Authored by Tsvetana Paraskova via OilPrice.com,

Despite the surge in renewable energy additions, the world is not yet on track to reach the goal of tripling renewables capacity by 2030, according to the Renewables 2024 report published by the International Energy Agency (IEA) on Wednesday.

Global renewable capacity is expected to grow by 2.7 times by 2030, surpassing countries’ current ambitions by nearly 25%. But it still falls short of tripling, said the agency advocating for a swift move away from fossil fuels.

While climate and energy security policies have boosted the attractiveness of renewables by making them cost-competitive with fossil-fired generation, “this is not quite sufficient to reach the goal of tripling renewable energy capacity worldwide established by nearly 200 countries at the COP28 climate summit,” the IEA said.

The agency’s main case, assuming existing policies and market conditions, forecasts 5,500 gigawatts (GW) of new renewable capacity becoming operational by 2030.

This implies that global renewable capacity additions will continue to grow every year, reaching nearly 940 GW annually by 2030 – 70% more than the record level achieved in 2023, the IEA said.

Solar PV and wind together are expected to account for 95% of all renewable capacity growth through the end of this decade due their growing economic attractiveness in almost all countries.

As a result of these trends, nearly 70 countries that collectively account for 80% of global renewable power capacity are expected to reach or surpass their current renewable ambitions for 2030.

But this would still fall short of the COP28 pledge for tripling renewables capacity.

Growth is there, but governments need to boost their efforts to integrate variable renewable sources into power systems, the IEA said, noting that the rates of curtailment of renewable electricity generation have been increasing substantially recently, and already reaching around 10% in several countries.

In a separate report last month, the IEA said that the global goal to triple renewable energy capacity by the end of the decade is still within reach, but massive investments in power grids and energy storage would be needed.