Tripling renewable power and doubling energy efficiency by 2030: crucial steps towards 1.5°C
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Date
2023
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International Renewable Energy Agency ; COP28 ; Global Renewables Alliance (GRA)
Abstract
The global energy transition requires a significant reduction in carbon emissions across the entire energy industry, as well as in end-use sectors. Leveraging low-cost solar PV, onshore and offshore wind, and other renewable electricity generation sources, the power sector must lead the way as solutions in other sectors scale up. Accelerating the progress of the transition worldwide requires a holistic approach, backed by systemic innovation to transform existing structures and systems built for the fossil fuel era. Whilst the phase down of fossil fuels is both essential and inevitable, it must also be responsible. The transition needs to be delivered in a way that ensures energy security, accessibility and affordability, while also sustaining socio-economic development and adopting nature-positive approaches. The speed at which the transition is achieved will be determined by how quickly zero-carbon alternatives can be introduced and scaled up. Greater ambition and stronger collective action are immediately required to accelerate progress, particularly in renewable energy and energy efficiency. Against this backdrop, policy makers, energy authorities, industry and civil society have an opportunity to align at COP28 to agree global targets to triple renewable power generation capacity and double the energy efficiency improvement rate by 2030. These goals represent some of the most important levers for change to advance the energy transition this decade. This report consolidates high-level analysis of these targets, detailing existing shortfalls and identifying key enablers to resolve them. It represents global perspectives within the renewable energy and climate change space, with the COP28 Presidency, the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance (GRA) uniting to provide concrete recommendations on the means to meet these renewable power and energy efficiency targets. The solutions presented are technologically mature, cost-competitive and commercially available, and can be scaled up rapidly in most countries around the world; indeed, utility-scale solar PV and onshore wind are already the most cost-competitive sources of new electricity supply in most countries today (IRENA, 2023b). Accelerating progress in renewable energy deployment and energy efficiency improvement measures this decade would contribute to a cleaner energy system, improve energy security and reduce exposure – both in industry and for consumers – to the damaging risks of highly volatile fossil fuel prices. It would also improve air quality and reduce health costs; deliver universal access to clean affordable energy; and provide greater collective security and well-being. With the right policies in place, the global energy transition will also bring extensive socio-economic benefits, including in the form of job creation and income generation.
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Keywords
Renewable energy sources, Energy consumption, Energy development