Renewable energy goal faces major shortfall

Over $1t is needed annually to get back on track.

The world is falling short of its goal to triple renewable energy capacity by 2030, with a projected gap of 3.8 terawatts (TW), according to the International Renewable Energy Agency (IRENA). Its latest report warns that current policies may not be sufficient to accelerate the energy transition.

“These shortfalls highlight the inadequacy of existing policies and plans to limit global temperature rise to 1.5°C, underscoring the need for urgent policy interventions and massive investment. The third round of Nationally Determined Contributions (NDCs) under the Paris Agreement in 2025 must close the gap towards 2030,” IRENA said.

To get back on track, around $1.5t worth of investments is needed annually between 2024 to 2030 from only $570b in 2023.

IRENA also said that installed renewable capacity needs to grow from 3.9 TW to 11.2 TW by 2030 to meet global goals. This translates to an additional 7.3 TW in less than six years.

“The opportunity is there but we need more nations to step up to the plate by including specific renewable energy and infrastructure targets in their upcoming NDCs, incentivizing private investment, and making it easier to develop and deploy projects. We need to think bigger, act bolder ─ and collectively move faster on our energy transition journey,” said IRENA Director-General Francesco La Camera.