IRENA's Report Calls for a Tripled Renewable Power Capacity by 2030

The International Renewable Energy Agency (IRENA) is pivotal in the global energy transition, promoting and supporting the shift toward sustainable energy. Established as a key platform for international cooperation, IRENA aims to drive the adoption of renewable energy worldwide. The agency is a leader in providing policy and technology insights and plays a crucial role in the transformation of the global energy system toward a sustainable, secure, and low-carbon future. 

IRENA's 1.5°C Scenario provides a roadmap to significantly increase renewable energy use and improve energy efficiency. It is key to reducing global carbon emissions by 43% by 2030, in line with IPCC findings, and highlights the need for rapid scalability of renewable energy and efficiency improvements to meet impending deadlines. Continuous innovation and wider technology adoption are essential for long-term success. 

As a trusted source, IRENA regularly issues reports tracking global renewable energy progress, offering essential data and recommendations for policymakers, researchers, and the energy sector. In its latest report, IRENA states that to meet the urgent climate action needs and align with Paris Agreement objectives, global renewable energy capacity must triple by 2030. 

This claim was emphasized at the COP28 Conference in the United Arab Emirates, where over 130 countries committed to the radical transformation of the energy landscape, agreeing to triple renewable power capacity to at least 11 terawatts and double energy efficiency improvements by 2030. 

Despite these commitments, progress is insufficient. IRENA’s monitoring indicates that with less than 480 gigawatts (GW) added in 2023, the pace is below the annual 1,000 GW needed. Consequently, the target has now increased to approximately 1,100 GW annually for the remainder of the decade. 

IRENA's Tracking of Renewable Energy Capacity 

Over the past decade, IRENA’s data has documented a remarkable expansion in renewable energy capacities, with total global capacity surging from 1,700.1 GW in 2014 to 3,869.7 GW in 2023, culminating in an increase of 2,169.6 GW. The growth within just the last year contributes significantly to this figure, with an impressive increase of 473.4 GW from 2022 to 2023, indicating a 13.94% rise within one year. This decade has seen renewable energy capacities multiply, with significant yearly contributions, especially from solar and wind energies. 

Source: Statzon/IRENA 

Hydropower, with its consistent performance, has increased from 1,176.8 GW in 2014 to 1,407.8 GW in 2023, solidifying a 19.62% increase over the decade, of which 12.5 GW was added in the last year, showing a 0.89% increment.  

Marine energy remains relatively undeveloped but stable, experiencing marginal growth from 0.514 GW in 2014 to 0.527 GW in 2023, a modest increase over the decade. The annual addition from 2022 to 2023 was slight at 0.002 GW, marking a 0.38% increase as the industry makes slow but ongoing progress. 

Wind energy has more than doubled its capacity over ten years, with a substantial jump from 349.4 GW in 2014 to 1,017.2 GW in 2023, reflecting a 191.23% increase. A significant 116.0 GW of this was added from 2022 to 2023, a 12.88% uptick within a single year. 

Solar energy has witnessed the most explosive growth, skyrocketing from 180.8 GW to 1,419.0 GW, an astounding 685.28% increase over the decade, propelled primarily by solar photovoltaics. From 2022 to 2023 alone, solar capacity soared by 345.8 GW, a 32.25% rise, the highest growth among other types of renewables.  

Bioenergy has also seen consistent progress, growing from 90.8 GW in 2014 to 150.3 GW in 2023, a 65.63% increase over the decade, with a 4.4 GW (2.99%) rise occurring in the last year.  

Geothermal energy maintained a steady ascent from 11.2 GW in 2014 to 14.8 GW in 2023, with an increment of 0.193 GW, or 1.32%, over the past year.  

The Urgency of Scaling Renewable Energy 

The transition to renewable energy is a race against time, and the data presented by the International Renewable Energy Agency (IRENA) casts this race in stark relief. As of 2023, the world had installed 3,870 gigawatts (GW) of renewable capacity—only 43% of the total power generation capacity, generating 28% of total electricity. This is in comparison to the 2030 target of 11,174 GW set by IRENA’s 1.5°C Scenario, which requires renewables to comprise 77% of total installed capacity and produce 68% of electricity. A substantial scale-up is clearly needed. 

