IEA Reports Insufficient Progress Towards Tripling Renewable Capacity by 2030

The International Energy Agency (IEA) has released a report indicating that the world is not on track to achieve the target of tripling renewable energy capacity by 2030. This is despite the significant growth in renewable energy installations.

Projected Growth in Global Renewable Capacity

The Renewables 2024 report by the IEA predicts that global renewable capacity will increase by 2.7 times by 2030, exceeding current national ambitions by nearly 25%. However, this growth is still insufficient to achieve a threefold increase. The IEA advocates for a rapid transition away from fossil fuels to address this shortfall. While renewable energy has become more attractive due to climate and energy security policies, this has not been enough to meet the goal set by nearly 200 countries at the COP28 climate summit. Under existing policies and market conditions, the IEA forecasts that 5,500 gigawatts (GW) of new renewable capacity will be operational by 2030.

Annual Growth and Contribution of Solar PV and Wind Energy

The IEA anticipates that renewable capacity additions will continue to grow annually, reaching nearly 940 GW by 2030. This is a 70% increase from the record level achieved in 2023. Solar PV and wind energy are expected to contribute 95% of all renewable capacity growth due to their increasing economic viability in almost all countries. As a result, approximately 70 countries, accounting for 80% of global renewable power capacity, are expected to meet or exceed their current renewable ambitions for 2030. However, this will still fall short of the COP28 pledge to triple renewable capacity.

Need for Increased Government Efforts

The IEA report highlights the need for governments to intensify efforts to integrate variable renewable sources into power systems. The agency notes that the rates of curtailment of renewable electricity generation have been rising substantially and have already reached around 10% in several countries. In a separate report, the IEA stated that the global goal to triple renewable energy capacity by the end of the decade is achievable, but it would require massive investments in power grids and energy storage.

Bottom Line

The world is making strides in renewable energy capacity, but the pace is not sufficient to meet the ambitious goal of tripling capacity by 2030. Governments need to ramp up efforts to integrate renewable sources into power systems and invest heavily in power grids and energy storage. What are your thoughts on this issue? Do you think the world can meet the renewable energy capacity goal by 2030? Share this article with your friends and join the conversation. Remember, the Daily Briefing is available every day at 6pm. Sign up to stay informed.