Current decarbonisation efforts are insufficient to achieve the ambitious goals set during COP28.
That’s according to the International Renewable Energy Agency (IRENA) which has released its latest Renewable Energy Statistics 2024 report, highlighting global challenges in meeting renewable energy targets by 2030.
IRENA stresses the need for an annual growth rate of 16.4% in renewables to reach the target of tripling renewable energy capacity by 2030, as outlined in the 1.5°C scenario.
Despite renewables becoming the fastest-growing power source globally, maintaining and exceeding this growth rate is crucial for surpassing fossil fuels in global installed capacity.
IRENA’s latest data revised 2023’s renewable generating capacity downwards by 5.2GW to 3,865GW, reflecting adjustments in hydropower and bioenergy.
Renewable capacity at the end of 2023 accounted for 3.9TW, or 43.0% of the total global capacity, marking a significant 14% increase from 2022 and establishing a compound annual growth rate of 10% from 2017 to 2023.
The report identifies regional disparities, with Asia leading in renewable power generation, followed closely by North America.
South America has made notable strides, driven by increased hydropower and solar energy contributions.
However, Africa continues to face challenges despite its potential for renewable energy expansion.
COP28 President Dr Sultan Al Jaber said: “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 11.2TW by 2030.
“We need to increase the pace and scale of development. That means increasing collaboration between governments, the private sector, multilateral organisations and civil society.”
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