IEA Urges Acceleration in Renewable Energy Growth to Achieve 2030 Targets

London, U.K. (Natural Energy News): The International Energy Agency (IEA) emphasized the imperative for governments worldwide to expedite efforts in renewable energy growth if the goal of tripling capacity by 2030, agreed upon at the COP28 U.N. climate conference, is to be achieved. While global renewable energy capacity is anticipated to grow by 2.5 times by 2030, reaching the set target demands an even more ambitious approach.

In its annual renewable energy outlook report, the IEA revealed that the newly added capacity in the previous year surged by 50% to 510 gigawatts (GW), elevating the installed capacity to 3,700 GW. However, to meet the 2030 goal, countries must collectively aspire to achieve at least 11,000 GW, emphasizing the need for more significant strides in renewable energy adoption.

Financing Challenges and Regional Disparities

The report pinpointed the primary challenge in attaining the 2030 goal as the scaling up of financing and deployment of renewables, particularly in emerging and developing economies. The lack of assistance for African, Asian, and Latin American nations could hinder their ability to meet clean energy targets, presenting a potential obstacle in reaching the overarching goal.

Fatih Birol, the executive director of the IEA, highlighted the significance of international cooperation, stating, "In the absence of any help for African and low-income countries in Asia and Latin America, they will not be able to reach their clean energy targets. That will be a fault line in reaching the 2030 goal."

Hurdles in the Current Landscape

Several factors contribute to the hindrance of faster renewable deployment, including insufficient investment in grids, increased equipment and financing costs, bureaucratic permitting procedures, and administrative barriers. Higher inflation and interest rates over the past year have escalated the costs of renewable projects, urging the need for a swift adaptation of policies to the evolving macro-economic environment.

China's Pivotal Role

China emerged as a significant player in renewable energy growth, experiencing the most substantial growth last year and anticipated to contribute nearly 60% of new renewable capacity by 2028. The IEA underscored the crucial role of China in achieving the 2030 targets, projecting that it would install more than half of the required global capacity by the end of the decade.

Prospects in Solar and Wind

Solar photovoltaic and onshore wind additions are predicted to more than double in the United States, the European Union, India, and Brazil by 2028, compared to the last five years. However, despite numerous green hydrogen project announcements, progress has been slow, with only 7% of current projects expected to come online by 2030, according to the IEA.

As the world navigates the challenges of the evolving energy landscape, the IEA's call for accelerated renewable energy growth highlights the global imperative to align efforts, policies, and financing to achieve the ambitious 2030 targets.