Renewables Transition Accelerates: IRENA Warns 16.6% Annual Growth Needed to Meet 2030 Targets

Source: News Media

According to statistics from the International Renewable Energy Agency (IRENA), solar power will account for over three-quarters of the global renewable energy increment in 2024, reaching 452GW. Among them, China is in a leading position, installing nearly 64% of new renewable energy capacity, including 278GW of solar capacity.

Although renewable energy has reached a historic high, IRENA points out that this growth is still below the goal of increasing renewable energy capacity to 11.2 TW by 2030. The organization stated that by 2030, renewable energy capacity must grow by 16.6% annually to achieve this goal. In this process, key energy planning issues such as grid flexibility and adaptability to variable renewable energy still need to be addressed, and the global stock of renewable energy power plants and distributed generation also needs to increase their growth rate.

IRENA states that renewable energy is ending the fossil fuel era, creating employment opportunities, and reducing energy bills. Therefore, the transition to clean energy must be faster and more equitable, giving all countries the opportunity to fully benefit from cheap, clean renewable energy.