LONDON (Reuters) – Countries' climate plans are not yet in line with a goal to triple renewable energy capacity worldwide by 2030 which was set at the COP28 climate summit in Dubai last year, a report by the International Energy Agency (IEA) said on Tuesday.
WHY IT'S IMPORTANT
The target would involve increasing installed renewable energy capacity to at least 11,000 gigawatts (GW) by the end of the decade, compared to 4,209 GW in 2023.
Very few countries – just 14 out of a total of 194 – have included specific targets for total renewable power capacity for 2030 in their commitments under the Paris Agreement climate pact, called nationally determined contributions (NDCS).
Official commitments in current NDCs amount to 1,300 GW – just 12 per cent of what is required to meet the global tripling objective set in Dubai, the IEA said.
BY THE NUMBERS
The domestic goals of governments in nearly 150 countries across the world go further than commitments under NDCs, corresponding to almost 8,000 GW of installed renewable capacity by 2030.
That means that if countries were to include all their existing policies, plans and estimates in their new NDCs due to be presented next year, they would reflect 70pc of what is needed by 2030 to reach the tripling goal but the world would still be 30pc short of the goal.
CONTEXT
Countries had to submit their new or updated NDCs every five years after 2020 so next year they have to include revised ambitions for 2030.
A UN climate meeting is taking place in Bonn, Germany, from June 3-13 to work on the new round of plans, among other issues such as climate finance.
KEY QUOTE
"This report makes clear that the tripling target is ambitious but achievable – though only if governments quickly turn promises into plans of action,” said IEA executive director Fatih Birol.