February 24, 2024
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ELECTRICITY RENEWABLE ENERGY

IEA Urges Further Action to Achieve Triple Growth in Global Renewable Energy Capacity by 2030

The International Energy Agency (IEA) has stated that global renewable energy capacity is projected to grow by two and a half times by 2030, but governments must take additional measures to meet the target set at the COP28 U.N. climate conference in Dubai to triple renewable energy generation capacity by that year.

According to the IEA’s annual renewable energy outlook report, new capacity added in the previous year increased by 50% to 510 gigawatts (GW), bringing the total installed capacity to 3,700 GW.

Under existing policies and market conditions, the global renewables capacity is expected to reach 7,300 GW by 2028. However, to achieve the 2030 goal, it will require reaching at least 11,000 GW.

Governments worldwide agreed to this tripling of renewable energy generation at COP28, but the IEA highlights that the primary challenge lies in scaling up financing and deployment of renewables in emerging and developing economies.

The report emphasizes that without support for African and low-income countries in Asia and Latin America, reaching clean energy targets will be challenging.

“In the absence of any help for African and low-income countries in Asia and Latin America, they will not be able to reach their clean energy targets. That will be a fault line in reaching the 2030 goal,” Fatih Birol, executive director of the IEA, told Reuters.

Several factors hinder the acceleration of renewables deployment, including insufficient investment in grids, increased equipment and financing costs due to higher inflation and interest rates, slow policy adjustments, bureaucratic permitting procedures, and administrative barriers.

China is expected to play a crucial role in reaching the 2030 goal, accounting for nearly 60% of new renewable capacity by 2028. Solar photovoltaic and onshore wind additions are also expected to more than double in the United States, the European Union, India, and Brazil compared to the last five years.

Despite numerous announcements of green hydrogen projects, the IEA notes slow progress, with only 7% of current projects expected to come online by 2030. Green hydrogen, produced using renewable energy, is considered a cleaner fuel for energy-intensive industries and transportation.

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