In 2023, renewable energy capacity expanded rapidly, with solar in the lead, keeping up with global power demand growth for the first time. Renewable energy sources are now more affordable than fossil fuel alternatives in many parts of the world. However, fossil fuels will remain a key component of the energy mix for the next decades, attracting sizeable investments globally. Finding the right balance between the role of fossil fuels, cutting emissions and maintaining a safe, secure and reliable supply of energy remains paramount.