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The International Renewable Energy Agency (IRENA) published a new report this week on the sidelines of the Berlin Dialogue on the Energy Transition outlining the measures necessary for the world to meet the goals set at the recent COP29 conference held in the Emirates United Arabs. IRENA President Francesco La Camera says renewables are the only energy sources with the speed and scale needed to achieve the ambitious goals set in Dubai.IRENA has published a new report outlining the future actions that should be taken to achieve the renewable energy targets set by the COP28 conference in Dubai in December.
“We need to deploy around 1.1 TW of renewable energy capacity per year by 2030. Any technology that provides a reduction in CO2 emissions is good, but technological neutrality may not be the solution, since only renewables guarantee speed and scale necessary to achieve the proposed objectives,” declared IRENA President Francesco La Camera, referring to the slowness with which nuclear energy is currently driving the global energy transition.
According to official documents, 123 national governments and supranational blocs, including the European Union, have signed to triple the global installed renewable energy generation capacity to at least 11 TW by 2030. The signatories also committed to doubling the global average annual rate of improvement in energy efficiency, from 2% to 4%, until the end of 2030.
La Camera pointed out the importance of creating a workforce for the energy transition. He also spoke of the need to create incentives to encourage the emergence of a green hydrogen market and develop network infrastructure and maritime interconnection cables for global energy trade.
In the Tracking COP28 Outcomes report, IRENA noted that annual investments in renewable energy generation must increase from $570 billion in 2023 to $1,550 billion on average between 2024 and 2030. The report also notes that the target proposed at COP28 will not be achieved without urgent political intervention.
“G20 nations, for example, must increase their renewable capacity from less than 3 TW in 2022 to 9.4 TW in 2030, representing more than 80% of the global total,” IRENA said.
The organization also noted that broader international cooperation, as well as the strategic use of public finances, will be key to achieving the COP28 objectives.
“This requires structural reforms, including within multilateral financing mechanisms, to effectively support the energy transition in developing countries,” he stated. |
