Renewables to Outpace National Targets but Miss COP28 Tripling Goal – IEA

Renewable Energy to Account for 40% of Global Power Generation by 2030

According to the International Energy Agency (IEA), the world is on track to reach its renewable energy targets, with solar and wind power driving the growth of the sector. In its latest report, the IEA forecasts that renewables will account for 40% of global power generation by 2030, surpassing their share in the 2019 Sustainable Development Scenario.

Solar and Wind Power to Lead the Charge

Solar power is expected to be the largest contributor to the growth of renewables, with solar PV capacity reaching 1.2 terawatts (TW) by 2030, a significant increase from the current 650 gigawatts (GW). Wind power will also play a key role, with onshore and offshore wind capacity expanding to reach 1.1 TW by 2030.

New Installations to Outpace Decommissioning

The IEA report highlights that new renewable energy installations will continue to outpace decommissioning, resulting in a cumulative total of 3,300 GW of renewable power capacity by 2030. This is a significant increase from the current total of 2,100 GW.

COP28 Tripling Goal Missed

While the IEA’s report is positive in terms of renewable energy growth, it falls short of the tripling goal set by the United Nations Climate Change Conference (COP28) to reach 3,000 GW of renewable energy capacity by 2030. The report suggests that this goal is unlikely to be met due to factors such as inadequate policy support and the ongoing impact of the COVID-19 pandemic on the global economy.

Renewable Energy Transition Accelerated

Despite missing the tripling goal, the IEA’s report emphasizes the significant progress made in accelerating the transition to renewable energy. The report highlights the importance of continued policy support, increased investment, and the development of new technologies to further drive the growth of renewables.

Conclusion

In conclusion, while the IEA’s report is positive in terms of renewable energy growth, it underscores the need for continued policy support and investment to achieve the ambitious targets set by the COP28. As the world continues to grapple with the challenges posed by climate change, it is crucial that we work together to accelerate the transition to a low-carbon economy.

FAQs

Q: What is the current share of renewables in global power generation?

A: According to the IEA, renewables currently account for around 25% of global power generation.

Q: What are the key drivers of renewable energy growth?

A: Solar and wind power are expected to be the largest contributors to the growth of renewables, driven by declining costs and increasing policy support.

Q: Will the COP28 tripling goal be met?

A: The IEA report suggests that the COP28 tripling goal is unlikely to be met due to inadequate policy support and the ongoing impact of the COVID-19 pandemic on the global economy.

Q: What is the cumulative total of renewable power capacity expected by 2030?

A: According to the IEA report, the cumulative total of renewable power capacity is expected to reach 3,300 GW by 2030.