Renewable energy capacity must double to achieve climate safety: IRENA

The International Renewable Energy Agency (IRENA) has posited that the share of renewables in global power should more than double by 2030 to advance the global energy transformation, achieve sustainable development goals and attain climate safety.

Renewable energy currently supplies 26% of global power, but IRENA’s latest data analysis indicates that this figure should be increased to 57% by the end of the decade.

IRENA’s forecast was contained in a new booklet – 10 Years: Progress to Action – published for the 10th annual Assembly of IRENA, held in Abu Dhabi last week. The booklet charts recent global advances and outlines the measures still needed to scale up renewables.

The agency’s data shows that annual renewable energy investment needs to double from around US$330 billion today to close to $750 billion to deploy renewable energy at the speed required.

“We have entered the decade of renewable energy action, a period in which the energy system will transform at unparalleled speed,” said IRENA director-general Francesco La Camera.

“To ensure this happens, we must urgently address the need for stronger enabling policies and a significant increase in investment over the next 10 years. Renewables hold the key to sustainable development and should be central to energy and economic planning all over the world.”