A record amount of renewable energy capacity was added globally last year, but that still left countries short of targets towards meeting a U.N. climate goal to triple capacity by 2030, a report by global renewable groups showed on Tuesday.
More than 100 countries at the COP28 climate summit in Dubai in 2023 agreed to triple renewable energy capacity by 2030 as part of efforts to meet global climate targets.
The report by the International Renewable Energy Agency, the Global Renewables Alliance and the COP30 Brazilian Presidency tracks progress towards meeting the goal, and comes ahead of this year’s COP U.N. climate talks in Brazil next month.
A record 582 gigawatts of renewable capacity was added in 2024, the report showed, representing a 15.1% annual growth rate. Meeting the target by 2030 will require annual growth of 16.6% from 2025-2030.
By the end of 2024, a total of 4,443 GW of renewable energy was installed globally, versus the tripling target of 11,174 GW.
TARGET STILL ACHIEVABLE
Despite the challenge, IRENA Director-General Francesco La Camera told Reuters the target is still achievable.
“We may be close to still more than 700 gigawatts, possibly 750 gigawatts (of capacity additions) in 2025, and this means we are closing the gap,” he said in an interview.
According to a report by think-tank Ember last week, renewable energy sources generated more electricity than coal for the first time in the first half of 2025.
U.S. President Donald Trump has this year overhauled tax credits for solar and wind projects which could hamper investment in new renewable projects in the country, but La Camera said growth is still expected globally.
“This transition is not stoppable,” he said. “The renewables market has made this choice, it is the cheapest way to produce electricity.”
To help reach the goal, governments must develop policies that better support renewable development, help re-skill the workforce, and work to improve supply chains and infrastructure such as power grids, the report said.
On Monday a report by 160 researchers worldwide titled Global Tipping Points warned that global warming is crossing dangerous thresholds sooner than expected.
(REUTERS)
