New IRENA Report Released ahead of COP27

New IRENA Report Released ahead of COP27

The report warns world of huge untapped renewable energy potential

Renewable Energy Targets in 2022: A guide to design, released by the International Renewable Energy Agency (IRENA) at COP27, assesses the level of renewable energy ambition in national climate pledges against the global climate goal of limiting temperature rise to 1.5°C.

The report clearly shows the collective level of energy transition ambition to date is not enough despite the Glasgow Climate Pact to upgrade 2030 targets in national pledges.

Francesco La Camera, IRENA’s Director-General, said: “At a time when we desperately need to see rapid implementation, I call on world leaders to urgently close the renewable deployment gap in pursuit of resilience, energy security and inclusive economies.

"IRENA’s report is a warning to the international community telling them that renewables offer a readily achievable climate solution but require immediate action. Climate pledges must enhance ambition to unlock the full and untapped potential of renewables.

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“Any near-term shortfall in action will further reduce the chance of keeping 1.5°C within reach. Under the COP27 slogan ‘Together for implementation’ we must move from promises to concrete solutions to benefit people and communities on the ground.”

IRENA’s World Energy Transitions Outlook sees half of the energy consumed in 2050 coming from electricity. 90% of all decarbonisation will involve renewable energy through direct supply of low-cost power, efficiency, electrification, sustainable bioenergy and green hydrogen.

However, achieving the 2050 climate target will depend on sufficient action by 2030.

IRENA’s new analysis finds that by 2030, countries are targeting to reach 5.4 terawatts (TW) of installed renewable power capacity.

This would only be half of the 10.8 TW of installed capacity needed according to IRENA’s 1.5°C Scenario. To achieve net zero, the targeted renewable power capacity by 2030 would have to double compared to the level of ambition in current targets.

This is readily achievable today as current renewable power targets lag recent deployment levels, IRENA’s report finds. To achieve current targets by 2030, countries would need to add 2.3 TW of capacity, equivalent to average yearly additions of 259 gigawatts (GW) in the next nine years.

This is below the actual installed capacity added in the past two years: in 2020 and 2021, despite the complications that resulted from the pandemic and consequent supply chain disruptions, the world added almost 261 GW each year.

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