According to new statistics from IRENA, the world will need to expand renewable energy capacity by at least 16.4% per year until 2030 to meet the targets promised at COP28.
IRENA’s latest report underlines a key risk: the world may not achieve its target of 11.2 TW by 2030. The report shows that renewable energy capacity will grow by a record 14% by 2030. 2023. If this growth rate continues, IRENA says the world could fall 1.5 TW, or 13.5%, of its target by 2030.
“Renewable energy continues to outperform fossil fuels, but now is not the time to be complacent. Renewable energy sources must grow faster and on a larger scale,” said IRENA Director General Francesco La Camera. “Today’s report is a wake-up call for the entire world.”
COP28 President Sultan Al Jaber said achieving the goal will require greater cooperation between governments, the private sector, multilateral organizations and civil society.
“Governments must set explicit renewable energy targets, look at actions such as accelerating permitting and expanding grid connections, and implement smart policies that encourage industries to act and the private sector to invest,” said Al Jaber. “Above all, we must change the narrative that climate investment is a burden, because it is an unprecedented opportunity for shared socio-economic development.”
In June, the International Energy Agency published a report on the COP28 pledge to triple renewable capacity, after only 14 of 194 nationally determined contributions from countries around the world explicitly set out 2030 targets for renewable energy capacity.
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