Last year, a staggering 84 percent of renewable investments were directed towards the EU, China, and the United States, while India and Brazil accounted for just 6 percent. In stark contrast, investment in Africa not only remained minimal but also halved between 2022 and 2023.

IRENA's assessment reveals that the world is falling short in nearly every area, with solar power being the sole exception.

To achieve the COP28 tripling target, the installed renewable capacity must rise from 3.9 terawatts (TW) today to 11.2 TW by decade's end. However, current national targets are expected to contribute only an additional 3.5 TW, bringing the total to 7.4 TW by 2030.

Plans submitted to the U.N. under the Paris Agreement—known as nationally determined contributions (NDCs)—indicate even weaker growth, projecting only 5.4 TW by 2030. IRENA asserts that upcoming NDCs, due next year, must "more than double" their renewable targets.

Solar energy is the only renewable technology advancing at the necessary pace. In contrast, onshore wind capacity needs to triple, while offshore wind and bioenergy must increase six-fold. Geothermal capacity should grow 35 times faster than last year’s rates to meet projected targets.

Regarding energy efficiency, IRENA reports "little meaningful progress" over the past year. Key measures to enhance energy savings include renovating outdated buildings and promoting electrification, as electric vehicles and heat pumps consume significantly less energy than fossil fuel alternatives.

While electric vehicle sales soared to 18 percent of total global car sales last year, the outlook for heat pumps is concerning. After a brief increase in 2022, sales declined by 3 percent in 2023, with a notable drop in Europe.