IRENA Report: Accelerating Renewable Energy Growth Essential To Hit 2030 Goals

The International Renewable Energy Agency (IRENA) has released its Renewable Energy Statistics 2024, highlighting a significant increase in renewable energy capacity. Despite this growth, the world is at risk of missing the tripling renewables target set at COP28. To meet this goal, renewable capacity must grow by at least 16.4% annually through 2030.

In 2023, there was an unprecedented 14% increase in renewable energy capacity, establishing a 10% compound annual growth rate from 2017 to 2023. This trend indicates that renewable energy is on track to surpass fossil fuels in global installed power capacity. However, maintaining last year's growth rate will still leave the world short of the 11.2 Terawatts (TW) target for 2030 by about 1.5 TW.

If the historical annual growth rate of 10% continues, only 7.5 TW of renewable capacity will be achieved by 2030, falling short by nearly one-third of the target. IRENA Director-General Francesco La Camera emphasised the need for faster and larger-scale growth in renewables to avoid failing to meet the tripling target agreed upon at COP28.

Data from 2022 reveals regional disparities in renewable power generation. Asia leads with 3,749 Terawatt hours (TWh), followed by North America with 1,493 TWh for the first time. South America saw a notable increase of nearly 12%, reaching 940 TWh due to hydropower recovery and increased solar energy use.

Africa's renewable power generation grew modestly by 3.5%, reaching 205 TWh in 2022 despite its vast potential and urgent need for sustainable growth. Recognising this, IRENA is advancing the Accelerated Partnership for Renewables in Africa (APRA) initiative and planning an investment forum focused on APRA’s member countries later this year.

Policy Actions and Financial Mobilisation

Francesco La Camera stated that while renewables are outperforming fossil fuels, complacency is not an option. He stressed the need for concrete policy actions and massive financial mobilisation to achieve the tripling target. He also highlighted ongoing geographical concentration patterns that could hinder decarbonisation efforts and exacerbate inequalities.

COP28 President Dr Sultan bin Ahmed Al Jaber echoed these sentiments, calling the report a wake-up call for global action. He urged increased collaboration between governments, private sectors, multilateral organisations, and civil society to accelerate development and set explicit renewable energy targets.

Opportunities for National Energy Targets

Dr Sultan bin Ahmed Al Jaber also pointed out that this moment presents a significant opportunity to incorporate strong national energy targets into Nationally Determined Contributions (NDCs). This would support the global goal of keeping the temperature rise within the 1.5°C limit while framing climate investment as an opportunity for shared socio-economic development rather than a burden.

The latest data underscores both progress and challenges in achieving global renewable energy goals. While some regions are making significant strides, others lag behind due to various barriers. The path forward requires concerted efforts from all stakeholders to ensure equitable and sustainable energy transitions worldwide.

With inputs from WAM