The IEA is calling for an increase in renewable energy plans to meet key 2030 targets

(MENAFN) The International Energy Agency (IEA) on Tuesday stressed the need for countries to strengthen their renewable energy plans to meet the key global goal of tripling production from renewable sources by 2030, a target needed to curb global warming. An IEA analysis of renewable energy ambitions in around 150 countries predicts wind, solar and hydro generation capacity of around 8,000 gigawatts by the end of this decade. While this figure represents a significant improvement on previous expectations, it falls short of the required 11,000 gigawatts needed to meet the 2030 target. The IEA stressed that while 8,000 gigawatts is a commendable achievement, it is insufficient to meet the main target, which is to triple the production of renewable energy.

The agency’s analysis shows that current national projects are not yet sufficient to meet 2030 renewable energy production targets. However, it says governments have the necessary resources and capacity to accelerate their efforts in the coming months. Since the Paris Climate Agreement in 2015, the world has seen an average annual increase of 11% in the number of new renewable energy installations, accompanied by reductions in associated costs. Last year saw an unprecedented increase in renewable energy installations, with a 50 percent increase compared to 2022, meaning more than 500 gigawatts were added in 2023 alone.

With the upcoming review of national climate commitments scheduled for early 2025 at the United Nations, the IEA stressed that countries have a significant opportunity to formulate and implement robust plans to support the expansion of renewable energy. This strategic planning is crucial to enable the world to achieve its ambitious 2030 targets. The IEA’s call to action underscores the urgency of coordinated global efforts and strengthened national commitments to ensure a sustainable energy future.

MENAFN05062024000045015682ID1108298629