Tripling Renewables by 2030 Requires a Minimum of 16.4% Annual Growth Rate

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Document progress in renewables have to be considerably topped up within the remaining 7 years to fulfill the UAE Consensus power goal set at COP28

Abu Dhabi, United Arab Emirates — The Renewable Energy Statistics 2024 launched by the Worldwide Renewable Vitality Company (IRENA) in the present day exhibits that regardless of renewables turning into the quickest rising supply of energy, the world dangers lacking the tripling renewables goal pledged at COP28. To remain the course, the world will now should develop renewables capability at a minimal 16.4% price yearly by way of 2030.

The unprecedented 14% improve of renewables capability throughout 2023 established a ten% compound annual progress price (2017-2023). Mixed with the fixed reducing additions of non-renewable capability through the years, the pattern sees renewable power on its strategy to overtake fossil fuels in international put in energy capability.

Nonetheless, if final 12 months’s 14% improve price continues, the tripling goal of 11.2 Terawatts (TW) in 2030 outlined by IRENA’s 1.5^°C Scenario will fall 1.5 TW brief, lacking the goal by 13.5%. Moreover, if the world retains the historic annual progress price of 10%, it would solely accumulate 7.5 TW of renewables capability by 2030, lacking the goal by virtually one-third.

IRENA Director-Normal, Francesco La Digital camera stated, “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.”

“As custodian agency tasked with monitoring the progress, IRENA is committed to support countries in their pathways to meet the target, but we need concrete policy actions and massive mobilisation of finance at full speed to reach our destination together.”

“Consolidated global figures conceal ongoing patterns of concentration in geography. These patterns threaten to exacerbate the decarbonisation divide and pose a significant barrier to achieving the tripling target,” he added.

“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. We need to increase the pace and scale of development.”

COP28 President Dr Sultan Al Jaber stated, “That means increasing collaboration between governments, the private sector, multilateral organisations, and civil society. Governments need to set explicit renewable energy targets, look at actions like accelerating permitting and expanding grid connections, and implement smart policies that push industries to step up and incentivise the private sector to invest. Additionally, this moment provides a significant opportunity to add strong national energy targets in NDCs to support the global goal of keeping the 1.5°C target within reach. Above all, we must change the narrative that climate investment is a burden to it being an unprecedented opportunity for shared socio-economic development.”

By way of energy era, the most recent information obtainable for 2022 confirmed but once more the regional disparity in renewables deployment. Asia holds its place as chief within the international renewable energy era with 3,749 terawatt-hours (TWh), adopted for the primary time by North America (1,493 TWh). Essentially the most spectacular soar occurred in South America, the place renewable energy era elevated by almost 12% to 940 TWh, resulting from a hydropower restoration and a larger function of photo voltaic power.

With a modest progress of three.5%, Africa elevated its renewable energy era to 205 TWh in 2022, regardless of the continent’s great potential and immense want for fast, sustainable progress. Acknowledging the pressing want for help and finance, IRENA is advancing the Accelerated Partnership for Renewables in Africa (APRA) initiative and is getting ready an investment forum focused on APRA’s member international locations later this 12 months.

Learn the total Renewable Energy Statistics 2024 report, together with the highlights, here.

Electrical energy era and capability datasets from the 12 months 2000 onwards are additionally obtainable by way of a dashboard on IRENA’s Data & Statistics web page.

Electronic mail press launch from IRENA.