The International Renewable Energy Agency (IRENA) and Masdar, the United Arab Emirates’ clean energy company, have collaboratively taken the lead in identifying pathways to triple the world’s global renewable energy capacity by 2030. This ambitious goal, aimed at enhancing the Global Renewable Energy Capacity, comes in preparation for the United Nations’ next annual climate conference, COP28.
As of now, renewables account for 40% of installed generation capacity globally. However, despite the rapid increase in renewables, including a record addition of 300 gigawatts (GW) in 2022, there is an urgent call to hasten the pace to reduce emissions and prevent severe climate change. To maintain the global warming threshold of 1.5°C, IRENA’s World Energy Transitions Outlook suggests that the deployment of renewables must reach 1000 GW annually.
This joint initiative between IRENA and Masdar has culminated in the signing of a Memorandum of Understanding (MoU). The agreement outlines a project for COP28 that will establish global targets for renewable energy by 2030, with a focus on solar, wind, hydropower, geothermal, and other technologies, including battery storage. The project will also present region-specific data to give a comprehensive view of the renewable energy landscape.
Collaboration Agreement to Lanuch Global Roadmap to Triple Renewable Energy Capacity 2030
Dr. Sultan Ahmed Al Jaber, Chairman of Masdar and elected host of COP28, emphasized the urgent need for commitment to tripling global renewable energy capacity by 2030 and doubling it again by 2040. “He emphasized the urgent need for us to capitalize on the plummeting costs of renewable energy, particularly solar, which has decreased to less than 2 cents per kilowatt hour since 2006. We need the pioneering spirit of innovation now more than ever,” he stated.
Francesco La Camera, the Director-General of IRENA, underscored that the transition to renewables provides a sustainable and affordable solution to many of the challenges we face today. With the technology available to deploy at speed and scale, he stressed that the progress, although significant, is insufficient to meet the 1.5°C target.
We also expect the initiative to highlight the challenges that different regions encounter in meeting their renewable energy goals. It aims to provide recommendations for action, especially in the context of COP28. The recent Petersberg Climate Dialogue in Berlin concluded with a consensus for cuts in global emissions and a global, binding target for the expansion of renewables.
Masdar, established in 2006, is the UAE’s clean energy powerhouse. It operates in over 40 countries across the globe, and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW). It is committed to growing its total capacity five-fold to 100GW by the end of the decade.
This partnership between IRENA and Masdar is a significant step toward global clean energy objectives and sustainable development. Focusing on global warming, we expect this tripartite initiative to drive a global shift towards renewable energy.