IEA – State of Energy Policy, 2024

Over the past four years, there has been a surge in new energy policies globally, with a focus on addressing energy security concerns and promoting clean energy transitions. The economic downturn caused by the Covid19 pandemic led to many governments prioritizing clean energy in their recovery efforts, resulting in a 60% increase in clean energy investment since 2020. Energy security has reemerged as a top priority for policymakers, especially after global energy price spikes following Russia's invasion of Ukraine in 2022. As countries shift towards clean energy, new challenges have arisen, such as supply chain concentrations and vulnerabilities to climate-induced extreme weather events. The International Energy Agency (IEA) has launched its State of Energy Policy report, providing a comprehensive review of energy policies worldwide. Governments have significantly increased incentives for clean energy, with nearly USD 2 trillion invested in clean energy since 2020. Despite efforts to manage energy prices, affordability remains a concern, with total end-use expenditure reaching a record high in 2022. Securing clean energy supply chains has become crucial, with policies being implemented to reduce geographical concentrations and vulnerabilities in key technologies. Overall, countries are striving to balance sustainability, affordability, competitiveness, and security in their energy policies.