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.