Renewable energy capacity increased by an 'unprecedented' 14 per cent last year but even at that rate Irena says the world will fall short of the target set at Cop28. Bloomberg
Renewable energy capacity increased by an 'unprecedented' 14 per cent last year but even at that rate Irena says the world will fall short of the target set at Cop28. Bloomberg
Renewable energy capacity increased by an 'unprecedented' 14 per cent last year but even at that rate Irena says the world will fall short of the target set at Cop28. Bloomberg
Renewable energy capacity increased by an 'unprecedented' 14 per cent last year but even at that rate Irena says the world will fall short of the target set at Cop28. Bloomberg

Renewables growth rate insufficient to meet 2030 target, Irena says


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While renewable energy is expanding rapidly, it is not growing fast enough to meet the targets set for 2030, the International Renewable Energy Agency (Irena) has said.

Capacity needs to grow by at least 16.4 per cent annually until 2030 to achieve the tripling target pledged at the Cop28 climate conference in Dubai last year, the Abu Dhabi-based agency said in a report on Thursday.

During the UN summit, more than 110 countries committed to work together to triple the world’s current renewable energy generation capacity to at least 11,000 gigawatts by the end of the decade, taking into consideration the “different starting points and national circumstances”.

The pledge is considered key to limiting global warming to 1.5°C and avoiding its most disastrous effects.

Renewable energy capacity increased by an “unprecedented” 14 per cent last year, but even at that rate the world will still fall short of the target by 1.5 terawatts, Irena said.

Meanwhile, if the world maintains the historical annual growth rate of 10 per cent, renewable energy capacity will only reach 7.5 terawatts by 2030, falling short of the goal by nearly one third, the agency added.

Francesco La Camera, director general of Irena at the Renewables Talk event at Irena headquarters, Masdar City in Abu Dhabi. Khushnum Bhandari / The National
Francesco La Camera, director general of Irena at the Renewables Talk event at Irena headquarters, Masdar City in Abu Dhabi. Khushnum Bhandari / The National

“Renewable energy has been increasingly outperforming fossil fuels but it is not the time to be complacent,” said Francesco La Camera, Irena director general.

“If we continue with the current growth rate, we will only face failure in reaching the tripling renewables target … consequently risking the goals of the Paris Agreement."

Most of the recent growth in renewable energy has been driven by China, the EU and the US.

Meanwhile, many developing countries have fallen behind in clean-energy investment because they lack adequate funding and infrastructure.

Accelerating renewable energy adoption would require overcoming certain “structural barriers”, Mr La Camera told The National in an interview in January.

“We need to overcome barriers [such as] infrastructure, grids, the legal environment, the market design, additional capacity, a skilled labour force … and also linking the idea of development to the idea of building the new energy system,” he said.

By 2030, emerging markets and developing economies will require $2.4 trillion every year to address climate change, according to the Climate Policy Initiative.

Deloitte estimates an investment of $5 trillion to $7 trillion a year is needed until 2050 in the energy sector to drive the transition, however, less than $2 trillion is currently being spent annually.

“Governments need to set explicit renewable-energy targets, look at actions like accelerating permitting and expanding grid connections, and implement smart policies that push industries to step up and incentivise the private sector to invest,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, who also served as Cop28 President.

“Additionally, this moment provides a significant opportunity to add strong national energy targets in nationally determined contributions to support the global goal of keeping the 1.5°C target within reach."

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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Always use only regulated platforms

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Save all evidence (screenshots, chat logs, transaction IDs)

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Warn others to prevent further harm

Courtesy: Crystal Intelligence

McIlroy's recent struggles

Last six stroke-play events (First round score in brackets)

Arnold Palmer Invitational Tied for 4th (74)

The US Masters Tied for 7th (72)

The Players Championship Tied for 35th (73)

US Open Missed the cut (78)

Travellers Championship Tied for 17th (67)

Irish Open Missed the cut (72)

Price, base / as tested From Dh173,775 (base model)
Engine 2.0-litre 4cyl turbo, AWD
Power 249hp at 5,500rpm
Torque 365Nm at 1,300-4,500rpm
Gearbox Nine-speed auto
Fuel economy, combined 7.9L/100km

UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
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  • DLD registration fee can be paid through banks or credit cards at zero interest rates
What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors. 

UAE currency: the story behind the money in your pockets
Volvo ES90 Specs

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Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
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The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

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Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Updated: July 11, 2024, 10:57 AM`