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IRENA says policy support needed to triple renewable power capacity by 2030

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Tripling renewable power capacity by 2030 requires policy support: IRENA

Abu Dhabi, March 19 (IANS) Achieving the global target of tripling renewable power capacity by 2030, as set at COP28, hinges on creating favorable conditions for growth. According to a brief by the International Renewable Energy Agency (IRENA), 2023 saw a record deployment of 473 gigawatts (GW) of renewable energy.

IRENA’s report, “Tracking COP28 outcomes: Tripling renewable power capacity by 2030,” underscores the need for overcoming systemic barriers to meet the set target. While policies, cost reductions, and geopolitical shifts have driven the expansion of renewable energy, concerted efforts are required to boost infrastructure, policies, and workforce capabilities.

To meet the goal of tripling renewable power capacity, an average of almost 1,100 GW of renewables must be installed annually by 2030. This represents more than double the record set in 2023. Annual investments in renewable power generation need to increase from $570 billion in 2023 to $1,550 billion between 2024 and 2030.

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Francesco La Camera, Director-General of IRENA, emphasized the need for urgent action, stating, “Achieving the target of tripling renewables by 2030 is far from assured.” Current projections indicate that an additional 7.2 terawatts (TW) of renewable power would need to be deployed to reach the required 11 TW by 2030, with G20 nations needing to significantly increase their renewable capacity.

To bridge the gap and reach the 11 TW target by 2030, accelerated investments in infrastructure, revised policies, and substantial increases in investments are vital. International collaboration and policy interventions are essential to keep the tripling goal within reach and steer the global energy transition towards renewable sources.

–IANS
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