Germany raised the proportion of its power produced by renewable energy to 35 percent in the first half of 2017 from 33 percent the previous year, according to the BEE renewable energy association.

Keeping the rise of global temperatures below 2 degrees Celsius means reducing energy-related carbon dioxide emissions by more than 70 per cent by 2050 (compared to 2015 levels). Analysis by IRENA for the G20 Presidency has shown that renewable energy and energy efficiency could potentially achieve 90 per cent of those reductions.

Wind and solar developers together have added about 40 gigawatts to the U.S. grid over the past two years, bringing total installed wind and solar capacity to about 120 gigawatts.

China plans to invest 2.5 trillion yuan (US$368 billion) into renewable energy projects during the 2016-2020 period, creating more than 13 million jobs in the sector, according to the National Energy Administration.

Bob Dudley, BP group chief executive, said: “Global energy markets are in transition. The longer-term trends we can see in this data are changing the patterns of demand and the mix of supply as the world works to meet the challenge of supplying the energy it needs while also reducing carbon emissions. At the same time markets are responding to shorter-run run factors, most notably the oversupply that has weighed on oil prices for the past three years."

Saudi Arabia aims to produce 10 percent of its power from renewable sources in the next six years as it pushes ahead with a multi-billion-dollar plan to diversify its energy mix and free up more crude oil for export.

Saudi Arabia plans to develop almost 10 gigawatts of renewables by 2023, requiring investment of up to $50 billion

To meet Sustainable Energy for All objectives, it is estimated that renewable energy investment would need to increase by a factor of 2-3, while energy efficiency investment would need to increase by a factor of 3-6. Estimates suggest that a five-fold increase would be needed to reach universal access by 2030.

“We are witnessing an energy transformation taking hold around the world, and this is reflected in another year of record breaking additions in new renewable energy capacity,” said IRENA Director-General Adnan Z. Amin. “This growth in deployment emphasizes the increasingly strong business case for renewables which also have multiple socio-economic benefits in terms of fueling economic growth, creating jobs and improving human welfare and the environment. But accelerating this momentum will require additional investment in order to move decisively towards decarbonising the energy sector and meet climate objectives. This new data is an encouraging sign that though there is much yet to do, we are on the right path,” Mr. Amin added.

Saudi Arabian Oil Co., as it is formally called, is considering investments of as much as $5 billion in renewable energy, part of the kingdom’s effort to reduce the amount of oil feeding domestic energy needs.