Current national ambitions and implementation plans for renewable energy are not yet aligned with the COP28 goal of tripling global capacity by 2030, said International Energy Agency (IEA) in a report published on Tuesday.
The new analysis find that countries have a significant opportunity over the coming months to develop clear plans for boosting renewable power that could help move the world closer to achieving the COP28 goal of tripling global capacity by 2030.
COP28 Tripling Renewable Capacity Pledge: Tracking countries’ ambitions and identifying policies to bridge the gap, finds that while renewable power is at the heart of achieving international energy and climate goals, very few countries have explicitly laid out 2030 targets for installed capacity in their existing Nationally Determined Contributions, or NDCs, under the Paris Agreement. Official commitments in NDCs currently amount to 1 300 gigawatts (GW).
“At COP28, nearly 200 countries pledged to triple the world’s renewable power capacity this decade, which is one of the critical actions to keep alive hopes of limiting global warming to 1.5 °C. This report makes clear that the tripling target is ambitious but achievable – though only if governments quickly turn promises into plans of action,” said IEA Executive Director Fatih Birol.
“By delivering on the goals agreed at COP28 – including tripling renewables and doubling energy efficiency improvements by 2030 – countries worldwide have a major opportunity to accelerate progress towards a more secure, affordable and sustainable energy system. The IEA will continue to support governments around the world in efforts to achieve this.”
The report also notes that renewable energy has grown significantly since the Paris Agreement, driven by policy support, economies of scale, and technological advances, with substantial contributions from countries like China.
However, challenges such as project permitting delays, inadequate grid infrastructure, and high financing costs, especially in emerging economies, need addressing. The IEA suggests measures to reduce financing costs and improve project viability. The agency remains dedicated to supporting governments in implementing these strategies and achieving the Paris Agreement goals.
