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The report finds that 27 countries have set national offshore wind targets, with global capacity projected to almost triple from 83 GW in 2024 to 238 GW by 2030. While targets have driven market growth, many countries are expected to miss their 2030 goals due to cost inflation, supply chain pressures, and permitting delays. The analysis highlights a significant gap between current projections and the 413 GW required by 2030 to align with the UAE consensus for tripling renewable capacity.

Geothermal energy in the U.S. is positioned for rapid growth due to bipartisan support and advancements in Enhanced Geothermal Systems (EGS), with 1.16 GW of capacity expected to come online by 2028. While the Trump administration has deprioritized wind and solar, geothermal has benefited from new categorical exclusions in permitting and expanded tax credits. EGS technology, leveraging oil and gas drilling techniques, allows for expansion beyond traditional geological constraints and is increasingly viewed as a viable 24/7 power source for AI data centers. However, the report notes that geothermal alone cannot meet 2030 electrical demand without the continued rollout of prospective wind and solar capacity.

In 2023, EU fossil fuel generation fell to less than a third of the electricity mix (33%) for the first time, driven by a record 26% drop in coal generation. Wind and solar combined for 27% of EU electricity, with wind surpassing gas power for the first time. While solar capacity grew by 56 GW, wind generation growth remains inconsistent and below the 15% annual increase needed for REPowerEU targets. EU electricity demand fell by 3.4% in 2023 to its lowest level since 2001, though a rise of 2-3% is projected for 2024. To support this transition, the EU requires significant grid investments—estimated at €584 billion by 2030—and an increase in storage capacity to 200 GW by 2030 to manage variable renewable energy and reduce curtailment.