In 2023, a record addition of 473 GW of renewable capacity indicated some progress, predominantly driven by solar photovoltaics (PV), which accounted for a staggering 346 GW. Wind energy followed with 116 GW added. However, the annual growth rate falls significantly short of the approximately 1,043 GW needed each year from 2024 to 2030 to be on track with the 1.5°C Scenario. If the world is to meet this target, it must now leap to adding about 1,100 GW annually—a near-tripling of the current installation rate. 

To contextualize the scale of the challenge, investments in renewable power generation need to surge from 2023's USD 570 billion to an average of USD 1,550 billion per year. Investment in power grids and flexibility also requires escalation, from USD 368 billion in 2023 to USD 720 billion annually. This financial gap highlights not only the enormity of the required investment but also the urgency with which capital needs to be deployed. 

The report further emphasizes the imbalance in renewable energy advancements across geographies. While countries like China, the EU, and the United States have made considerable strides, developing countries, barring a few, have been largely sidelined in the renewables race. This confirms the urgency of expanding efforts globally, where the benefits of clean energy could be transformative. Every year of insufficient action tightens the window of opportunity, raising the stakes for future endeavors. With each gigawatt we fall short, the harder our collective push must be in the years to come.  

Challenges and Barriers 

Despite the significant strides in renewable energy adoption, IRENA's report sheds light on pervasive challenges and barriers that impede further scaling. Technological limitations, while progressively being overcome, still pose hurdles in efficiency and storage capabilities, particularly in regions with less developed infrastructure. Financial constraints are equally daunting, as the capital-intensive nature of renewable projects demands substantial upfront investments, which are often out of reach for developing countries without external aid. Additionally, regulatory environments can vary drastically between regions, creating a patchwork of policies that can stifle international collaboration and slow down the implementation of renewable technologies. These challenges are most acute in developing countries, where lack of funding, technical expertise, and supportive policies combine to slow the pace of adoption, leaving these regions at a disadvantage in the global shift towards sustainable energy. 

Urgent Actions Proposed by IRENA 

To address the challenges faced by countries worldwide, especially developing nations, IRENA’s report outlines several urgent actions needed to overcome structural and systemic barriers that are slowing the energy transition. 

Modernizing and expanding infrastructure is key. IRENA suggests providing incentives for infrastructure investments, especially in places where market barriers exist. Streamlining the permitting procedures for large-scale infrastructure projects can enhance their viability and expedite their development. It's also vital to ensure that environmental and social impacts are carefully considered, and public acceptance is garnered. The development of grid systems to support the variable nature of renewable energy and the fostering of public acceptance for such projects are emphasized. 

Adapting policies and regulations is equally critical. IRENA urges placing the energy transition at the core of national economic and development strategies. This involves aligning sector and cross-sector policies to promote renewable deployment and the implementation of other transition-related solutions. Policymakers are called to adapt measures to market realities and adjust policies to support the renewable industry more effectively. 

Developing a skilled workforce anticipates labor market disruptions and addresses the potential skill gaps that might arise. Upskilling and reskilling existing workers, preparing new labor market entrants, and providing resources and training to those governing the energy sector are necessary steps. 

Furthermore, scaling up financing dramatically and enhancing international collaboration are significant aspects of IRENA's recommendations. This includes increasing the strategic use of public funds, implementing policies that support the financial viability of projects, and leveraging both public and private capital. IRENA advocates for implementing risk mitigation strategies and exploring innovative solutions, such as blended finance, to encourage investment in renewable energy. 

IRENA stresses that these urgent actions are not stand-alone solutions but interrelated steps that must be taken concurrently to accelerate the global shift towards sustainable, equitable, and accessible energy systems for all. 

By considering IRENA's guidelines, countries can create conducive environments for the growth of renewable energy and ensure that the transformative benefits of energy transition are shared globally. 

Source: Statzon, IRENA Report Tracking COP28 Outcomes: Tripling Renewable Power Capacity by 2030,  IRENA Report: Renewable Energy Capacity Statistics 2024