The world is expected to fall short of the UN’s target to triple renewable energy capacity by 2030, despite many countries surpassing their national targets, according to the International Energy Agency’s (IEA) latest report, Renewables 2024. The report forecasts the deployment of over 5.5 TW of renewable energy by 2030, a threefold increase compared to 2017-2023, equivalent to the combined current power capacity of China, India, the US, and the EU.
Around 70 countries, representing 80% of global renewable capacity, will lead this transition. IEA Executive Director Fatih Birol highlighted that renewables are advancing faster than governments can set targets, driven not only by emissions reduction and energy security efforts but also by the cost-effectiveness of renewables in most regions.
However, to meet the UN’s COP28 target, substantial infrastructure upgrades are needed, including 25 million kilometres of new grids, 1.5 TW of energy storage, and faster integration of renewables. Solar PV is expected to account for 80% of the capacity additions, with wind energy set to double its current rate of expansion.