IRENA Report Reveals Challenges in Tripling Renewables
A recent report by the International Renewable Energy Agency (IRENA) reveals a mixed picture: renewable energy is the fastest-growing power source, yet the global goal of tripling its capacity by 2030 remains elusive. This ambitious target, set at COP28, demands a minimum annual growth rate of 16.4% to be achieved.
Exponential Growth in Recent Years
2023 saw an unprecedented 14% surge in renewables capacity, culminating in a 10% compound annual growth rate since 2017. This trend suggests that renewable energy is on track to surpass fossil fuels in global installed power capacity.
Potential Shortfall in Reaching the Target
However, even if the 2023 growth rate of 14% is sustained, the 11.2 Terawatt (TW) target outlined in IRENA’s 1.5°C Scenario for 2030 will be missed by 1.5 TW, a shortfall of 13.5%. If the historical 10% annual growth rate continues, the gap widens further, with only 7.5 TW of renewables capacity achieved by 2030, missing the target by almost a third.
Call for Accelerated Action
IRENA Director-General, Francesco La Camera, emphasizes the need for heightened urgency, stating, “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.” He warns that failure to achieve the tripling target jeopardizes the Paris Agreement and 2030 Sustainable Development Goals.
Addressing Regional Disparities
La Camera also highlights the unequal distribution of renewable energy deployment across regions, with Asia leading in renewable power generation, followed by North America. South America experienced a significant increase, while Africa’s growth remained modest despite its vast potential.
Recognizing the urgent need for support in Africa, IRENA is advancing initiatives to accelerate renewable energy adoption in the region.
Wake-Up Call for the World
COP28 President Dr. Sultan Al Jaber echoes the call for increased action, stating, “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 11.2 TW by 2030.
” He calls for greater collaboration between governments, the private sector, and civil society to accelerate the deployment of renewable energy through policy measures, financing, and technological advancements.
Power Generation Trends in 2022
Data for 2022 confirms the regional disparity in renewable power generation. Asia maintains its lead, followed by North America, which surpassed Europe for the first time. South America saw a notable jump due to hydropower recovery and increased solar energy adoption. Africa’s growth, while positive, remains modest relative to its potential.
Urgent Need for Action in Africa
IRENA acknowledges the pressing need for support and investment in Africa to unlock its vast renewable energy potential. The agency is actively working to advance partnerships and initiatives to accelerate the transition to renewable energy sources in the region.
Read the full Renewable Energy Statistics 2024 including the highlights, here.