The world witnessed a significant milestone in 2024, with renewable energy additions reaching a record 582 gigawatts (GW). However, this growth, while impressive, falls short of the international targets set to triple installed capacity by 2030. The International Renewable Energy Agency (IRENA) has released a stark assessment, revealing that to meet the 11.2 terawatt (TW) end-decade benchmark agreed upon at the COP28 summit in 2023, a staggering 1,122 GW must be added each year from 2025 to 2030. This requires an annual growth rate of 16.6%, a target that current trends are not on track to meet.
IRENA’s progress report underscores the urgency of integrating renewable energy targets into national climate plans ahead of COP30 in Belém, Brazil, later this year. The agency also advocates for scaling up investment in renewables to at least $1.4 trillion per year during 2025-30, more than doubling the $624 billion invested in 2024. United Nations Secretary-General António Guterres emphasized the inevitability of the clean energy revolution, noting that renewables are being deployed faster and cheaper than fossil fuels, driving growth, jobs, and affordable power. However, he cautioned that the window to keep the 1.5°C limit within reach is rapidly closing, urging a swift and just energy transition.
IRENA director-general Francesco La Camera highlighted that while records are being broken, they alone will not suffice to keep the 1.5°C target alive. He stressed that renewables represent not just the most cost-effective climate solution but also the biggest economic opportunity of our time. La Camera outlined a clear path forward: accelerating deployment, modernizing grids, scaling clean-tech, and strengthening supply chains. He called for greater ambition, urging major economies to raise targets, mobilize finance, and deepen cooperation to make COP30 a milestone in the energy transition.
The Global Renewables Alliance chairman Ben Backwell echoed these sentiments, emphasizing the private sector’s pivotal role in driving the energy transition, providing three-quarters of global clean energy investment. He called for long-term government plans that match national ambitions, enabling action on grids and storage to maximize the benefits of the energy transition. Backwell asserted that the march to renewable energy abundance is underway and that it is time to accelerate.
Strategic investment in modernizing and expanding electricity grids is identified as the essential foundation for integrating new capacity and strengthening energy security. The report estimates that $670 billion must be directed each year until 2030 towards grids, with additional investment required to rapidly scale up energy storage solutions, facilitate renewable integration, and safeguard grid stability.
This news shapes the development in the sector by highlighting the critical need for accelerated action and investment. The gap between current progress and the targets set for 2030 underscores the urgency of integrating renewables into national climate plans and scaling up investment. The emphasis on modernizing grids and scaling energy storage solutions points to the infrastructure challenges that must be addressed to support the rapid deployment of renewable energy. The call for greater ambition and cooperation from major economies sets the stage for COP30 to be a pivotal moment in the global energy transition. The insights from IRENA and industry leaders provide a roadmap for stakeholders to navigate the complexities of the energy transition, ensuring that the clean energy revolution is not only unstoppable but also equitable and sustainable.