1. Introduction to the Renewables 2023 Report:

   The recent Renewables 2023 report released by the International Energy Agency (IEA) provides an in-depth analysis and projection of the global renewable energy sector. The report sheds light on its progression, present dynamics and the challenges still hindering its full potential.

2. Significant Highlights of the Renewables 2023 Report:

   - Record Growth and China’s Dominance: The report highlights a 50% growth in global yearly renewable capacity additions to almost 510 GW in 2023. A significant trend shows that China spearheaded solar photovoltaics (PV) and wind additions.

   - Global Power Mix Transformation: With renewables anticipated to exceed coal as the primary source of electricity generation by 2025, the global power mix is undergoing a massive shift.

   - Accelerated Growth in Key Regions: The US, EU, India, and Brazil, driven by favourable policies and better economic opportunities, are focusing more on renewable power.

   - Shifting Market Dynamics and Biofuel Expansion: Solar PV and onshore wind power have become more affordable than fossil fuel plants. Also, countries like Brazil are pushing for increased biofuel adoption in emerging economies.

3. Challenges and Solutions Outlined in the Report:

   - Financial Constraints: The accessibility of funding for renewable projects in developing economies has been outlined as a significant challenge.

   - Grid Bottlenecks: A prominent issue is managing the swift deployment of fluctuating renewables, causing operational hiccups due to inadequate grid expansion.

   - Wind Industry Challenge: Supply chain disruptions pose significant challenges, especially for offshore wind projects.

   - Major Recommendations: The IEA advises a threefold increase in global renewable power capacity by 2030 to align with the Net Zero Emissions by 2050 (NZE) Scenario.

4. Indian Renewable Energy Targets & Government Initiatives:

The Government of India has undertaken significant targets and initiatives to promote renewable power generation in the country with aims like non-fossil fuel energy capacity of 500 GW by 2030 and net-zero emission target by 2070. Initiatives include Pradhan Mantri- Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), National Solar Mission, Production Linked Incentive (PLI) Scheme, and Suryamitra Skill Development Programme.

5. About IEA:

Established in 1974, the IEA focuses on energy security, economic development, environmental awareness, and global cooperation. It consists of 31 member and 13 associate countries, including India. The IEA's mandate has broadened over the years to include guidance towards net-zero emission energy systems and incorporating essential minerals and metals for clean energy technologies.

6. Major Reports by IEA:

Along with the Renewables 2023 report, IEA regularly releases the World Energy Outlook Report, India Energy Outlook Report, World Energy Investment Report, and the Annual Energy Efficiency Market Report.  

GK part:

- The International Energy Agency (IEA) was founded during the 1973-1974 oil crisis.

- IEA's member countries are primarily from the OECD (Organisation for Economic Co-operation and Development).

- Renewable energy is acquired from sources that are naturally restored on a human timescale such as sunlight, wind and geothermal heat. Renewables are key to addressing climate change and can be harnessed without depleting resources.        

- India’s Panchamrit Goals form a significant part of its renewable energy ambitions.

- The "Pradhan Mantri- Kisan Urja Suraksha evam Utthaan Mahabhiyan" or PM-KUSUM scheme was launched by the Government of India to provide financial and water security to farmers via harnessing solar energy capacities of India.

- IEA's 2023 report projects renewables to surpass coal as the dominant source of power by 2025.