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At COP29, which kicked off on Monday, the International Renewable Energy Agency is calling for ambitious updates to Nationally Determined Contributions (NDCs) that reflect the global commitment to triple renewable energy capacity and double energy efficiency by 2030. In a report, it shows that countries’ current commitments could reduce global energy-related CO2 emissions by 3% by 2030 and by 51% by 2050.
Launched at the opening of the UN Climate Conference COP29 in Baku, Azerbaijan, the International Renewable Energy Agency’s (Irena) 1.5°C Scenario outlines a pathway to net-zero emissions from the energy sector by mid-century, offering a framework for governments to develop energy transition strategies that better align energy planning with climate policies to channel investment.
The World Energy Transitions Outlook 2024 shows that current country commitments can reduce global energy-related CO2 emissions by 3% by 2030 and by 51% by 2050. Achieving the global targets of tripling renewables capacity and doubling energy efficiency by 2030, as agreed at COP28, would keep the energy transition on track to net-zero emissions by 2050. These 2030 targets are crucial to limiting global temperature rise to below 1.5°C, as highlighted by the UAE Consensus.
However, there remains a significant gap between political announcements and countries’ actual plans and policies. National plans and targets have been set to achieve only half of the necessary renewable energy growth by 2030. Investments in renewables, grids and flexibility, energy efficiency and conservation must increase dramatically to meet renewable energy and efficiency targets, totalling $31.5 trillion from 2024 to 2030.
There are also large geographic disparities in terms of renewable additions and investments, leading to inequalities in the global energy transition. While investment in renewables has increased overall, it remains concentrated in a few countries, leaving much of the Global South behind.
Moreover, with more than 70% of energy supply, fossil fuels continue to dominate the energy mix in several of the world’s largest economies, the biggest emitters of CO2. To achieve the 1.5°C target, the G20 must triple its installed renewable energy capacity by 2030, reaching 9,400 GW, and increase it sevenfold by 2050, to 24,900 GW, compared to 2023 levels. |
