IRENA: Global renewable energy still needs to accelerate

According to the International Renewable Energy Agency (IRENA), if the global renewable energy capacity continues to grow at an annual rate of 14% in 2023, there will be a 1.5 TW shortfall compared to the COP28 target.

The latest IRENA statistics indicate that to meet the goals set at the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change, global renewable energy capacity needs to increase by at least 16.4% annually until 2030.IRENA's recent report underscores a significant risk: the world might fall short of the 11.2 TW target by 2030. With the 2023 growth rate hitting a record 14%, continuing at this pace could result in a global deficit of 1.5 TW, or about 13.5%, by 2030.

"Renewable energy is increasingly outperforming fossil fuels, but this is not the moment for complacency. The pace and scale of renewable energy growth must accelerate," said Francesco La Camera, Director General of the International Renewable Energy Agency. "Today's report serves as a wake-up call for the global community."

COP28 President Sultan AI Jaber emphasized the importance of collaboration among governments, private sectors, multilateral organizations, and civil society to reach these goals.Governments must establish clear renewable energy targets, accelerate licensing processes, expand grid connections, and adopt policies that drive industry growth while incentivizing private investment. AI Jaber added, "It's crucial to see climate investment not as a burden, but as an unprecedented chance to achieve collective socio-economic progress."

The International Energy Agency (IEA) has revealed that only 14 out of 194 countries have set explicit targets for renewable energy installed capacity by 2030. In June of this year, a report was published regarding the COP28 commitment to double the installed capacity of renewable energy.Notably, China, the global leader in renewable energy capacity, and India, ranked fourth, have not endorsed IRENA's global renewable energy targets. This reluctance is tied to the broader goal of doubling global energy efficiency.Improving energy efficiency involves reducing 'energy intensity.' According to the IEA, achieving the goal of doubling energy efficiency globally requires a 4% annual decrease in energy intensity, translating to a reduction of around 32% from 2022 to 2030.

Currently, only a few G20 nations, including China, Japan, France, the United Kingdom, and Indonesia, have consistently achieved a 4% decrease in energy intensity over the past five years, while the remaining 16 countries have not. Professor Teng Fei, Deputy Director of the Institute of Energy and Environmental Economics at Tsinghua University, suggests that meeting the double energy efficiency target may prove more challenging than the triple global renewable energy target.