The world needs to add one terawatt of renewable energy every year. Solar energy alone is the only source that can keep up with this pace.
Accelerating Renewable Energy Expansion
Renewable energy got a big boost and the most recent global climate conference set some very high goals. Getting past the problems that are stopping us from switching from fossil fuels is very important if we want to reach the goals that everyone agrees on around the world.
Countries have agreed to increase the amount of renewable energy that can be produced around the world to at least 11TW by the end of this decade. Still, the goal seems too high. Even though the production of renewable energy has grown a lot in the past year, but by 2030, we will need 7.2TW more. To stay on track, IRENA says world needs 1.1TW renewables per year.
Solar PV is the only renewable technology that is making the progress that is needed for the more strict 1.5° C scenario. Wind and other technologies, as well as the use of electric vehicles and hydrogen electrolysers, are way behind schedule.
To achieve this with the group goal, financial side of this change needs a lot of attention. From $570 billion in 2023 to an average of $1,550 billion per year from 2024 to 2030, a lot more money needs to be put into clean energy. It says in the report that most of this growth will have to come from the big economies. Based on what we know now, their contribution would make up 80% of the global goal.
Switching to clean energy is becoming more important, but at the same time fossil fuels are still getting a lot of money. Moving a small amount of these funds could make a big difference in renewable energy money investment.
IRENA says world needs 1.1TW renewables per year and for a smooth transition, just adding capacity will not work. It is very important to put a lot of money into infrastructure, operational systems, and better rules. This includes improving supply chains and streamlining regulatory processes to help the economy grow.
Even though the world invested a record $2 trillion in the energy transition in 2023, only half of that money went to developing economies. A very small amount went to the places where energy poverty was the worst.
IRENA Says World Needs 1.1 TW of Renewables Per Year to Meet Climate Goals
- IRENA President Francesco La Camera discusses the urgency of transitioning to renewable energy to meet COP28 targets. This requires investments to increase from $570 billion to $1,550 billion annually.
- Harnessing renewable resources projected at 1.1 TW annually by 2030 is vital for CO2 reduction goals.
- Governments and international entities endorse tripling renewable energy capacities to a minimum of 11 TW. G20 nations are targeting to increase their renewable capacity by 9.4 TW by 2030.
- Energy efficiency improvements need to double from a yearly average of 2% to 4% by 2030.
- A strong call for structural reforms in international financing and Green hydrogen market inducements and advancements in grid infrastructure.
Source: Tracking COP28 Outcomes Tripling Renewable Power Capacity by 2030
