The International Energy Agency (IEA) asserts that there is an overwhelming likelihood that the world will meet the COP28 target of tripling renewable capacity by 2030 due to the world's growing ability to produce renewable energy
According to the organisation's annual market report, Renewables 2023, the amount of renewable energy capacity added to the world's energy systems increased by 50% in 2023 to nearly 510GW. Solar accounted for three-quarters of global additions, with China seeing the most growth (though Europe, the United States, and Brazil also saw all-time highs for increases in renewable energy capacity).
According to the IEA, under current policies and market conditions, global renewable power capacity is expected to increase to 7,300GW between 2023 and 2028, with solar and wind power accounting for 95% of this increase. If this is correct, renewables will surpass coal as the primary source of global electricity generation by early 2025.
While this demonstrates that the world is truly committed to the energy transition, the IEA believes that it will not be enough to triple capacity by 2030.
IEA executive director, Fatih Birol, said, “The new IEA report shows that under current policies and market conditions, global renewable capacity is already on course to increase by two-and-a-half times by 2030. It’s not enough yet to reach the COP28 goal of tripling renewables, but we’re moving closer – and governments have the tools needed to close the gap. Onshore wind and solar PV are cheaper today than new fossil fuel plants almost everywhere and cheaper than existing fossil fuel plants in most countries. There are still some big hurdles to overcome, including the difficult global macroeconomic environment.
“For me, the most important challenge for the international community is rapidly scaling up financing and deployment of renewables in most emerging and developing economies, many of which are being left behind in the new energy economy. Success in meeting the tripling goal will hinge on this.”
