The International Renewable Energy Agency (IRENA) has reiterated the urgent need to accelerate the deployment of renewable energy to meet global targets.
Despite record-breaking progress in 2024, with renewables achieving significant milestones, the pace remains inadequate to achieve the ambitious goal of tripling renewable energy capacity by 2030 which is a critical benchmark for limiting global temperature rise to 1.5°C.
While these achievements marked significant progress, IRENA warned that the yearly growth rate must increase to at least a minimum of 16.2 per cent to stay on track for the 2030 goal.
IRENA’s analysis highlights a troubling gap between political commitments and actionable policies. Current national plans are projected to deliver only half of the renewable energy capacity needed by 2030. As countries prepare to submit the next round of Nationally Determined Contributions (NDCs) later this year, IRENA called for more ambitious and actionable plans to align with the global tripling target.
In 2023, renewable energy capacity surged to unprecedented heights, reaching a global total of 3,865 GW. Renewables accounted for 86 per cent of new capacity additions, with 473 GW added globally.
“2024 marks a pivotal moment in the global energy transition as renewable energy surges to unprecedented heights, yet, despite the remarkable progress, progress falls short to triple renewables by 2030. A minimum 16.2 per cent growth per annum is necessary to reach the tripling target by 2030.
“NDCs 3.0 due for submission in 2025 must reflect the global goal of tripling renewable power capacity by 2030 to stay on a pathway to limit global temperature rise to below 1.5°C by 2050,” it stated
However, IRENA stated that a significant gap remains between political announcements and actual county plans and policies as current national plans and targets are set to deliver only half of the required growth in renewable power by 2030.
It noted that 2024 saw the record-breaking achievements positively shaping the renewable energy landscape. Yet, the need for accelerated action to align global efforts with the Paris Agreement targets and Sustainable Development Goals has never been more urgent.
IRENA’s #3xRenewables campaign continues to spotlight the 2030 target as a pillar of sustainable development, economic empowerment, social equity, and energy security. The agency is intensifying its efforts to support countries in bridging the gap between ambition and implementation, offering technical and policy guidance to fast-track their energy transitions.
With just five years left to meet the 2030 deadline, the renewable energy revolution according to the agency is not just a goal but an imperative for the planet’s future.
IRENA Director-General, Francesco La Camera, said the surge in renewable generation capacity shows that renewables are the only technology available to rapidly scale up the energy transition aligned with the goals of the Paris Agreement.
“The COP28 goals of tripling renewables and doubling energy efficiency are key enablers for our global efforts to keep 1.5°C within reach but we risk missing them. The next NDC must mark a turning point and bring the world back on track,” he said.
