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January 11, 2024
12:38 pm
“Energy Agency”: The pace of “renewable” growth must accelerate to achieve the 2030 goals
The International Energy Agency said global renewable energy is expected to grow by two-and-a-half times by 2030, but governments need to do more to meet the goal of tripling it by that date as agreed at UN climate change talks.
In its annual Renewable Energy Outlook report, the agency said that the new capacity added last year increased by 50 percent compared to the previous year, recording 510 gigawatts. This increased the effective power production capacity to 3,700 gigawatts.
Under current policies and market conditions, the production capacity of renewable energy sources is expected to grow to a total of 7,300 gigawatts by 2028. Achieving the 2030 target agreed upon by countries last year requires reaching at least 11,000 gigawatts.
The world’s governments agreed to triple the capacity to generate renewable energy by 2030 and begin dispensing with fossil fuels, during the United Nations Climate Change Summit (COP28), which was held in Dubai at the end of last December. However, no mechanism has been agreed upon to finance the transition to clean energy in developing countries.
The report explained that the biggest challenge to achieving this goal will be increasing financing and developing renewable energy sources in most emerging and developing economies.
“In the absence of any assistance to African countries and low-income countries in Asia and Latin America, they will not be able to achieve their clean energy goals,” Fatih Birol, Executive Director of the International Energy Agency, told Reuters. “This will constitute an obstacle to reaching the 2030 goal.”
Last year, China achieved the largest growth in the field of renewable energy, and it is expected to account for nearly 60 percent of the renewable energy production capacity by 2028.
The International Energy Agency explained that China’s role is essential in reaching the 2030 goals, because it is expected to add more than half of the production capacity needed globally by the end of the current decade.
The agency added that despite many announcements of the implementation of many green hydrogen projects, progress is still slow, with only seven percent of current projects expected to enter production by 2030. (Reuters)
2024-01-11 08:38:00
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