© Federal Ministry for Economic Affairs and Energy, data basis: IRENA

IRENA: “World Breaks Renewable Records but Must Move Faster to Hit 2030 Tripling Goal”

A global progress report published by the International Renewable Energy Agency (IRENA) finds global record growth in renewables capacity in 2024. However, it calls for even greater speed to ensure that the goal of tripling capacity by 2030 is met.

The ink on the declaration signed by 120 states at the COP28 in Dubai in December 2023 was barely dry when the work to implement the ambitious target agreed therein should have started. There was and is not much time left: by 2030, it says in the joint statement of intent, renewables capacities are to triple. The progress report presented by IRENA in the run-up to COP30 records new record figures for the global expansion. The report was co-published by the Brazilian COP30 Presidency and by the Global Renewables Alliance (GRA).

According to the paper, the world added more than 15% of renewables capacity in 2024 alone. Almost 600 gigawatts (GW) of capacity was added that year. PV contributed the largest portion with more than 450 gigawatts, followed by wind energy (114.3 GW), hydropower (9.3 GW), biomass (5.1 GW) and geothermal energy (1.0 GW).  

Despite the record growth, the world has fallen behind the goals for renewables capacity and greater energy efficiency. According to the report, the aspired 11.2 terawatt target for 2030 would require annual additions of 1,122 GW, which is around 16.6% higher than the capacity added in 2023.

^{Energy efficiency is just as important as the expansion of renewables}

Energy efficiency, the report states, is just as important an objective as the expansion of renewables capacity. Here too, the progress report sees major need for action. In fact, global energy intensity improved by no more than one per cent in 2024, falling far short of the required annual improvements of four per cent. IRENA warns that, without this, the 1.5 degree target is in danger. The 1.5 degree target is to limit global warming to this threshold (compared to pre-industrial levels), so as to avoid the worst impacts of global climate change. It was enshrined in the Paris Climate Agreement of 2015.   

The report urges countries to integrate the renewables targets into their National Determined Contributions (NDCs 3.0), to double shared NDC targets to bring them into line with the global renewables target and to increase investments in this area to at least an annual $1.4 trillion between 2025 and 2030. This would be double the figure of $624 billion that was invested in 2024.

^{Industrialised countries and emerging economies must take the lead}

The recommendations in the new report boil down to industrialised countries and emerging economies taking on more of a pioneering role. According to forecasts, the G20 states will account for more than 80% of global renewables capacity by 2030. The expectation is for the wealthiest industrialised countries to lead the way by increasing their share to approx. 20% of global capacity by the end of the decade.

It also says in the report that the world’s largest economies must honour their commitments on climate financing. Investments in the grids, supply chains and the manufacturing of clean-energy technologies for solar, wind, battery and hydrogen-based energy are just as important, according to the report.

It says that an estimated figure of $670 billion needs to be invested in the electricity grids by 2030. Beyond this, further investment is required in the swift expansion of energy storage solutions, the integration of renewables, and the securing of grid stability.

^{International exports highlight urgency and opportunities} 

Both Francesco La Camera, Director General of IRENA, and Ben Backwell, Head of the Global Renewables Alliance, underscore the urgency of the recommended measures, pointing out the major opportunities associated with the expansion of renewables. Francesco La Camera: “This report shows the path: accelerate deployment, modernise grids, scale clean-tech and strengthen supply chains. Every dollar invested brings growth, jobs and energy security.” Ben Backwell: “Our industries, led by wind, solar and hydropower, are already delivering growth, jobs and security. What we need now are long-term government plans that match national ambitions.” 

The IRENA report also attracted a great deal of attention at the United Nations Climate Change Conference in Belém, Brazil.