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Record Growth in Renewables Must Accelerate to Meet UAE Consensus Energy Target by 2030
Abu Dhabi, United Arab Emirates, 11 July 2024 – The latest Renewable Energy Statistics 2024 report from the International Renewable Energy Agency (IRENA) reveals that while renewable energy is rapidly expanding, achieving the tripling target set at COP28 remains at risk. To meet these ambitious goals, renewable capacity needs to grow by at least 16.4% annually through 2030.
In 2023, renewables experienced an unprecedented 14% increase in capacity, resulting in a 10% compound annual growth rate between 2017 and 2023. This growth, coupled with a steady decline in non-renewable capacity additions, has positioned renewable energy to potentially surpass fossil fuels in global installed power capacity.
However, maintaining last year’s 14% growth rate would still leave the world 1.5 Terawatts (TW) shy of the 11.2 TW target for 2030, falling short by 13.5%. If the historic 10% annual growth rate continues, renewable capacity would only reach 7.5 TW by 2030, missing the target by nearly one-third.
IRENA Director-General, Francesco La Camera, emphasized the urgency of accelerating renewable energy expansion: “Renewable energy has been increasingly outperforming fossil fuels, but it is not the time to be complacent. Renewables must grow at higher speed and scale. Our new report sheds light on the direction of travel; if we continue with the current growth rate, we will only face failure in reaching the tripling renewables target agreed in the UAE Consensus at COP28, consequently risking the goals of the Paris Agreement and 2030 Agenda for Sustainable Development.”
Source
www.irena.org