A recent report by the International Renewable Energy Agency (IRENA) reveals a critical shortfall in the global efforts to triple renewable energy capacity by 2030. Despite adding 473 gigawatts of capacity last year—a 14% increase and the largest annual growth since 2000—the world is still falling short of the necessary growth rate to achieve the UN climate targets.
The 2030 goals, established at the UN climate change conference in Dubai last year, require tripling renewable energy capacity to over 11 terawatts. However, IRENA’s data indicates that maintaining the current 14% growth rate will result in a shortfall of 1.5 terawatts. To hit the target, an annual growth rate of at least 16.4% is needed. If growth continues at the historical rate of 10%, the world will reach only 7.5 terawatts by 2030, a significant miss.
The report highlights regional disparities in renewable energy generation. Asia leads with 3,749 TWh, followed by North America at 1,493 TWh. South America saw a notable 12% increase to 940 TWh, driven by a hydropower recovery and expanded solar usage. Africa, despite its vast potential, grew modestly by 3.5% to 205 TWh in 2022.
Countries are expected to update their climate commitments every five years, with revised ambitions due next year to stay on track for 2030.
