The world’s clean energy plans fall almost a third short of the targets needed to reach the renewable energy goal for 2030 agreed at UN climate talks last year, the International Energy Agency (IEA) has warned. This revelation comes as delegates from nearly 200 countries meet in Bonn this week to discuss climate finance and upgraded national pledges to cut greenhouse gas emissions.
The 10-day UN talks aim to lay the groundwork for the COP29 climate summit in Baku this November. Key discussions will focus on ensuring the implementation of the plans agreed at COP28 in Dubai, which include tripling global renewable energy generation capacity to at least 11,000 gigawatts (GW) by 2030.
According to IEA data released on Tuesday, existing policies and estimates suggest that countries will install only 8,000GW of renewable energy by the end of the decade. Nearly 40% of this capacity, or 3180GW, is expected to come from China’s solar, wind, and hydroelectric projects.
“The global renewable energy goal is ambitious but achievable — though only if governments quickly turn promises into plans of action,” said Fatih Birol, the IEA’s executive director.
The IEA report highlights that annual renewable capacity additions have tripled since the 2015 Paris Agreement, driven by a 40% reduction in the costs of solar and wind energy. Nearly half of the countries assessed have plans to double their renewable energy installations by 2030. However, permitting delays, under-investment, and grid infrastructure issues continue to hinder progress in most energy systems.
The pace of clean energy deployment needs to accelerate in most regions, including the EU, the US, and India, the IEA stated. Alden Meyer, a senior associate at the climate-focused think-tank E3G, emphasized the significant challenges, including finance, grid integration, access to critical minerals, and workforce development, calling the goal “daunting.”
The IEA report recommends that countries’ updated national decarbonisation plans, due to the UN by early 2025, should provide more details on their renewable energy expansion goals.
The UN climate discussions in Bonn began amidst disruptions from protests and logistical complaints. UN climate chief Simon Stiell warned that the planet is on track for a “ruinously high” rise in global temperatures of 2.7C since the industrial era.
Adding to the somber mood, the German Council of Experts on Climate Change indicated that Germany is unlikely to meet its target of reducing emissions by 65% by 2030 compared to 1990 levels, despite a recent manufacturing slowdown contributing to lower emissions.
Flood warnings have been issued for many parts of Germany this week, with the Rhine River closed to shipping due to high water levels, reflecting global trends of extreme rainfall since the start of the year.
As the talks continue, the focus remains on how to overcome these obstacles and achieve the renewable energy targets critical for mitigating climate change.
Source: ft.com