Renewable Energy as a Catalyst for Global Decarbonization and Sustainable Energy Transition

Abstract

The global energy transition is a defining challenge of the 21st century, with renewable energy technologies playing 
a pivotal role in driving decarbonization and advancing sustainable development. This study investigates the impact 
of renewables in supporting global decarbonization by analyzing capacity growth, technological advancements, 
economic trends, and policy dynamics up to 2023. Using a mixed-method approach, it draws from international 
energy datasets, peer-reviewed literature, and statistical analyses covering 2010–2023. Findings reveal that global 
renewable energy capacity reached 3.9 terawatts in 2023, marking a 14% year-over-year increase. Solar photovoltaic 
and wind energy accounted for 96% of new installations. The study highlights that clean energy expansion from 
2019 to 2023 was twice that of fossil fuels, limiting fossil fuel demand growth. Economic assessments show that the 
levelized cost of renewable technologies dropped by 58–74% over the past decade, improving their global 
competitiveness. Despite progress, challenges remain in financing, grid integration, and regional inequality in 
deployment. The study concludes that while renewables are key drivers of decarbonization, meeting climate goals 
demands accelerated implementation, international collaboration, and supportive policy reforms. These insights 
inform stakeholders on renewable energy’s vital role in a sustainable energy future.