The International Energy Agency (IEA) emphasized on Tuesday that nations must further strengthen their renewable energy plans to achieve the global target of tripling renewable capacity by 2030, a crucial step in curbing global warming.
Current Ambitions Fall Short, But Progress is Promising
An analysis of around 150 countries by the IEA reveals that current ambitions would lead to nearly 8,000 gigawatts (GW) of renewable capacity worldwide by 2030 (wind, solar, hydropower, etc.). While this falls short of the required 11,000 GW, the IEA highlights that it’s a significant improvement compared to projections from a few years ago.
Governments Have the Tools to Accelerate Progress
“Countries’ plans are not yet aligned with this key target (of tripling) set at COP28, but governments have the means to accelerate in the coming months,” states the analysis, released six months after the UN’s international climate meeting in Dubai.
COP28 Commitment to Triple Renewables by 2030
During COP28, nations pledged to triple renewable energy capacity by 2030. This goal aims to replace fossil fuels (coal, oil, gas), which emit CO2 into the atmosphere, in order to keep global warming below 1.5°C compared to pre-industrial levels.
Record Growth in Renewable Installations
Since the 2015 Paris climate agreement (COP21), the world has added an average of 11% new renewable installations each year, while costs have plummeted. Last year, a historic 50% increase in installations compared to 2022 was achieved (over 500 GW in 2023 alone).
Upcoming Review of National Climate Commitments
With the expected review of national climate commitments in early 2025, as part of the UN process, “countries have a major opportunity to develop clear plans to support renewable energy and enable the world to approach its goal,” the IEA insists.
Ambitious, Achievable, and Essential for a Sustainable Energy System
“This report shows that the tripling target is ambitious, but achievable – provided that governments transform promises into action plans,” emphasizes IEA Director Fatih Birol, noting that this commitment, along with the goal of doubling energy efficiency, heralds “a safer, more affordable, and more sustainable energy system.”
Record Growth Inspires Confidence for Increased Ambition
“Last year’s record growth puts the tripling target within reach and should give leaders enough confidence to revise their commitments upwards,” said Katye Altieri, an analyst at the Ember think tank, reacting to the IEA report.