Search

Search

Despite a surge in solar energy production, the world is not on track to meet the renewable energy targets set for COP28.

The world is not making adequate progress toward the goal of tripling renewable energy capacity by 2030, despite achieving record growth last year, according to the International Renewable Energy Agency (IRENA). An assessment has revealed that current national plans will only provide half of the necessary growth by the end of the decade.

While solar power has seen significant capacity additions, other renewable technologies are lagging behind what is needed to meet the target of reaching 11.2 terawatts by 2030. Onshore wind needs to triple, and offshore wind and geothermal energy must increase by six times and almost 35 times, respectively, compared to their 2023 levels.

IRENA's Director-General, Francesco La Camera, emphasized that the energy transition is not on track and warned of the risk of failing to achieve the established goals. Although a record 473 gigawatts of renewable power capacity was added globally in 2023, the growth rate must accelerate to 16.4% annually to meet the 2030 target.

Investment in renewables reached a record high of $570 billion in 2023, yet this is just over a third of the $1.5 trillion needed annually until 2030. The report indicates a significant disparity in investment distribution, with 84% of last year's renewable capacity investments concentrated in China, the EU, and the US.

The COP28 President, Sultan Al-Jaber, noted that while the potential for sustainable growth is unprecedented, many regions are falling behind and highlighted the need for more accessible and affordable financing.

At COP29 in November, countries are expected to agree on a new collective quantified goal for climate financing aimed at supporting climate action in developing nations. However, significant divisions remain on crucial issues as the summit approaches.

IRENA urges that updated national climate action plans must more than double existing renewable energy targets to attract private sector investments and overcome barriers hindering progress, such as inadequate infrastructure and permitting delays.

Additionally, progress in enhancing energy efficiency has been minimal, remaining at a 2% improvement rate, which needs to increase to at least 4% annually to meet COP28 targets. This requires urgent action and a push for electrification across various sectors, including transportation, buildings, and industry. La Camera emphasized that the next climate action plans must signal a turning point to realign global efforts.