IRENA Urges Faster Renewables Growth to Meet 2030 Goal

• Global renewables capacity must accelerate to meet COP28 goal of tripling renewables by 2030, says IRENA. Current growth rate falls short, highlighting the need for faster progress.

Global renewables capacity grew by 14% in 2023, but must accelerate to meet the COP28 goal of tripling renewables by 2030, according to IRENA. The agency estimates that renewables capacity needs to grow by at least 16.4% annually to reach the target of 11.2 TW. If the current growth rate of 14% continues, the world will fall short by 1.5 GW.

IRENA's Renewable Energy Statistics 2024 report shows that renewable generating capacity in 2023 was 3,865 GW, with solar accounting for 1,418 GW, hydropower for 1,265 GW, and wind energy for 1,017 GW. Despite renewables representing 43% of global capacity, they only accounted for 29.1% of electricity generation in 2022. IRENA director-general Francesco La Camera emphasized the need for renewables to grow at a faster pace to bridge the decarbonisation divide and achieve the tripling target.

How much must global renewables capacity grow annually to meet COP28 goal?

• Global renewables capacity needs to grow by at least 16.4% annually to reach the COP28 goal of tripling renewables by 2030
  
• The target capacity to be achieved is 11.2 TW
  
• If the current growth rate of 14% continues, the world will fall short by 1.5 GW
  
• In 2023, renewable generating capacity was 3,865 GW, with solar accounting for 1,418 GW, hydropower for 1,265 GW, and wind energy for 1,017 GW
  
• Despite renewables representing 43% of global capacity, they only accounted for 29.1% of electricity generation in 2022
• IRENA director-general Francesco La Camera emphasized the need for renewables to grow at a faster pace to bridge the decarbonisation divide and achieve the tripling target.