The world is on track to more than double its renewable energy capacity by 2030, reports climate think tank Ember.
The lithium ion (Li-ion) batteries market is set to reach $400bn by 2035, while gas-fired power plants close down.
COP28 President Sultan Al Jaber hails the agreement as "historic", as it is the first time a decision has been adopted on day one of any COP.
The wind farm is expected to begin operations in the early 2030s.
