Renewable Energy Plans Are Growing, But Not Fast Enough

Countries are stepping up their renewableenergy plans, but the pace is far from fast enough to meet the goals setat last year’s COP28 climate summit.

Last year, at the COP28 climate summit in Dubai, world governments agreed to triple renewable energy generation by the end of the decade. This week, as annual climate negotiations resumed, some progress has been made toward this goal, but it’sstill far from enough.

An assessment of national energy plans shows that countries are on track to double global renewable energy capacity by 2030. With falling costs for wind and solar, the opportunity for growth is significant, but whetherpolicymakers are ready to abandon fossil fuels remains a thorny issue.

The renewables market has moved, but government ambition has not, said Katye Altieri, a power transition analyst at energy think tank Ember, in a press release accompanying the new report.

Over 130 countries pledged last year to triple global renewable energy capacity. Ember assessed 96 countries and the EU, which account for 95% of global electricity demand.

The assessment found that only eight countries (all in the EU) had actually updated their national renewable energy targets in the past year(up to the end of October). These updated national targets would only add 4 terawatts of global renewable energy generation, leaving significant room for improvement. Existing plans in 2023 are already sufficient to double global renewable energy capacity.

However, the report states that an additional 3,758terawatts are needed to achieve the tripling target.

The good news is that industry forecasts are more optimistic than what national policies reflect. Even with legislative foot-dragging on climate action, renewable energy is poised for growth. In most parts of the world, solar and wind are already becoming the cheapest forms of electricitygeneration.

Despite the challenges, the report highlights the potential for significant progress in renewable energy deployment. However, governments need to act quickly and decisively to ensure that the world meets its climate goals.

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