The world’s progress to reach the goal of tripling renewables capacity by 2030 is falling short and needs another tripling, of investments, from $570 billion in 2023 to $1.5 trillion every year between 2024 and 2030, the International Renewable Energy Agency (IRENA) said in a new report on Friday.
Despite the significant acceleration of renewable capacity installations, the current pace of growth and progress is still falling short of targets, IRENA said.
According to the current plans and targets of individual countries, the goals set would only deliver half of the required growth in renewable power by 2030, the agency noted.
Countries are expected to submit their new updated plans, the so-called Nationally Determined Contributions (NDCs), by February 2025. Some plan to unveil their updated targets as soon as next month, at the COP29 climate summit in Azerbaijan.
The trillion-dollar-plus annual investment would be…
