A report tracking the UAE Consensus energy goals reveals substantial gaps in efforts to triple renewable energy capacity and double energy efficiency by 2030, urging immediate policy action and massive investment for upcoming NDC rounds.
Abu Dhabi, UAE / Baku, Azerbaijan, 11 October 2024 – Despite rapid growth in renewable energy deployment in 2023, progress falls short of the target to triple renewables by 2030. Current plans only cover half of the required renewable energy expansion, according to the first official tracking report of the UAE Consensus energy goals, released at Pre-COP.
The report, prepared by the International Renewable Energy Agency (IRENA) in collaboration with COP28 and upcoming COP29 hosts, Brazil and Azerbaijan, underscores the need to increase renewable energy investment from USD 570 billion in 2023 to USD 1.5 trillion annually through 2030. Achieving these targets is crucial to maintaining the 1.5°C global warming limit.
The report stresses that global installed renewable capacity must jump from 3.9 TW today to 11.2 TW by 2030. However, current national plans risk leaving a gap of 3.8 TW, missing the target by 34%. Additionally, energy efficiency improvements must double, requiring accelerated progress across key sectors like transportation, industry, and construction.
Francesco La Camera, Director-General of IRENA, emphasized the need for immediate action: “We’re raising the alarm. Without urgent policy interventions and dramatic investments, the global effort to stay within the 1.5°C threshold is at risk.”
H.E. Dr. Sultan Al Jaber, President of COP28, highlighted that achieving the UAE Consensus goals is critical for sustainable global prosperity, urging more countries to adopt ambitious renewable energy targets in their NDCs. “We need to think bigger, act bolder, and move faster to advance our energy transition,” he said.
The report concludes by stressing the importance of international cooperation and financing for emerging economies, noting that investments in Sub-Saharan Africa have drastically declined. COP29 will play a key role in driving global climate action, particularly through the establishment of green energy zones, storage solutions, and clean hydrogen development.
As Bruce Douglas, CEO of the Global Renewables Alliance, concluded, “We know the industry can deliver, but governments must now set ambitious and actionable plans to achieve the global 3xRenewables target by 2030. It’s time to deliver change.”
