Global Governments Aim to Triple Renewable Capacity by 2030

The report suggests that if the countries analysed maintain the growth rate of 17% achieved since 2016, the world could be on a trajectory to triple its renewable capacity.

November 22, 2023. By News Bureau

A recent report indicates that governments worldwide are gearing up to triple their renewable energy capacity by 2030, a significant leap beyond their initial targets.

The analysis, conducted by energy think tank Ember, reveals that many countries are already on track to surpass their national goals, and there's potential for even more ambitious targets to be set.

According to the report, which scrutinizes renewable targets for 57 countries and the EU—collectively responsible for 90 percent of global power sector emissions—global renewable capacity is anticipated to soar to 7.3 TW by 2030. This marks more than a doubling from the 3.4 TW recorded in 2022. Impressively, over 75% of the projected renewable capacity in 2030, where specified, will be derived from solar and wind energy.

The report suggests that if the countries analysed maintain the growth rate of 17% achieved since 2016, the world could be on a trajectory to triple its renewable capacity.

This year has witnessed another record-breaking period for renewables, with the International Energy Agency (IEA) forecasting a substantial addition of 500 GWs in 2023, marking a 71 percent increase from 2022.

The report underscores that the current national targets do not fully capture this accelerated growth, with several countries already exceeding their 2030 targets or building renewables at a faster pace.

To achieve a global tripling of renewable capacity by 2030, the report identifies a gap of 3.7 TW between collective national targets and the required 11 TW. Some countries, including India, have set ambitious targets to triple their renewable capacity.

However, the report highlights the need for increased targets from countries like Australia, Japan, South Korea, and the United Arab Emirates, which are already on track to exceed their initial goals.

Tags:

International Energy Agency

Wind Energy

Solar energy

United Arab Emirates