Renewable energy capacity and technological innovations: A review of global trends and future directions

Abstract Over the past decade, global energy‐related CO 2 emissions have risen, reaching 37.4 billion tons in 2023. While some reductions occurred in advanced economies due to cleaner fuel transitions and policy shifts, global progress remains insufficient to meet climate goals. The International Energy Agency (IEA) projects that achieving a 50% reduction in emissions by 2050 will require a comprehensive energy transition, in which renewable energy will play a central role. This review examines global renewable electric power capacity trends, technological innovations, and policy developments from 2014 to 2023. All data and analysis were taken from reliable sources, such as the International Renewable Energy Agency's most recent studies and the IEA. The report emphasizes how technological developments like energy storage, wind turbines, and solar photovoltaics have reduced prices and made large‐scale deployment possible. Additionally, a comparative viewpoint on industrialized and emerging nations is offered. The analysis concludes that to accelerate the global energy transition and meet long‐term sustainability goals, more investment, policy assistance, and innovation are essential.