Renewable energy capacity to triple by 2030, but is more needed to meet the end goal?                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

Agreed by the United Nations at COP28, global renewable energy capacity will nearly triple by 2030 to meet Net Zero goals.

And, whilst this is a significant step in the right direction for the renewable energy industry, sustainability and the ongoing fight against climate change, many are questioning whether this agreement really is enough to ensure this goal, in actuality, will be achieved.

Current global capacity

One of the many reasons why questions are being asked regarding the UN’s is current renewable energy capacity and the rate of growth.

According to the International Energy Agency (IEA), new capacity added last year increased by 50%, taking installed capacity to 3,700 GW and, under current policies and market conditions, global renewables capacity is forecast to grow to a total of 7,300 GW by 2028.

However, to reach the UN-agreed 2030 goal, global renewable energy capacity will need to reach at least 11,000 GW - a huge jump in a relatively short space of time, certainly.

A lack of finances

What’s more, no mechanism has yet been agreed to finance the capacity increase in developing countries which, especially given the lack of attendance at COP28 from developing countries such as India, has given many industry leaders cause for concern.

If low-income and developing countries such as those in Africa, Asia or South America, for example, cannot afford to implement the changes needed to increase renewable energy capacity, this goal will not be achieved.

Rising costs and lengthy delays

This, compounded by high interest rates and inflation, leading to a sometimes eye-watering increase in the cost of materials over recent years; together with increasing delays in permitting processes and unreasonably lengthy grid connection times - challenges we’re especially facing here in the UK - leave the UN’s 2030 goal feeling almost unreachable at this time.

A great idea, in need of support

Essentially, the UN’s agreement to near-triple global renewable energy capacity between now and 2030 is a wonderful idea that could positively transform energy consumption across the world, lower greenhouse gas emissions and achieve a more sustainable future for us all.

However, for this idea to come into fruition and actually work, surely there needs to be a robust financing structure in place specifically designed to aid lower-income and developing countries to invest in renewable energy projects and the changes needed; supported by efficient planning & permitting processes, and grids that are adequately equipped to ‘handle’ the soon-coming increase in renewable energy?