Global Renewable Energy Capacity Growth Stalls

A recent report from energy think tank Ember reveals that despite a significant surge in solar installations, governments globally are lagging behind on their renewable energy commitments made during COP28, where over 130 countries pledged to triple capacity by 2030. National targets now aim for 7,242 GW, far short of the necessary 11,000 GW required to meet this goal, with only eight countries updating their targets in the past year, contributing a mere four additional gigawatts. While solar capacity is projected to increase by 29% this year, national policies have not kept pace, indicating a gap between market potential and governmental ambition. The International Energy Agency (IEA) projects a fivefold increase in solar capacity by 2030, but current national commitments reflect only a doubling in total renewable energy capacity. The report underscores the urgent need for significant policy adjustments to harness the full potential of renewable energy technologies. Without these changes, achieving climate targets and keeping global temperature rise below 1.5 degrees Celsius will remain at risk.