Countries around the world have a major opportunity to set stronger plans for achieving the global goal of tripling renewable power by 2030

A new report from the International Energy Agency (IEA) highlights that while countries have made progress, their current renewable energy ambitions are not yet aligned with the COP28 goal of tripling global capacity by 2030. However, governments can still take significant steps in the coming months through the Nationally Determined Contributions (NDC) process.

The report reveals that current NDC commitments amount to just 12% of the required 11,000 gigawatts (GW) of renewable capacity. However, if countries include all their existing policies and plans in their upcoming NDCs, they could achieve 70% of this target by 2030. The IEA emphasizes the need for countries to accelerate their efforts and align their NDCs with more ambitious domestic plans.

IEA Executive Director Fatih Birol notes that while the tripling goal is ambitious, it is achievable if governments quickly turn their promises into action. The report also acknowledges the challenges, such as long project permit wait times and high financing costs, especially in developing economies. The IEA remains committed to supporting global efforts to meet the COP28 goals and drive forward the next phase of the Paris Agreement's implementation.

Source: IEA