A report by the International Renewable Energy Agency (IRENA), released on Thursday, calls for increased ambition in renewables deployment for the world to get back on the pathway to limiting global temperature rise to 1.5 degrees C.
According to IRENA, the world should add an average of 1,000 GW of renewable power capacity annually by 2030, compared to 300 GW of additions in 2022.
The first volume of the agency’s World Energy Transitions Outlook (WETO) 2023 identifies electrification and efficiency as key drivers of the energy transition, enabled by renewable energy, clean hydrogen and sustainable biomass. It lists physical infrastructure, policy and regulations, and institutional and workforce capabilities as main facilitators of higher renewables deployment.
“We face the harsh reality that we are not on track to deliver on the Paris Agreement. Our only option is to follow the most promising, science-based pathway one that puts renewable energy at the centre of the solution, while leading countries to energy security, reduced energy costs, and forward-looking industrial development,” commented IRENA’s Director-General Francesco La Camera.
“To meet our 2030 targets, we need urgent action to fast track expansions of grid infrastructure, to reduce permitting timelines, and to reduce the cost of capital in emerging markets and developing economies,” said the COP28 President-Designate Sultan al-Jaber.
The full report is available on IRENA’s website.
Choose your newsletter by Renewables Now. Join for free!
