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.
“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."
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
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Rashmee Roshan Lall
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
RACE CARD
5pm: Handicap (PA) Dh70,000 1,400m
5.30pm: Handicap (TB) Dh70,000 1,000m
6pm: Maiden (PA) Dh70,000 2,000m
6.30pm: Handicap (PA) Dh70,000 2,000m
7pm: Maiden (PA) Dh70,000 1,600m
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
8pm: Handicap (PA) Dh70,000 1,600m
Amith's selections:
5pm: AF Sail
5.30pm: Dahawi
6pm: Taajer
6.30pm: Pharitz Oubai
7pm: Winked
7.30pm: Shahm
8pm: Raniah
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
The%20National%20selections
%3Cp%3E6pm%3A%20Barakka%3Cbr%3E6.35pm%3A%20Dhahabi%3Cbr%3E7.10pm%3A%20Mouheeb%3Cbr%3E7.45pm%3A%20With%20The%20Moonlight%3Cbr%3E8.20pm%3A%20Remorse%3Cbr%3E8.55pm%3A%20Ottoman%20Fleet%3Cbr%3E9.30pm%3A%20Tranquil%20Night%3C%2Fp%3E%0A
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
Read more about the coronavirus
More from Neighbourhood Watch:
More coverage from the Future Forum
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now