What?
Governments are rapidly increasing renewable energy capacity, with global additions reaching 560 gigawatts in 2023, a 64% increase from the previous year. Despite this growth, only 14 out of 194 countries have explicit targets for renewable power capacity by 2030 in their Nationally Determined Contributions under the Paris Agreement. However, a new report by the International Energy Agency reveals that countries have ambitions exceeding 8,000 gigawatts of global installed renewable capacity by 2030.
Why does it matter?
The report highlights that if countries include their existing policies and plans in their updated NDCs next year, they could achieve 70% of the 11,000 gigawatts required to reach the global tripling goal by 2030. This growth is fueled by policies, economies of scale, and technological advancements that have significantly reduced the costs of solar and wind energy, making them competitive with fossil fuels. Despite progress, challenges such as project permit delays, insufficient grid infrastructure investment, and high financing costs persist, particularly in developing economies.
How is it going to shape the future?
IEA Executive Director Fatih Birol emphasizes the importance of translating promises into actionable plans to achieve the ambitious but feasible goal of tripling renewable power capacity by 2030. With nearly 200 countries pledging to triple renewable capacity at COP28, the report underscores the crucial role of governments in limiting global warming to 1.5C. As renewable energy capacity continues to grow, the next round of updated NDCs presents an opportunity for countries to solidify and enhance their 2030 ambitions, paving the way for a cleaner and more sustainable energy future.