A new report reveals that despite record-breaking renewable energy deployment in 2023, global progress remains insufficient to meet the ambitious targets set for 2030. Released by the International Renewable Energy Agency (IRENA) at Pre-COP, the study underscores the need for a tripling of renewable energy capacity and doubling of energy efficiency by 2030 to limit global warming to 1.5°C.
The report, titled Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030, highlights that while renewables capacity grew to 3.9 terawatts (TW) by 2023, the world must reach 11.2TW by 2030. However, current national plans are projected to fall 3.8TW short, delivering only half the needed capacity.
IRENA Director General Francesco La Camera said, “Today, we are raising the alarm. As the custodian for tracking progress of the UAE Consensus energy goals, we must flag significant gaps.” He emphasized the critical role of the COP28 goals in maintaining the 1.5°C target.
In financial terms, the report calls for annual investments in renewables to surge from $570 billion in 2023 to $1.5 trillion between 2024 and 2030. This includes accelerating energy efficiency measures, with the rate of improvement needing to rise to 4% per year.
COP28 president Sultan Al Jaber stressed the importance of national commitment: “The opportunity is there but we need more nations to step up to the plate by including specific renewable energy and infrastructure targets in their upcoming NDCs.”
The report also highlights emerging economies' challenges, especially in Africa, where renewables investments fell by 47% between 2022 and 2023. It calls for stronger international collaboration to close financing gaps and support equitable progress in the energy transition.
