The global renewable power capacity growth has fallen short of the required trajectory to achieve the tripling target by 2030, according to a report published by the International Renewable Energy Agency (IRENA).
In 2024, a total of 581.9 GW of new renewable power capacity was added, representing a 15.1% annual growth rate. However, this figure is short of the target.
“If the growth rate seen in 2024 continued for the remaining years of the decade, only 10.3 TW of renewable power capacity would be installed by 2030, falling 0.9 TW (7.7%) short of the target,” the report states.
The COP28 historic UAE Consensus aims to triple renewable energy capacity and double energy efficiency by 2030. To achieve this goal, renewable capacity must expand by 16.6% annually, requiring an average annual addition of 1122 GW of renewable power capacity.
Solar energy accounted for most of the new capacity additions in 2024 with 452.1 GW added, followed by wind energy (114.3 GW) and hydropower (9.3 GW).
However, the geographic deployment of renewables remains uneven, with Asia, Europe, and North America accounting for 85.4% of installed renewable power capacity.
Key challenges and recommendations
Unlocking “first-loss” capital for early-stage projects and innovative ways of accessing concessional finance are crucial to meeting the tripling goal.
Addressing the dual challenge of finance availability and cost will be critical.
The report recommends streamlining the permitting and approval process, increasing investment, and expanding the sector’s skilled workforce.
Global progress and future outlook
IRENA Director-General Francesco La Camera notes that energy efficiency improvements have been negligible, at around 1%, well below the 4% required each year between 2022 and 2030.
“The equitable deployment and distribution of this renewable power will depend on the international community’s ability to unlock additional financing for renewables, particularly in emerging markets and developing economies,” La Camera said.
At the current pace, the projected shortfall in capacity falls to 0.9 TW by 2030, providing hope that the tripling target can still be met.
La Camera’s comments come as IRENA launched the second Accelerated Partnership for Renewables in Africa (APRA) Investment Forum in Freetown, Sierra Leone, seeking to scale up investments to advance the energy transition and green industrialization across APRA countries.