IRENA: Global renewables capacity growth misses target

27 Mar 2024 CW Team

According to the World Energy Transitions Outlook presented at the Berlin Energy Transitions Dialogue, IRENA mentioned that while policies are evolving, geopolitical shifts are occurring, and costs are declining, there is a need for concerted efforts to triple the renewable power capacity.

IRENA is monitoring the progress towards the 11 terawatts (TW) of renewable power required by 2030. It was stated that renewable power additions had seen unprecedented growth in 2023, accounting for 87% of newly installed capacity. However, it was noted that this growth is still far from the target of an average of 1,100 GW of renewables capacity required to be deployed annually, which is nearly double the 2023 capacity (473 GW). Furthermore, it was mentioned that of the 473 GW deployed in 2023, 73% was from solar. Inadequate progress was observed in the development of electric vehicles, electrolyzer capacity for green hydrogen production, and the scaling up of investments in renewables, grids, and flexibility.

IRENA estimates suggest that annual investments in renewable power generation must increase from $ 570 billion in 2023 to an average of $ 1,200 billion between 2024 and 2030.

It was pointed out that new renewable capacity additions in 2023 were concentrated in China, the European Union (EU), and the United States, which together accounted for 83% of additions. Additionally, it was highlighted that in a new milestone, 85% of the new power capacity in China was from renewable sources.

Francesco La Camera, Director-General of IRENA, stated that in the wake of the historic UAE Consensus on tripling renewables at COP28, the capacity additions - despite setting a new record - indicate that achieving the target is far from guaranteed. He added that their data confirms that progress continues to fall short, and the energy transition remains off track.

The report by the International Renewable Energy Agency (IRENA) has stated that achieving the target set at COP28 in Dubai last year, of tripling renewable energy capacity by 2030, depends on global determination, policy support, and investment at scale. According to the World Energy Transitions Outlook presented at the Berlin Energy Transitions Dialogue, IRENA mentioned that while policies are evolving, geopolitical shifts are occurring, and costs are declining, there is a need for concerted efforts to triple the renewable power capacity. IRENA is monitoring the progress towards the 11 terawatts (TW) of renewable power required by 2030. It was stated that renewable power additions had seen unprecedented growth in 2023, accounting for 87% of newly installed capacity. However, it was noted that this growth is still far from the target of an average of 1,100 GW of renewables capacity required to be deployed annually, which is nearly double the 2023 capacity (473 GW). Furthermore, it was mentioned that of the 473 GW deployed in 2023, 73% was from solar. Inadequate progress was observed in the development of electric vehicles, electrolyzer capacity for green hydrogen production, and the scaling up of investments in renewables, grids, and flexibility. IRENA estimates suggest that annual investments in renewable power generation must increase from $ 570 billion in 2023 to an average of $ 1,200 billion between 2024 and 2030. It was pointed out that new renewable capacity additions in 2023 were concentrated in China, the European Union (EU), and the United States, which together accounted for 83% of additions. Additionally, it was highlighted that in a new milestone, 85% of the new power capacity in China was from renewable sources. Francesco La Camera, Director-General of IRENA, stated that in the wake of the historic UAE Consensus on tripling renewables at COP28, the capacity additions - despite setting a new record - indicate that achieving the target is far from guaranteed. He added that their data confirms that progress continues to fall short, and the energy transition remains off track.