World risks failing with goal of tripling renewables by 2030: Study

A target agreed at the UN Climate Conference in Dubai last year to triple renewable energy capacity by 2030 will require major additional effort, according to a report presented by the International Renewable Energy Agency (IRENA) in Berlin on Tuesday.

On average, almost 1,100 gigawatts in additional capacity will have to be installed every year, or more than double the 473 GW installed last year, IRENA, which has UN observer status, said.

Annual investments to the amount of $1.55 trillion are needed.

The agency called for improvements to infrastructure - including distribution grids and storage - the necessary political decisions such as accelerated permitting, more skills and financial resources and closer international cooperation.

“Without urgent action, we risk falling behind in achieving the historic UAE consensus to triple renewables by 2030,” IRENA head Francesco La Camera said.

According to the report, increases in renewable energy generation is being seen primarily in China, the European Union and the United States, which together account for 83% of the global increase.

Developing countries are lagging, with just 15% of global investment being made in 120 countries. Just 1.5% was being invested in sub-Saharan Africa, even though this was where energy poverty was it its worst, IRENA said.

It noted that global subsidies to fossil fuels totalled $1.3 trillion in 2022, according to the International Monetary Fund (IMF).

The 2015 Paris Climate Conference agreed to limit global warming to 1.5 Celsius degrees compared with the pre-industrial era in order to prevent catastrophic consequences. Many scientists believe this can no longer be attained.