "Their enabling role to integrate renewable energy sources needs to be acknowledged in every country.
"We need to remove bottlenecks to electricity grid deployment. Building grids in harmony with nature and with people's support is completely possible."