Despite a significant rise in renewable energy additions, the world remains off track to meet the goal of tripling renewable capacity by 2030, according to the International Energy Agency (IEA) in its Renewables 2024 report released on Wednesday.
Global renewable capacity is projected to grow 2.7 times by 2030, exceeding current national targets by nearly 25%. However, this still falls short of the goal to triple capacity, the IEA emphasized, urging faster action to move away from fossil fuels.
Although climate and energy security policies have made renewables more competitive with fossil fuel generation, the IEA noted, “This is not quite enough to achieve the global goal of tripling renewable energy capacity, as set by nearly 200 countries during the COP28 climate summit.”
The IEA’s primary scenario, based on existing policies and market conditions, anticipates 5,500 gigawatts (GW) of new renewable capacity coming online by 2030. This would mean global renewable capacity additions will continue to rise, reaching nearly 940 GW annually by 2030—a 70% increase compared to the record additions in 2023.
Solar PV and wind are expected to drive 95% of renewable capacity growth through the decade, as their economic appeal strengthens across nearly all countries.
Due to these trends, around 70 countries, representing 80% of global renewable power capacity, are expected to meet or exceed their current renewable energy targets for 2030. However, this is still insufficient to meet the COP28 pledge to triple global renewable capacity.
While growth is evident, the IEA stressed that governments need to intensify efforts to integrate variable renewable energy sources into their power grids. The agency also pointed out that curtailment rates—where renewable electricity generation is reduced due to grid constraints—are rising significantly, already reaching about 10% in several countries.
In a separate report last month, the IEA indicated that the global goal of tripling renewable energy capacity by 2030 is still attainable, but achieving it would require substantial investments in power grids and energy storage systems.
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