The year 2023 has been destabilizing for the global power and energy industry, which has had to reckon with fluctuations in economic growth, its environmental impact and increased demand for energy consumption. While economic growth returned to its average trend from 2010 to 2019, energy consumption spiked at a rate that far surpassed its historical norm, highlighting the ongoing challenge of decoupling energy use from economic expansion. This trend is especially pronounced within the G20, where efforts to reduce energy intensity have fallen short of aligning with the critical 2°C pathway established by international climate agreements. The disparity in energy consumption trends among countries is influenced by various factors, including GDP, economic structure, and energy mix changes. Despite notable advancements in wind and solar power generation, the overall share of renewables in the global energy and power mix has increased marginally. Consequently, CO2 emissions have risen by 1.7%, which exposed the inadequacy of current measures to meet climate targets. The rate of reduction in the carbon factor remains insufficient to achieve the 2°C target. More aggressive and coordinated efforts are necessary to meet these goals. To that end, the power and energy industry pushes for research in and the adoption of renewable power generation at an increased rate. New renewable installations reached record levels, with China leading the charge by installing as much renewable capacity in 2023 as the rest of the world did in 2022, which led to rapid increases in wind and solar generation (up by 10% and 25%), bringing the share of renewables in the G20 power mix to 15%. These developments are crucial as the 2030 climate objectives set forth by COP28 aim to align with the Paris Agreement goal of keeping global temperature increases well below 2°C. So far the outlook isn’t optimistic as the Nationally Determined Contributions (NDCs) remain insufficient to reach these targets.