The report highlights that renewable energy technologies have continued to outcompete fossil fuels on cost in 2024, with global savings from avoided fossil fuel use estimated at $ 57 billion. 91% of new renewable capacity commissioned last year was more cost-effective than the cheapest fossil fuel options. The discusses in detail the cost trends, technology and market dynamics influencing costs across all renewable sector i.e., wind, solar, geothermal, bioenergy and storage.

The report also addresses various challenges hindering the adoption of green hydrogen, such as technological, economic and regulatory barriers. It calls for flexible and adaptive strategies to navigate these obstacles, ensuring the successful deployment and integration of hydrogen technologies. The report also addresses long-term planning, barrier identification, export considerations, target and priority setting, governance and policies, and provides a step-by-step methodology to guide the drafting of hydrogen strategies.

This report assesses the impact of weather-related variability on system operations across seasons and between years in different climatic zones.The analysis is based on a joint electricity and hydrogen dispatch model, newly developed for this report and incorporated into the Global Energy and Climate Model, representing hour-to-hour operations for all hours of the year.

The IEA report explores how carbon credits can incentivise their deployment.

This report indicates that 2023 set a new benchmark in renewable power deployment, adding 473 GW to the global energy mix, with solar energy accounting for 73% of this growth. Conducive policies, together with geopolitical developments and falling costs, have catalysed rapid renewable energy growth in the world's fastest-expanding markets.