Tripling global renewable energy capacity by 2030 is a realistic target but will require significant global efforts to overcome key challenges.
A new report from the International Energy Agency (IEA) points to favourable economics, strong policies and sufficient manufacturing capacity as factors that make this goal achievable.
Released during New York Climate Week, the report follows commitments made by nearly 200 countries at the COP28 summit in Dubai.
These countries pledged to achieve net zero emissions in the energy sector by 2050, triple renewable energy capacity by 2030 and double energy efficiency improvements within the same timeframe.
The IEA stresses that increasing renewable energy alone will not guarantee a reduction in fossil fuel use or energy costs.
To maximise the benefits, countries need to address issues such as upgrading and expanding electricity grids and boosting energy storage capacity.
The report calls for 1,500 gigawatts of energy storage to be developed by 2030.
IEA Executive Director Fatih Birol said: “As this new IEA report shows, the COP28 energy goals should lay the foundation for countries’ new climate targets under the Paris Agreement – they are the North Star for what the energy sector needs to do.
“And further international cooperation is vital to deliver fit-for-purpose grids, sufficient energy storage and faster electrification, which are integral to move clean energy transitions quickly and securely.”
