Tripling renewable power capacity by 2030 provides a clear global target, but achieving it is far more complex

Caspian Energy (CE):  Dear Mr. La Camera, how do you assess the current global progress in the transition to renewable energy?

Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA): We are undoubtedly moving toward a renewable energy future. 

With 86% of all newly installed power generation capacity coming from renewable sources in 2023, their position as the market leader has become undeniable.

However, while the direction of travel is clear, the speed and scale are not yet at the levels needed to achieve the UAE Consensus adopted at COP28 to triple renewable power capacity by 2030.

Renewable energy capacity growth, historically at 10%, accelerated significantly in 2023 to 14%, with record additions of 473 GW of renewable power capacity. However, even at this rate, global capacity would reach approximately 9.7 TW by 2030. This is 1.5 TW short of the level required to limit rising temperatures to 1.5°C.