By Methuselah Nyamari.
Friday, June 14,2024
A recent report by the International Energy Agency (IEA) indicates that nearly 150 countries are lagging in their efforts to triple renewable energy capacity by 2030. This revelation comes barely a year after over 100 countries committed to boosting their renewable energy capacities during the 28th Conference of Parties (COP28).
The pledge aimed to accelerate the shift from fossil fuels to renewable energy sources. However, the report titled ‘COP28 Tripling Renewable Capacity Pledge: Tracking Countries’ Ambitions and Identifying Policies to Bridge the Gap’ presents a significant challenge to these goals. Despite the commitments made under the Paris Agreement, the slow adoption of renewable energy threatens the global energy transition and, consequently, efforts to combat climate change.
The report acknowledges some progress, noting that current national plans could achieve roughly 70 percent of the COP28 goal. Yet, a considerable 30 percent gap persists, representing missed opportunities to reduce greenhouse gas emissions and mitigate climate change’s worst effects.
Notably, global renewable energy capacity additions are accelerating. In 2023 alone, new capacity additions reached a record-breaking 560 GW (gigawatts), a 64 percent increase from the previous year. This momentum aligns with the pace needed to achieve nearly 8,000 GW of installed renewable capacity by 2030, reflecting countries’ current goals.
To bridge the gap and meet the ambitious COP28 target, the IEA recommends collective action. Although nearly 50 countries are on track to meet or exceed their current plans, further efforts are essential. Various factors impede progress, including slow policy development, delayed permitting times for renewable energy projects, and insufficient investment in electricity grids. Integrating renewable energy sources like solar and wind into existing grids necessitates upgrades and expansion. Financing remains a significant barrier, particularly for developing nations.
On a positive note, several countries are on track to double their renewable energy capacity by 2030. This success underscores a crucial point: with the right policies and concerted global action, achieving the COP28 target is still possible. Nearly 30 countries aim to increase their renewable capacity by two to three times by 2030, accounting for almost three-quarters of global ambition, led by China, the United States, India, Germany, and Spain.
Europe emerges as a major contributor, providing roughly 20 percent of the global renewable energy ambition. EU member states account for over 80 percent of this regional contribution due to their draft national energy and climate plans. China, a global frontrunner, installed a staggering 350 GW of new renewable capacity in 2023, more than half the global total.
The United States and Canada aim for a combined 1,000 GW of renewable capacity by 2030, representing 13 percent of the global ambition. Meanwhile, Southeast Asia, the Middle East, North Africa, and Sub-Saharan Africa need to scale up their ambitions. The IEA report emphasizes the critical role of robust Nationally Determined Contributions (NDCs) in bridging the renewable energy gap. NDCs, national climate action plans submitted under the Paris Agreement, show a positive trend, with 95 percent referencing renewable energy or specific technologies.
The IEA outlines a clear roadmap to accelerate renewable energy deployment. Countries need strong signals of commitment, such as multi-year roadmaps or guaranteed tariffs, and streamlined permitting processes. Simplifying regulations, staffing relevant departments with expertise, and investing in spatial planning can expedite zoning approvals and reduce delays. Engaging local communities also fosters participation and minimizes permitting delays.
To create a more flexible grid capable of handling variable renewables, the report recommends incentivizing responsive generation and expanding energy storage capacity. Leveraging digitalization for demand response programs can further balance supply and demand fluctuations. Reducing financing costs is crucial to improving project bankability, supporting pre-development projects, and mitigating risks for investors and off-takers, ensuring consumer affordability.
By following this comprehensive roadmap, countries can unlock the full potential of clean energy and achieve a sustainable future.
Press Corp 