Irena and Cop28 presidency call for tripling of renewable power capacity by 2030

Annual average investment in renewable power generation must reach $1.3 trillion by 2030, report says

'Structural change' would be needed to ensure the transition to an energy-efficient economy, the report says. Photo: TAQA
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The International Renewable Energy Agency and the Cop28 presidency have called for the tripling of renewable power capacity and the doubling of energy efficiency by 2030 to reach the goals of the Paris Agreement.

Global renewable power capacity will need to reach more than 11,000 gigawatts, with solar and wind accounting for about 90 per cent of the growth, Irena, Cop28 presidency and the Global Renewables Alliance said in a report.

“Tripling the deployment of renewable power generation and doubling energy efficiency are among the most important levers to cut greenhouse gas emissions,” said Dr Sultan Al Jaber, Cop28 President-designate and Minister of Industry and Advanced Technology.

“The world has already made great strides by expanding global renewable energy capacity and becoming more energy efficient but progress, so far, has been too slow,” said Dr Al Jaber.

The report said that apart from implementing policies, “structural change” would be needed to ensure the transition to an energy-efficient economy and a renewables-based power system that is “just and fair and provides benefits for all”.

The policy measures should include the adoption of targets with specific deadlines, strong regulatory frameworks as well as fiscal and financial incentives, the report said.

“A significant acceleration of renewable energy deployment, coupled with tangible progress in energy efficiency and end-use electrification, is essential to put the world back on track to achieve the goals of the Paris Agreement,” said Francesco La Camera, Irena’s director general.

“This will require concerted action to urgently address deeply entrenched systemic barriers across infrastructure, policy and institutional capacities stemming from systems and structures created for the fossil fuel era.”

The report also said that the organisational structures of the power sector must be “reshaped” to integrate a higher share of renewables.

Procurement mechanisms must be designed to strengthen value chains and trade, and industrial policies must be fit for the creation of resilient supply chains, the report said.

Education and training should be prioritised while empowering women and underrepresented groups, the report added.

“Global leaders must commit to these targets at Cop28. However, progress towards 2030 goals cannot be taken for granted,” said Bruce Douglas, chief executive at the Global Renewables Alliance.

“Policymakers must work hand-in-hand with industry and civil society to urgently implement the enabling actions in this report,” he said.

Annual average investment in renewable power generation must reach $1.3 trillion by 2030, compared to $486 billion in 2022, the report said.

It also called for minimising investment risks in the developing world while ensuring better access to low-cost financing.

“The global financial architecture must be reformed to support the energy transition in the Global South,” the report said.

“Climate-related funding from multilateral development banks must be ramped up, and public capital should be redirected from the fossil fuels sector to renewable energy.”

Based on current policies, renewable energy is expected to make up about half of the global electricity mix by 2030, according to the International Energy Agency.

By the end of the decade, there will be 10 times as many electric cars on the road globally, with the share of renewable energy in power generation rising to 50 per cent from 20 per cent now, the agency said in the World Energy Outlook last week.

Heat pumps and alternative electric heating systems are forecast to surpass the sales of fossil fuel boilers by the end of the decade, the IEA said.

Updated: October 30, 2023, 11:23 AM