Expanding Renewable Energy Capacity Threefold by 2030

The 2023 World Energy Transitions Outlook by the International Renewable Energy Agency (IRENA) warns that we need to take immediate action in this decade to limit global warming to 1.5°C.

To achieve this, we must triple the world’s total renewable power capacity by 2030, reaching at least 11,000 GW, and double the rate of improving energy efficiency. This ambitious goal would require an annual investment of around $4 trillion in transition technologies.

These investments would accelerate the deployment of renewable energy sources like wind, solar, hydropower, geothermal, and others. These technologies would serve as the foundation for the scaling up of technologies like green hydrogen and long-duration energy storage beyond 2030.

The open letter, initiated by the Global Renewables Alliance, emphasises that a significant increase in renewable energy growth, combined with improved energy efficiency, is the fastest and most cost-effective way to decarbonise the global economy. It’s a crucial commitment for securing a sustainable future for everyone.

Francesco La Camera, Director-General of IRENA, supports the call for a global renewable energy target at COP28. He highlights that IRENA’s World Energy Transitions Outlook calls for an immediate course correction, with the aim of tripling renewable energy capacity to at least 11,000 GW globally by 2030.

La Camera underscores that the business case for renewables has never been stronger, but we must address systemic barriers in infrastructure, policy, and institutions to transition to a renewable-based energy system.

Bruce Douglas, CEO of the Global Renewables Alliance, emphasises the need to achieve a breakthrough at COP28 by agreeing on a global renewables target of at least 11,000 GW by 2030. Key enablers, such as faster permitting for projects, grid investment, and sustainable supply chains, are essential for this transition.

Deploying renewable energy solutions at scale today is crucial to making the goal of net-zero emissions by 2050 a reality and ensuring a clean, secure, and equitable energy transition.

The letter has garnered support from major organisations, including IRENA, COP28 Presidency, UNIDO, The Nature Conservancy, the Climate Group, American Clean Power, RE100, WBCSD, We Mean Business, REN21, RMI, and corporate entities like Adani, AES, Amazon, Apple, CIP, CEPSA, Corio, DNV, ERM, EY, GCL, Google, Huawei, Microsoft, Ørsted, PepsiCo, ReNew, SSE, TES, Unilever, and Vestas.

Collectively, the market value of publicly listed signatories exceeds $12 trillion, which is equivalent to the combined GDP of Japan, India, and Germany.