Global Renewable Energy Growth Falling Short Of COP28 Targets, Says Report

The latest release of the Renewable Energy Statistics 2024 by the International Renewable Energy Agency (IRENA) highlights a stark reality: while renewables are the fastest-growing source of power worldwide, achieving the tripling target set at COP28 is increasingly uncertain.

In 2023 alone, renewable energy capacity saw an unprecedented 14% increase, maintaining a 10% compound annual growth rate since 2017. This growth trajectory suggests renewables are on track to surpass fossil fuels in global installed power capacity. However, to meet IRENA’s ambitious 1.5°C Scenario goal of reaching 11.2 Terawatts (TW) by 2030, annual growth must accelerate to at least 16.4%.

IRENA’s Director-General, Francesco La Camera, underscored the urgency, stating, “Renewables have been outperforming fossil fuels, but complacency is not an option. If current trends continue, we risk falling short of our targets, jeopardizing the Paris Agreement and the 2030 Sustainable Development Goals.”

The report identifies significant geographical disparities in renewable energy deployment. Asia remains the leader in renewable power generation, producing 3,749 Terawatt hours (TWh) in 2022, followed closely by North America with 1,493 TWh, marking its first-time prominence in the rankings. South America showed impressive growth with a nearly 12% increase, driven by hydropower recovery and expanded solar energy use.

However, Africa’s growth remains modest at 3.5%, reaching 205 TWh in 2022, despite its immense potential for renewable energy development. Recognizing this disparity, IRENA is intensifying efforts through initiatives like the Accelerated Partnership for Renewables in Africa (APRA) and plans to host an investment forum later this year to bolster support for African nations.

COP28 President Dr. Sultan Al Jaber emphasized the need for collaborative action across governments, private sectors, and civil society to accelerate renewable energy adoption. He called for explicit renewable energy targets, streamlined permitting processes, expanded grid connections, and smart policies to drive industry investment and achieve global climate goals.

The report serves as a wake-up call for global stakeholders, urging increased momentum and scale in renewable energy development to mitigate climate change effectively and achieve sustainable development goals worldwide.