The report outlines three key reasons why the world is falling short of its renewable energy targets.

The deployment of renewable energy technologies is lagging what is needed to meet global targets, as investors are hesitant to commit the necessary capital, which jeopardizes hundreds of gigawatts of crucial renewable energy capacity.

Despite substantial support for renewable energy in major regions like Europe and the United States, the near-term pipeline is at risk. Many projects have yet to reach the final investment decision (FID), increasing the likelihood of cancellations.

These are the key findings from a new analysis by McKinsey & Company, which examined the energy transition landscape, including the adoption of key clean energy technologies and investment decisions.