Triple renewables by 2030 requires 16,4% annual growth

The most recently report da IRENA (International Renewable Energy Agency) showed that, despite renewable energiesbecome the source of fastest growth, the The world is at risk of missing the target promised at COP 28. 

According to the Agency, to maintain the course of triple renewables by 2030 will be need increase capacity at a minimum rate of 16,4% per year. 

According to IRENA, if last year's 14% rate of increase continues, tripling goal of 11,2 TW in 2030, outlined by IRENA's 1,5°C Scenario, will be 1,5 TW short.

Furthermore, if the world maintain the historic annual growth rate of 10%, will accumulate just 7,5 TW of renewable energy capacity by 2030, not reaching the target by almost a third.

“Renewable energy has increasingly outperformed fossil fuels, but now is not the time to be complacent. Renewables must grow at greater speed and scale,” said Francesco La Camera, general director of IRENA.

“If we continue with the current growth rate, we will only face failure to achieve the goal of tripling renewable energy agreed at COP 28, consequently risking the goals of the Paris Agreement and the 2030 Agenda for Sustainable Development”, he highlighted.

According to Sultan Al Jaber, president of COP 28, to keep renewable sources growing, it is necessary to increase collaboration between governments, the private sector, multilateral organizations and civil society. 

“Governments need to set explicit renewable energy targets, expand grid connections and implement smart policies that encourage industries to mobilize and encourage the private sector to invest,” he stressed. 

“Above all, we must change the narrative from climate investment being a burden to being an unprecedented opportunity for shared socioeconomic development,” concluded Al Jaber.

Renewable capacity in countries

In terms of energy generation, the latest data available from IRENA for 2022 has once again confirmed the regional disparity in the deployment of renewable energy. 

Asia maintains its leading position in global renewable energy generation with 3.749 TWh, followed for the first time by North America (1.493 TWh). The most impressive jump occurred in South America, where renewable generation increased by almost 12% to 940 TWh, due to the recovery of hydropower and a greater role for solar energy.

With modest growth of 3,5%, Africa has increased its renewable energy generation to 205 TWh in 2022, despite the continent's tremendous potential and immense need for rapid and sustainable growth. 

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