Significant Growth in Renewable Energy Provides Path to Reaching COP28’s Global Tripling Objective

February 29, 2024

The world’s renewable capacity increased by 50% between 2022 and 2023, and the next five years will witness the fastest rise ever. However, the main problem facing growing and developing nations is a shortage of funding. 

According to a new report by the IEA, the world’s ability to produce renewable electricity is growing faster than it has in the previous three decades, offering it a realistic chance of meeting the target of tripling global capacity by 2030, which governments set at the COP28 climate change conference last month.

“The new IEA report shows that under current policies and market conditions, global renewable capacity is already on course to increase by two-and-a-half times by 2030. It’s not enough yet to reach the COP28 goal of tripling renewables, but we’re moving closer – and governments have the tools needed to close the gap,” said IEA Executive Director Fatih Birol.

By estimating how many of the announced projects are likely to proceed, the research also offers a reality check on the momentum behind hydrogen derived from renewable sources. Merely 7% of the total projected capacity slated for hydrogen production using renewable energy sources globally is anticipated to be operational by 2030. 


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