Report: Global renewable energy growth is still short of climate targets despite record global growth
Globally, renewable energy capacity reached a record high in 2016, but countries still fell short of the U.N. goal of tripled capacity by 2030. This was revealed by a report released by global renewable groups on Tuesday.
At the COP28 Climate Summit in Dubai, 2023, more than 100 countries agreed to triple their renewable energy capacity in 2030 in order to achieve global climate targets.
The report, by the International Renewable Energy Agency and the Global Renewables Alliance, as well as the COP30 Brazilian presidency, tracks progress toward meeting the goal and comes before this year's COP U.N. Climate talks in Brazil, next month.
The report revealed that a record 582 gigawatts (or 15.1%) of renewable energy capacity was added to the grid in 2024. To meet the 2030 target, a 16.6% annual growth rate will be required from 2025-2030.
Globally, 4,443 GW renewable energy will be installed by the end of 2024 compared to the target of tripling it, which was 11,174 GW.
The target is still achievable
IRENA's Director-General Francesco La Camera said that despite the challenges, the goal is still achievable.
In an interview, he stated that we may be nearing 700 gigawatts or even 750 gigawatts of capacity additions in 2025. This means that we are closing the gap.
A report released by the think tank Ember last weekend stated that renewable energy sources will generate more electricity than coal in the first half 2025.
La Camera reports that the growth in renewable energy projects is expected to continue globally, despite President Donald Trump's overhaul of tax credits in the U.S.
He said, "This is a transition that cannot be stopped." The renewables market made this decision, as it's the most cost-effective way to generate electricity.
The report stated that to help achieve the goal, governments should develop policies which better support renewable development. They must also help reskill their workforce and improve infrastructure, such as electricity grids and supply chains.
A report released on Monday by 160 researchers from around the world titled Global Tipping Points warns that global warming has reached dangerous thresholds earlier than expected.
(source: Reuters)