Masdar, IRENA to launch roadmap to triple RE capacity by 2030

They will set up an outline of global targets for renewable energy.

Abu Dhabi-based energy firm Masdar and the International Renewable Energy Agency (IRENA) signed a memorandum of understanding to collaborate in crafting a global roadmap to increase the renewable energy capacity three-fold by 2023.

In a statement, IRENA said the main objective of the project for the COP28 is to establish a global baseline for renewable energy focusing on solar, wind, hydropower, geothermal, and other technologies such as battery and storage.

This will be complemented by region-specific data, they said.

READ MORE: Masdar acquires 50% stake in solar-battery project in the US

“In 2022, a record 300 gigawatts (GW) of renewables were added and renewable power now accounts for 40% of total installed generation capacity globally. Despite this progress, the energy transition is off track,” said IRENA Director-General Francesco La Camera.

He added that under IRENA's World Energy Transitions Outlook, annual deployment of renewables must reach 1,000 gigawatts to “keep the 1.5°C target alive.” 

The collaboration will also focus on the challenges faced by different regions in meeting their renewable energy ambitions and include recommendations to meet them.