Dramatic reductions in the cost of renewable energy and rapid innovations in smart grids, storage, and connectivity are driving large scale clean energy investments, especially in developing countries. The Paris Agreement on climate change is providing further impetus to scale up renewable energy, as countries are implementing policies to deliver on commitments. But despite these efforts, challenges still remain that could hold back investment and the transition to a low carbon future.
Achieving “affordable, reliable, sustainable and modern energy for all” demands increased amounts of renewable energy. But the scale-up of renewable energy is not happening fast enough. Consumers are being locked into other potentially more expensive investments and climate change targets will be missed.