IEA urges governments to triple renewable capacity

The International Energy Agency (IEA) has urged governments to triple global renewable capacity by 2030 to meet the goals of COP28.

The agency stressed that the scenes from a world baking in record heat in recent weeks present a grim reminder that limiting the rise in global temperatures to 1.5°C is crucial to avert the worst effects of climate change.

IEA stressed further that its roadmap to net zero by 2050 sets out an energy sector pathway that would limit global warming to 1.5°C in parallel with doubling progress on energy efficiency and that scaling up a wide range of clean energy technologies this decade is necessary to drive down demand for fossil fuels and reach net zero quickly enough.

“Within that portfolio of technologies, the single most important lever to bring about the reduction in carbon dioxide (CO2) emissions needed by 2030 is to triple the global installed capacity of renewable power by the end of the current decade. This has been a key and recurring element in our data and modeling since May 2021.” the agency said.

It estimates that expanding renewable capacity on this scale would avoid about seven billion tonnes of CO2 emissions between 2023 and 2030 which would be comparable to eliminating all the current CO2 emissions from China’s power sector.

The agency revealed that impressive progress has been made with renewable power capacity additions expected to post their largest absolute increase in 2023 and renewables are on track to cover all the growth in global electricity demand over the next two years.

“We at the IEA have been strengthening our call for governments worldwide to commit to tripling renewable capacity by 2030 ahead of COP28, governments need to step up with clear commitments on these targets,” it stated.