A new report from the International Energy Agency (IEA) reveals that efforts to triple global renewable energy capacity by 2030 will likely fall short, despite rapid growth in solar power and supportive policies from major economies.
The IEA’s Renewables 2024 report forecasts a 2.7-fold increase in renewable capacity by the end of the decade, reaching 10,800 gigawatts—just under the 11,000-gigawatt target set at the COP28 climate conference.
However, the agency outlines an accelerated pathway that could still meet this goal.
Renewable energy capacity reached a record 3,870 gigawatts last year, but the IEA warns that current growth is not fast enough to meet 2030 targets.
The tripling goal, established during COP28 as part of the UAE Consensus, seeks to promote sustainable development and advance global climate objectives.
Fatih Birol, IEA Executive Director, highlighted that renewables are expanding faster than governments can set targets.
He noted that this growth is driven not only by the need to reduce emissions but also by the cost-effectiveness of renewables as the cheapest option for new power generation globally.
China, Europe, India, and the U.S. are expected to contribute 80% of the global increase in renewable capacity, with China alone accounting for about 60%. The IEA attributes China’s success to strong policy support and competitive costs.
Despite positive developments, investment in grid infrastructure remains insufficient, limiting the ability to fully utilise renewable energy.
The IEA estimates that at least 1,650 gigawatts of renewable capacity are awaiting grid connection.
The agency emphasises that more investment in grids and stable policy environments will be essential to unlocking the full potential of renewables, especially in emerging economies.
