Record growth ‘only way’ to hit COP28 target
- Admin
- Jul 11, 2024
- 1 min read
Despite renewables becoming the fastest growing source of power, the tripling target pledged at COP28 will be missed unless growth reaches new unprecedented levels. To stay the course, the world will now have to grow renewables capacity at a minimum 16.4% rate annually through 2030, according to Renewable Energy Statistics 2024 released by the International Renewable Energy Agency (IRENA). Combined with the constant decreasing additions of non-renewable capacity over the years, the trend sees renewable energy on its way to overtake fossil fuels in global installed power capacity. However, if last year’s 14% increase rate continues, the tripling target of 11.2 terawatts (TW) in 2030 outlined by IRENA’s 1.5°C Scenario will fall 1.5TW short, missing the target by 13.5%. Furthermore, if the world keeps the historic annual growth rate of 10%, it will only accumulate 7.5TW of renewables capacity by 2030, missing the target by almost one-third. IRENA Director-General Francesco La Camera's warning about the need for accelerated growth of renewables is emphasized by the message of COP28 President Sultan Al Jaber, urging collaboration and increased development to meet the global goal of tripling renewable energy capacity by 2030.
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