The goal set at COP28 to triple renewable power capacity by 2030 demands concerted international efforts, according to a report by the International Renewable Energy Agency (IRENA). While 2023 marked a record year in renewable deployment, with 473 gigawatts (GW) added globally, systemic barriers still hinder the transition to renewable energy.
To achieve the tripling target, an average of almost 1,100 GW of renewables capacity must be installed annually by 2030, requiring a surge in investments from USD 570 billion in 2023 to USD 1550 billion per year between 2024 and 2030.
Francesco La Camera, Director-General of IRENA, emphasized the urgency of transitioning away from fossil fuels to stay on track with the target. Current projections indicate that an additional 7.2 terawatts (TW) of renewable power would need to be deployed by 2030 to reach the required 11 TW.
However, without urgent policy intervention, the target remains out of reach, especially for G20 nations, which must grow their renewable capacity from under 3 TW in 2022 to 9.4 TW by 2030, accounting for over 80% of the global total.
Developing countries, despite their considerable renewable potential, have received disproportionately low levels of investment. Energy transition-related investments reached a record high of over USD 2 trillion in 2023, but emerging markets and developing economies attracted just over half of global investments.
In contrast, fossil fuels received USD 1.3 trillion in subsidies in 2022, equivalent to the annual investment required in renewable generation capacity to achieve a threefold increase by 2030. This highlights the urgent need for greater international cooperation to ensure financial flows to the Global South and uphold the tripling pledge.