Governments worldwide are not just eyeing a doubling but potentially a tripling of renewable energy capacity by 2030.
That’s according to analysis conducted by energy think tank Ember, which scrutinises national targets of 57 countries and the EU, collectively representing 90% of global power sector emissions.
The findings indicate that the stated targets could result in a global renewable capacity of approximately 7.3TW by 2030, more than doubling from 3.4TW in 2022.
According to the report, nearly three-quarters of this capacity will likely be derived from solar and wind sources.
The report, however, points out that the ongoing surge in renewables already outpaces the growth anticipated by governments.
If the growth rate of 17% achieved since 2016 continues throughout the rest of the decade, a tripling of renewables becomes a plausible outcome, analysts have said.
The year 2023 is witnessing another record for renewables, with the International Energy Agency forecasting an addition of 500GW, a 71% increase from the previous year.
Solar energy is taking the lead, surpassing the entire renewable capacity of the US.
This surge is attributed to a doubling in the manufacturing capacity of solar panels within two years, expected to exceed 1,000GW in 2024.
Ember’s analysis reveals that current national targets are outdated, with 22 countries already having sufficient renewable energy projects to surpass their 2030 goals.
Twelve countries are outpacing their 2030 targets in renewables deployment, including Brazil, set to install nearly three times more capacity in 2023 than its annual goal until 2030.
The report also points out specific countries, including Australia, Japan, South Korea and the United Arab Emirates, that could enhance their targets.
