In its report published at the United Nations Climate Change Conference COP27 in Egypt, IRENA called on countries to “Unleash the untapped potential of renewable energy.” to close the renewable energy gap.
This report aims to support governments in designing renewable energy targets that can help achieve the immediate targets set. Addressing the latest updates to climate commitments, the report also analyses mismatches between renewable targets and those set in national energy plans, and the level of ambition.
Targeted Renewable Energy Capacity Must Be Doubled to Reach Net Zero
In its new report, IRENA (International Renewable Energy Agency) points out that the common global ambition to this date is not enough to raise the 2030 targets for renewable energy.
Francesco La Camera, General Director of IRENA, said: “IRENA’s report is a warning to the international community that renewable energies offer an easily accessible climate solution but require urgent action. Climate commitments should increase ambition to unlock the full and untapped potential of renewable energies.”
According to the analysis of the International Renewable Energy Agency, countries aim to reach 5.4 TW installed renewable energy capacity by 2030. However, this amount is only half of the 10.8 TW installed capacity required under IRENA’s 1.5°C scenario. Therefore, in order to reach net zero, the targeted renewable energy capacity needs to be doubled by 2030. Under this scenario, half of the total energy consumed in 2050 will come from electricity, of which 90% is renewable.
According to the report, the goal mentioned in the analysis can be easily achieved today. That’s because current renewable energy targets are already lagging behind recent levels of distribution. Despite the turmoil caused by the pandemic and related supply chain disruptions in 2020 and 2021, the world added almost 261 GW each year. Therefore, countries will need to add 2.3 TW capacity, equivalent to an average annual addition of 259 GW, over the next nine years to meet the current targets.
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