The world will fall short of the UN target to triple renewable capacity by 2030, despite many countries expected to meet or exceed their national targets, the latest International Energy Agency (IEA) report shows .
The report, titled Renewables 2024, explained that the world will deploy more than 5.5 TW of renewable energy between now and 2030, three times as much as between 2017 and 2023 and equivalent to the current energy capacity of China, India, the US . and the EU together.
A total of 70 countries accounting for 80% of global renewable energy capacity will be at the forefront of this fight and are expected to meet or exceed their national renewable energy targets.
IEA Director Fatih Birol said: “Renewable energy sources are developing faster than national governments can set targets. Not only is this primarily driven by efforts to reduce emissions or increase energy security – it is increasingly because renewables now offer the cheapest option for adding new power plants in almost all countries around the world.”
However, this will not be enough to achieve last year’s UN target at COP28. According to the IEA, achieving the UN target will require upgrades to 25 million kilometers of electricity networks, matching the speed of deployment of renewable energy sources with that of their integration into the electricity grid and the construction of 1.5 TW of energy storage.
Solar PV will register 80% of renewable capacity by 2030 and wind energy will double its current growth rate.
According to Power technology‘s parent company, Global dataChina, USA, Germany and India are the four leading countries in solar and wind energy generation around the world. Last month the IEA published a report claiming that tripling renewable energy capacity by 2030 and doubling energy efficiency would reduce global greenhouse gas emissions by ten billion tons.
“Renewables miss UN Triple Target despite national targets achieved,” says IEA” originally created and published by Power technologya brand owned by GlobalData.
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