, APAC
141 views
Photo by Red Zeppelin via Pexels

Countries at risk of missing 2030 renewable energy target: IRENA

A minimum 16.4% growth rate is needed to triple total capacity.

The International Renewable Energy Agency (IRENA) warned about possibly missing 2030 clean energy targets despite countries’ efforts to grow their green power capacity. To prevent this, the world needs to grow its renewables capacity by at least 16.4% annually through 2030.

According to IRENA’s “The Renewable Energy Statistics 2024,” there was a 14% increase in renewables capacity during 2023, which led to a 10% compound annual growth rate (2017-2023). 

“Combined with the constant decreasing additions of non-renewable capacity over the years, the trend sees renewable energy on its way to overtake fossil fuels in global installed power capacity,” IRENA said. 

However, if the 14% increase rate continues, achieving 11.2 terawatts (TW) in 2030 as outlined by IRENA’s 1.5°C Scenario will fall 1.5 TW short, missing the target by 13.5%. Furthermore, if the world keeps the historic annual growth rate of 10%, it will only accumulate 7.5 TW of renewables capacity by 2030, missing the target by almost one-third, it pointed out.

Latest data also showed regional disparity in renewables deployment. Asia leads global renewable power generation with 3,749 terawatt hours (TWh), followed by North America with 1,493 TWh. 

IRENA said the most notable improvement was in South America, where generation increased by nearly 12% to 940 TWh driven by hydropower and solar energy. Meanwhile, Africa increased its renewable power generation by 3.5% to 205 TWh in 2022, despite its potential and great need for rapid, sustainable growth, IRENA said. 

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Closure of ASEAN’s newer coal plants by 2040 doable
Adding new coal plants and retrofitting existing ones are a larger risk to the transition.
Power Utility
Asia-Pacific may miss RE targets
Countries must attract investments to advance their clean energy goals.
Malaysia told to integrate grids to quicken solar growth
Limiting solar penetration to the grid at 24% of peak demand could impede its expansion.