- IEA reported a 50% increase in renewable energy capacity last year, reaching 510 GW.
- Global renewables are projected to hit 7,300 GW by 2028, but urgent action is needed to triple capacity by 2030.
The International Energy Agency (IEA) reported a 50 per cent increase in new renewable energy capacity last year, reaching 510 GW and 3,700 GW. Projections suggest global renewables will hit 7,300 GW by 2028, but urgent action is needed to triple capacity by 2030, as agreed at COP28. Scaling up financing and deployment in emerging economies is a critical challenge.
The IEA emphasises supporting African and low-income countries to avoid issues meeting the 2030 goal. China leads in renewable growth and is expected to contribute nearly 60 per cent of new capacity by 2028. Challenges like inflation and insufficient grid investment pose global hurdles. China’s role is pivotal in meeting the 2030 target, installing over half of the required new capacity.
Solar and wind will double in the United States, the European Union, India, and Brazil. Green hydrogen projects face delays, with only 7 per cent expected to be operational by 2030. Governments must address financial, infrastructural, and bureaucratic challenges for a sustainable global transition to renewable energy.