Renewable energy hits record but expansion insufficient

Despite record growth in the expansion of renewable energy, nations worldwide are not progressing quickly enough to meet their self-imposed targets, a report from the International Renewable Energy Agency (IRENA) says.

Capacity from renewable energies such as solar, wind and hydropower was around 582 gigawatts in 2024, a record and an increase of some 15 per cent compared to the previous year.

However, this is still not enough to achieve the goal agreed upon at the UN Climate Conference in Dubai 2023, which aims to triple capacity to 11.2 terawatts by 2030.

From now on, an additional 1.122 terawatts of capacity would be needed annually.

One gigawatt is equivalent to one million kilowatts and one terawatt is 1000 gigawatts.

The pace is also too slow for the goal of doubling energy efficiency by 2030, the report said. The current annual growth rate is around one per cent, but four per cent would be necessary.

Progress in the transition to greener energy is one of the main topics at the United Nations Climate Change Conference, also known as COP30, which begins on November 10 in Brazil.

“Renewables are deployed faster and cheaper than fossil fuels – driving growth, jobs and affordable power,” UN Secretary General António Guterres said.

“But the window to keep the 1.5C limit within reach is rapidly closing. We must step up, scale up and speed up the just energy transition – for everyone, everywhere.”

The goal at the 2015 Paris UN Climate Summit to limit global warming to 1.5C compared to pre-industrial times is considered hardly achievable.

Last year has already breached the 1.5C threshold. However, the target is officially considered missed only after several years of exceeding it.

The IRENA report states G20 nations must take the lead in expanding renewable energy. They are expected to account for more than 80 per cent of global capacity by 2030.

Moreover, there is an urgent need for massive investments in grids, supply chains and the production of technologies for solar and wind energy, batteries and so-called green hydrogen.

Torsten Holtz
(Australian Associated Press)