FCC

Cop28 tripling renewable capacity pledge aims 11,000 gw of green power

2024-06-10

Tripling global renewable energy capacity by 2030, as pledged in COP28, poses a significant challenge, according to the International Energy Agency (IEA). Despite impressive progress, with global renewable capacity additions reaching nearly 560 GW in 2023, a 64% increase from 2022, the world remains 30% short of the target of 11,000 GW.

Only 14 out of 194 Nationally Determined Contributions (NDCs) explicitly mention targets for total renewable power capacity by 2030, with China alone contributing over 90% of the mentioned capacity. While China leads in renewable capacity installations, adding almost 350 GW in 2023, other countries must accelerate their annual growth by 36% to meet national aspirations.

India plays a crucial role, aiming for 500 GW of non-fossil fuel capacity, including 485 GW of renewables, by 2030. To achieve this, India focuses on developing hybrid renewable power projects, large auction volumes, and repowering existing wind farms. Advanced economies are expected to double their renewable capacity by 2030, with the Asia-Pacific region contributing 15% to the global total.

To meet ambitious goals, well-designed policies are essential, including streamlining permitting processes, accelerating integration of variable renewables, and reducing financing costs. The COP28 pledge is a significant step towards sustainability, but achieving it requires concerted efforts, technological advancements, and increased annual investments in clean energy.

According to the IEA and International Finance Corporation, annual investments in clean energy must triple from $770 billion in 2022 to approximately $2.2-2.8 trillion per year by early 2030 to meet energy demand while aligning with the Paris Agreement goals.

(Source: Mercom)