- REN21 has stated that the world added less than half of the new renewable energy capacity needed to meet its climate goals last year.
- The group said in its annual outlook report that Global renewable capacity additions increased by 36 per cent last year.
A Paris-based research group, REN21, stated that the world added less than half of the new renewable energy capacity needed to meet its climate goals last year. This results from rising energy demand and weak grid infrastructure, slowing the shift from fossil fuels.
The Paris-based REN21, a research group, has national governments and industry associations among its members. The group said in its annual outlook report that Global renewable capacity additions increased by 36 per cent last year to reach around 473 gigawatts (GW), breaking the record for the 22nd consecutive year.
But it fell far short of the 1,000 GW per year required to meet the world’s climate commitments. REN21’s Executive Secretary, Rana Adib, noted, “The reality is that energy demand has increased at the same time, especially in China, India and other developing economies.”
Providing financial support for developing countries to build renewable capacity remains a significant challenge, with financing costs sometimes as high as 20 per cent, five times higher than those in wealthier nations, Adib said.
Total global renewable investment reached $623 billion last year, up 8.1 per cent compared to a year earlier, but an estimated $1.3 trillion is required every year to meet climate targets.
Adib explained that setting targets at COP28 was not enough; “We have the technology – 80 per cent of CO2 emissions can be abated with existing technology – but we need the political will,” she said.