- Report tracks global progress towards the energy transition commitment to triple renewables by 2030 as outlined in COP 28 of UNFCCC (held in November 2023).
- Key findings
- Benchmark yet insufficient progress: 2023 added 473 GW (73% contributed by Solar energy) additional Renewable to global energy mix.
- However, annual addition must reach almost 1100 GW to meet tripling target.
- Geographical disparities: With a growth of 20.1% Asia was leader in renewable deployment and its growth was driven by China.
- Progress in electrification: Road transport has highest potential for electrification.
- New EV models, financial incentives and improving charging infrastructure are key drivers for this.
- Benchmark yet insufficient progress: 2023 added 473 GW (73% contributed by Solar energy) additional Renewable to global energy mix.
- Challenges in achieving tripling target:
- Rising financing costs,
- Supply chain issues (bottlenecks for some technologies and market oversupply in others), etc.
- Recommendations to achieve tripling target
- Reforming multilateral finance mechanisms
- Supporting infrastructure (e.g., power grids, storage)
- Robust policy frameworks
- International cooperation for
- developing renewable supply chain,
- enhancing institutional and human capacity
- scaling up and broadening access to lowcost finance
IRENA
Headquarters: Abu Dhabi (UAE)
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