Renewable Energy Growth Rate Falls Short of 2030 Goal, IRENA Reports

The world risks missing the goal to triple renewable energy capacity by 2030 due to the current inadequate growth rate, according to a report by the International Renewable Energy Agency (IRENA) released on Thursday.

Context

Last year's U.N. climate change conference in Dubai set a goal to triple global renewable energy capacity to over 11 terawatts (TW) by 2030. Nations are required to submit updated climate targets every five years, with the next update due in 2025.

Importance

In 2022, about 473 gigawatts (GW) of renewable capacity were added, a 14% increase from the previous year and the highest annual growth since 2000, according to IRENA.

Statistics

To meet the 2030 target, the global renewable capacity needs to grow by at least 16.4% annually. If the current 14% growth rate continues, the target will be missed by 1.5 TW. With a historic growth rate of 10%, only 7.5 TW will be achieved by 2030, falling short by nearly one third, IRENA data showed.

Key Quote

"Renewable energy has been increasingly outperforming fossil fuels, but now is not the time for complacency," said Francesco La Camera, Director General of IRENA. "If the current growth rate continues, we will fail to reach the tripling target agreed at COP28 in the UAE," he added.