Governments worldwide are swiftly implementing renewable energy initiatives, making significant strides toward tripling capacity by 2030, a milestone that aligns closely with the Paris Agreement targets. In 2023 alone, global renewable capacity saw a remarkable surge, reaching nearly 560 gigawatts (GW), marking a staggering 64% increase from the previous year. 

A comprehensive analysis by the IEA of nearly 150 countries indicates that many governments harbor more ambitious domestic aspirations, collectively aiming for approximately 8,000 GW of global installed renewable capacity by 2030. Approximately 50 nations are on track to exceed their current plans, with China leading the charge. China's projected capacity in 2030 is set to surge to 2.5 times its 2022 level.

The report highlights the significant progress made since the signing of the Paris Agreement in 2015, with annual renewable capacity additions tripling globally. This achievement can be attributed to supportive policies, economies of scale, and technological advancements, which have substantially reduced the costs of solar and wind energy, rendering them competitive with fossil fuels.

Despite these advancements, several challenges persist, including bureaucratic delays in project permitting, inadequate investment in grid infrastructure, the imperative to swiftly and cost-effectively integrate variable renewables, and high financing costs, particularly in emerging and developing economies. Success hinges on swift and decisive government action to transform promises into tangible strategies.

Based on: https://electrek.co/