UAE / BRASILIA – The world is falling behind on its renewable energy and efficiency goals despite record progress last year, confirms a new report released today by the International Renewable Energy Agency (IRENA), the COP30 Brazilian Presidency, and the Global Renewables Alliance (GRA) during a pre-COP30 high-level event in Brasília.
In 2024, global renewable capacity additions reached an unprecedented 582 GW. Yet this is still not enough to stay on track for the COP28 UAE Consensus target of tripling renewables to 11.2 TW by 2030. Meeting that goal now demands a staggering 1 122 GW of added capacity every year from 2025 onward, requiring annual growth to accelerate to 16.6% through the decade, according to the second official tracking report on the landmark energy goals set by the UAE Consensus at COP28.
The progress report, Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030 also highlights that energy efficiency is an equally great concern. Global energy intensity improved by just 1 percent in 2024, far below the 4 percent annual gains needed to meet the UAE Consensus goal and keep the 1.5°C target alive.
The report calls for urgent action to:
- Integrate renewable targets into national climate plans (NDC 3.0) ahead of COP30 in Belém;
- Double collective NDC ambition to align with the global renewables goal; and
- Scale investment in renewables to at least USD 1.4 trillion per year in 2025–2030 –more than doubling the USD 624 billion invested in 2024.
The world’s major advanced and emerging economies must take the lead, according to the recommendations of the new report. G20 nations are projected to account for over 80 percent of global renewables by 2030, with the richest developed economies of the G7 expected to shoulder a leadership role by raising their share to around 20 percent of global capacity within this decade.
Major global economies must also deliver on climate finance, meeting the USD 300 billion annual floor of the new collective quantified goal (NCQG) and scaling up towards the aspirational USD 1.3 trillion confirmed at COP29 in Azerbaijan.
Beyond renewables, the report underlines the urgent need for investment in grids, supply chains, and clean-tech manufacturing for solar, wind, batteries and hydrogen.
While renewable energy investments grew by 7 percent in 2024, actual disbursements remain far below the levels required to build robust project pipelines and accelerate construction. As to supply chains, fair and transparent trade practices must be ensured for critical renewable energy technologies and international co-operation pursued to safeguard trade corridors for key materials and components.
Furthermore, strategic investment in modernising and expanding electricity grids is the essential foundation for integrating new capacity and strengthening energy security. Between now and 2030, an estimated USD 670 billion must be directed each year towards grids, with further investment required to rapidly scale up energy storage solutions, facilitate renewable integration and safeguard grid stability.
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