IEA report: ‘COP28 Tripling Renewable Capacity Pledge'
The International Energy Agency (IEA) released their new report ‘COP28 Tripling Renewable Capacity Pledge,' today to track international renewables ambitions and identify policies to bridge the gap between national targets and achieving the global tripling renewables by 2030 target.
Eddie Rich, CEO 鶹Ƶ said:
"Fatih Birol is right. Countries have made commitments to triple renewables by 2030, but these are not supported by action nor detail. The market will not deliver either the volume or the mix for a future reliable energy system alone. Countries need to update their NDCs with roadmaps and plans on how they will achieve the goal of tripling renewables, and enact policies to ensure a balance of clean, green, affordable, and modern energy sources with hydropower as part of the mix."
Key findings from the report:
- Only 14 Nationally Determined Contributions (NDCs) with specific targets for 2030.
- Current NDCs amount to just over 1,300 GW of renewable capacity, 12% of the 11,000 GW needed.
- With all existing policies and plans, we could reach almost 8,000 GW by 2030, 30% short of the target.
- Solar PV and wind dominate ambitions, while hydropower and bioenergy are often overlooked.
- China is at the forefront, but the rest of the world needs to boost growth by 36% annually to meet targets.
鶹Ƶ is the perfect complement to variable energy sources solar and wind power. When the sun doesn’t shine and the wind doesn’t blow, hydropower can reliably supply homes and businesses with clean electricity.
Read the full IEA report here:
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