World could miss COP28 renewables targets – IRENA

Renewables have surged to become the fastest growing source of electricity globally, however the world risks missing the tripling renewables target pledged at COP28 according to a new report.

The Renewable Energy Statistics 2024 released by the International Renewable Energy Agency (IRENA) today shows that to stay the course, the world will now have to grow renewables capacity at a minimum 16.4 percent rate annually through 2030.

The report found an unprecedented 14 percent increase of renewables capacity during 2023 established a 10 percent compound annual growth rate between 2017 and 2023.

Combined with decreasing additions of non-renewable capacity over the years, the trend sees renewable energy on its way to overtake fossil fuels in global installed power capacity.

IRENA Director-General Francesco La Camera said: “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.”

IRENA said that if last year’s 14 percent increase in renewables rate continues, the world will fall 1.5 TW short, missing targets by 13.5 percent.

“Furthermore, if the world keeps the historic annual growth rate of 10 percent, it will only accumulate 7.5 TW of renewables capacity by 2030, missing the target by almost one-third.”

La Camera said the world needed concrete policy actions and massive mobilisation of finance at full speed to reach its renewables destination.

“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.”

Picture: Francesco La Camera