Global annual growth in renewable energy needs to triple by 2030

ABU DHABI, UAE – In the first part of the newly published World Energy Transitions Outlook (WETO) 2023 report, the International Renewable Energy Agency (IRENA) indicated the need for an immediate course correction of the roadmap to reach the 1.5°C target. This calls for a more ambitious global use of renewable energies.

WETO Pathway 2023: 1.5°C identifies electrification and efficiency as key drivers of the energy transition and outlines implementation across all energy sectors. While progress has been made, particularly in the energy sector with a record 300 gigawatts (GW) of global renewable energy growth in 2022, the gap between what is being achieved and what is needed is widening.

We need more ambitious renewable energy targets. By 2030, 1,000 gigawatts per year of renewable energy should be added worldwide and the direct use of renewable energy in end-use sectors should be significantly increased.

Francesco La Camera, Director General of IRENA, explains: “The harsh reality is that we are not on track to comply with the Paris Agreement. The only promising option left for us is the science-based path – one that puts renewable energy at the heart of the solution and brings energy security to nations, reducing energy costs and forward-looking industrial development. The energy transition must become our strategic tool for a more just and inclusive world. COP28 and the global assessment should not only show that we are off the roadmap towards 1.5°C, but also provide a strategic plan to get us back on track.”

President-elect of COP28, Dr. Sultan Al-Jaber in this regard: “The goal alone is not enough. This report gives us a solid path to implementation and I welcome the recommendations of the International Renewable Energy Agency. In line with this is my call for a tripling of renewable energy by 2030

The pace of the energy transition depends on how quickly we can deliver carbon-neutral alternatives while ensuring energy security so that we are not left behind. We also need the political will to create the necessary conditions for the rapid expansion of renewable energies. This should create a framework for the comprehensive implementation and provision of necessary and affordable financing for the project pipelines. To achieve our 2030 goals, we must take urgent action to accelerate network infrastructure construction, shorten authorization periods and lower the cost of capital in emerging and developing countries.

I am pleased to recently reaffirm our shared commitment with the European Union to ensure maximum multilateral support at COP28 to triple renewable energy capacity by 2030. The COP28 presidency also announced this week that Kenya will triple renewable energy capacity growth in Africa by 2030. 2030.”

The following obstacles standing in the way of the roadmap to the 1.5°C target have been identified:

1. Lack of physical infrastructure
2. The lack of a political and legal framework
3. An imbalance in institutional skills and capabilities.

A new form of international cooperation is needed to accelerate the energy transition and promote its growth. This requires assessing the roles and responsibilities of national and regional bodies, international organizations, international financial institutions and multilateral development banks so that they can make the best possible contribution to the energy transition. It is also important to ensure that money really reaches those in the world who need it most.

WETO provides the analysis and narrative for COP28 and a call from the President-elect of COP28 to build coalitions that support the entire renewable energy ecosystem from start to finish and enable the tripling of renewable energy capacity growth as part of a just energy transition that leaves no one behind.

IRENA works closely with countries to promote the development and implementation of renewable energy policies and strategies in line with the 1.5°C roadmap outlined in WETO. The Agency also provides technical and capacity-building assistance to help countries increase the share of renewable energy in their energy mix.