LONDON, Jan 11: Global renewable energy capacity is expected to grow by two and a half times by 2030 but governments need to go further to achieve a goal of tripling it by then agreed at United Nations climate talks, the International Energy Agency (IEA) said.
In its annual renewable energy outlook report, the IEA said new capacity added last year increased by 50 per cent from the previous year to 510 gigawatts (GW). That takes the installed capacity to 3,700 GW, as per Reuters reports.
Under current policies and market conditions, global renewables capacity is forecast to grow to a total of 7,300 GW by 2028. To reach the 2030 goal agreed last year, it will require reaching at least 11,000 GW.
World governments agreed to triple renewable energy generation capacity by 2030 and move away from fossil fuels at the COP28 U.N. climate conference in Dubai last December. However, no mechanism was agreed to finance the shift to clean energy in developing countries.
The report said the biggest challenge to meeting the goal will be scaling up financing and deployment of renewables in most emerging and developing economies. —Reuters
