Renewable energy efforts fall short of 2030 targets despite 2023 surge: IRENA

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Despite a record-breaking growth in renewable energy in 2023, progress remains insufficient to meet the goal of tripling renewable power capacity by 2030, according to the first progress report on the UAE Consensus energy goals, released at Pre-COP ahead of COP28 in Dubai. Current national plans will only deliver half of the necessary growth, leaving a significant gap of 3.8 terawatts (TW) by 2030.

The report, published by the International Renewable Energy Agency (IRENA) in collaboration with COP28 and future hosts COP29 (Azerbaijan) and COP30 (Brazil), emphasizes that annual investments in renewable energy must rise from USD 570 billion in 2023 to USD 1.5 trillion annually by 2030 to keep the 1.5°C global warming target within reach. Installed capacity would need to jump from today’s 3.9 TW to 11.2 TW in less than six years.

Energy efficiency improvements are also lagging. The annual rate of improvement needs to double to 4 percent by 2030, requiring stronger efforts in sectors such as transport, buildings, and industry.

Francesco La Camera, IRENA’s Director-General, expressed concern over the shortfalls: “We’re raising the alarm… The COP28 goals of tripling renewables and doubling energy efficiency are key enablers for our global efforts to keep 1.5°C within reach, but we risk missing them.”

Emerging economies face significant challenges, especially in securing investment. Renewable energy investments in Africa dropped 47 percent between 2022 and 2023, and Sub-Saharan Africa receives significantly less funding for energy transition projects.

The report calls for urgent policy interventions, increased private sector involvement, and stronger international collaboration. COP29 in Azerbaijan is expected to build on these findings to advance renewable energy initiatives globally, with a focus on enhancing climate finance and addressing investment gaps in vulnerable regions.

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