To reach the global target set at COP28 to triple renewable power capacity by 2030, a ramping up of investments and dedicated policy support is needed, according to the International Renewable Energy Agency (IRENA). While the agency highlights that in 2023 a record 473 gigawatts (GW) were added to the global energy mix, it said that an average of almost 1,100 GW – more than double the record of 2023 – of renewables capacity must be installed annually to meet the target. To achieve this, IRENA added that annual investments in renewable energies need to triple from $570 billion in 2023 to $1,550 billion on average between 2024 and 2030.
Besides a lack of investments, the IRENA also sees geopolitical rifts as challenges for the energy transition. In a report last year, the agency advocated for supply chain diversification of critical minerals to mitigate these risks.
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