- The International Energy Agency (IEA) reports that with increased support for developing nations, especially in Africa and Southeast Asia, the world can triple renewable energy capacities by 2030.
- Nearly 70 countries, representing 80% of global renewable energy capacity, are on track to meet their targets, with solar power projected to drive 80% of growth by 2030.
The International Energy Agency (IEA) announced on Wednesday, October 9, that the goal set at COP28 to triple global renewable energy capacities by 2030 is achievable. However, this depends on increased support for developing countries, especially in Africa and Southeast Asia.
The IEA’s annual report, “Renewables 2024,” reveals that nearly 70 countries will meet or exceed their renewable energy targets for 2030. These nations collectively represent 80% of the world’s renewable energy capacity. While this progress does not fully align with the COP28 tripling objective, the agency remains hopeful. It urges governments to seize immediate opportunities to accelerate the transition to renewables.
Global renewable energy capacity will grow to 2.7 times its 2022 level by 2030. Photovoltaic solar power will account for about 80% of this increase. Wind energy will also double its growth rate between 2024 and 2030 compared to 2017-2023. These trends reflect strong momentum in the renewable sector, driven by substantial investments and declining production costs.
China will dominate the renewable energy landscape. By 2030, it will account for nearly 60% of all installed renewable capacities worldwide, a significant rise from one-third in 2010. China’s energy policies will be crucial in the global shift towards sustainable energy sources.
Despite advancements in renewables, fuels like biofuels and hydrogen lag behind. The IEA emphasises the need for dedicated political support to decarbonise sectors that challenge electrification. These alternative energies remain vital for achieving the Paris Agreement’s climate goals, which aim to limit global warming to +1.5°C by 2050.
Fatih Birol, the IEA’s director general, stated that renewables now represent the cheapest option for new power plants in nearly every country. By 2030, the world will add over 5,500 gigawatts of renewable energy capacity, equivalent to China, the European Union, India, and the United States combined.
To triple renewable capacities, countries must adopt more ambitious climate targets, known as Nationally Determined Contributions (NDCs). Nations must present these NDCs by 2025 under the Paris Agreement. The IEA also calls for stronger international cooperation to reduce financing costs for renewables, which remain exceptionally high in emerging economies. This situation hinders growth in regions like Africa and Southeast Asia.
The agency highlights the need to integrate solar and wind energy into national electrical systems. This integration will require greater grid flexibility and enhanced storage capacities, primarily through batteries. Such measures will stabilise the electricity supply and maximise the use of renewable energy.
The think tank Ember commented that the growth in renewable energies represents just the beginning. The market can meet the demand for renewables. However, governments must now prioritise investments in storage, networks, and other clean flexibility options. This focus will enable the transformation towards a more sustainable energy future.
The IEA’s report underscores the global potential for significant growth in renewable energy capacities. This growth hinges on enhanced support for developing nations and decisive government action. By capitalising on this momentum, the world can make substantial progress toward its renewable energy goals by 2030.