Renewable energy expansion must accelerate significantly to meet global targets set at COP28, warns a new report from the International Renewable Energy Agency (IRENA). Despite renewables emerging as the fastest-growing power source, achieving the pledged tripling target by 2030 remains uncertain unless growth reaches unprecedented levels.
According to the Renewable Energy Statistics 2024 released by IRENA, the world needs to increase renewable capacity at a minimum annual rate of 16.4% through 2030. The report highlights that while renewables capacity grew by a remarkable 14% in 2023, maintaining this momentum is crucial to surpass fossil fuels in global installed power capacity.
IRENA Director-General Francesco La Camera emphasized the urgency: “Renewable energy has been increasingly outperforming fossil fuels, but it is not the time to be complacent. Renewables must grow at higher speed and scale. Our new report sheds light on the direction of travel; if we continue with the current growth rate, we will only face failure in reaching the tripling renewables target agreed in the UAE Consensus at COP28, consequently risking the goals of the Paris Agreement and 2030 Agenda for Sustainable Development.”
The IRENA report underscores that if current growth rates persist, the world will fall short of the 11.2 terawatts (TW) target by 1.5TW in 2030. Moreover, sticking to historical growth rates of 10% would result in accumulating only 7.5TW of renewables capacity by 2030, missing the target by nearly one-third.
COP28 President Sultan Al Jaber echoed concerns, calling for increased collaboration and decisive action: “Today's report is a wake-up call for the entire world: while we are making progress, we are off track to meet the global goal of tripling renewable energy capacity to 11.2TW by 2030. We need to increase the pace and scale of development.”
Al Jaber emphasized the need for governments to set explicit renewable energy targets, accelerate permitting processes, expand grid connections, and implement policies to incentivize private sector investment. He stressed that climate investment should be viewed as an opportunity for socio-economic development rather than a burden.
The IRENA report also highlights geographic disparities in renewable energy deployment, posing challenges to global decarbonization efforts. Director-General La Camera called for concrete policy actions and substantial financial mobilization to achieve collective goals, emphasizing the role of IRENA in supporting countries on their pathways to success.
