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World Way Behind on 2030 Renewable Target – IEA 

Countries are already off track on the COP28 target of tripling global renewable energy generation capacity by 2030, according to a new report by the International Energy Agency (IEA). The report found countries’ official commitments under the Paris Agreement would achieve only 12% of that goal. However, less formal domestic ambitions were higher than the official commitments, the country-by-country analysis found, and could achieve 70% of the goal by 2030. But governments would have to act fast to achieve the goal, The IEA said. At the United Nations COP28 climate conference in Dubai last year, countries agreed to “triple the world’s installed renewable energy generation capacity to at least 11,000 gigawatts (GW)” by the end of the decade. IEA Executive Director Fatih Birol said this target was “one of the critical actions to keep alive hopes of limiting global warming to 1.5 °C”. He said the latest report made it clear the tripling target was “ambitious but achievable” but would require urgent action. “By delivering on the goals agreed at COP28 – including tripling renewables and doubling energy efficiency improvements by 2030 – countries worldwide have a major opportunity to accelerate progress towards a more secure, affordable and sustainable energy system,” said Birol. The report found the cost of solar and wind had fallen more than 40% since the Paris Agreement was signed in 2015, making them “widely competitive” with fossil fuels. Rollout has tripled every year since that date, and last year 560 GW of new renewables were added globally, the report found. But it found other obstacles remained, including permitting delays, inadequate grid infrastructure, technical issues firming up variable generation, and the cost of borrowing. 

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