Renewables must grow at 16.4 per cent annually - report

According to IRENA’s 'Renewable Energy Statistics 2024', renewables have become the fastest growing source of power. Indeed, the 14 per cent increase of renewables capacity during 2023 established a 10 per cent compound annual growth rate (2017-2023). Combined with the constant decreasing additions of non-renewable capacity over the years, the trend sees renewable energy on its way to overtake fossil fuels in global installed power capacity.

However, if last year’s 14 per cent increase rate continues, the tripling target of 11.2TW in 2030 outlined by IRENA’s 1.5°C Scenario will fall 1.5TW short, missing the target by 13.5 per cent. Furthermore, if the world keeps the historic annual growth rate of 10 per cent, it will only accumulate 7.5TW of renewables capacity by 2030, missing the target by almost one-third.

“We need to increase the pace and scale of development,” COP28 president Dr Sultan Al Jaber said in a statement. “That means increasing collaboration between governments, the private sector, multilateral organisations, and civil society. Governments need to set explicit renewable energy targets, look at actions like accelerating permitting and expanding grid connections, and implement smart policies that push industries to step up and incentivise the private sector to invest. Additionally, this moment provides a significant opportunity to add strong national energy targets in NDCs to support the global goal of keeping the 1.5°C target within reach. Above all, we must change the narrative that climate investment is a burden to it being an unprecedented opportunity for shared socio-economic development.”