The world is falling behind on its renewable energy and efficiency goals despite record progress last year, according to a new report released by the International Renewable Energy Agency (IRENA), the COP30 Brazilian Presidency, and the Global Renewables Alliance (GRA) during a pre-COP30 high-level event in Brazil.
In 2024, global renewable capacity additions reached an unprecedented 582 GW. Yet this is still not enough to stay on track for the COP28 UAE Consensus target of tripling renewables to 11.2 TW by 2030.
Meeting that goal now demands a staggering 1 122 GW of added capacity every year from 2025 onward, requiring annual growth to accelerate to 16.6 per cent through the decade, according to the second official tracking report on the landmark energy goals set by the UAE Consensus at COP28.
The progress report, Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030 also highlights that energy efficiency is an equally great concern.
Global energy intensity improved by just one per cent in 2024, far below the four per cent annual gains needed to meet the UAE Consensus goal and keep the 1.5°C target alive.
The report calls for urgent action to:
- integrate renewable targets into national climate plans (NDC 3.0) ahead of COP30 in Belém;
- double collective NDC ambition to align with the global renewables goal; and
- scale investment in renewables to at least USD 1.4 trillion per year in 2025–2030 –more than doubling the USD 624 billion invested in 2024.
United Nations Secretary-General António Guterres said the clean energy revolution is unstoppable.
“Renewables are deployed faster and cheaper than fossil fuels – driving growth, jobs, and affordable power. But the window to keep the 1.5°C limit within reach is rapidly closing,” he said.
“We must step up, scale up and speed up the just energy transition – for everyone, everywhere.”
Global Renewables Alliance chair, Ben Backwell, said the private sector is driving the energy transition, providing three-quarters of global clean energy investment.
“Our industries, led by wind, solar and hydropower, are already delivering growth, jobs and security. What we need now are long-term government plans that match national ambitions; we need pipelines that deliver projects,” he said.
The world’s major advanced and emerging economies must take the lead, according to the recommendations of the new report.
G20 nations are projected to account for over 80 per cent of global renewables by 2030, with the richest developed economies of the G7 expected to shoulder a leadership role by raising their share to around 20% of global capacity within this decade.