The International Energy Agency released a report stating that the world is not on track to triple renewable energy capacity by 2030, but it is still achievable with the right policy actions. Led by China and solar energy, renewables are expected to meet almost half of global electricity demand by the end of the decade. IEA Executive Director Fatih Birol emphasized that renewables are advancing faster than national targets can keep up with, largely due to the cost-effectiveness of renewable energy sources.
The report found that nearly 70 countries will meet or exceed their renewable energy goals for 2030, but global capacity is only projected to reach 2.7 times its 2022 level by 2030, falling short of the tripling goal set at the UN’s COP28 summit. China is expected to drive almost 60% of the global capacity expansion, with solar energy accounting for 80% of renewable power growth.
The IEA recommended that countries enhance their ambitions in Nationally Determined Contributions (NDCs) and address challenges such as high financing costs and weak grid infrastructure. It also called for streamlining permitting processes in Europe and the United States and improving grid integration in China to unlock the full potential of renewable energy.