The world is falling behind on its renewable energy and efficiency targets despite achieving record progress in 2024, according to a new report released jointly by the International Renewable Energy Agency (IRENA), the COP30 Brazilian Presidency, and the Global Renewables Alliance (GRA) during a high-level pre-COP30 event in Brasília.
The report, titled “Delivering on the UAE Consensus: Tracking Progress Toward Tripling Renewable Energy Capacity and Doubling Energy Efficiency by 2030,” reveals that global renewable capacity additions reached an unprecedented 582 GW in 2024. However, this growth remains insufficient to meet the COP28 UAE Consensus target of tripling global renewable capacity to 11.2 TW by 2030.
To remain on track, the world must now add an estimated 1,122 GW of new capacity annually from 2025 onwards, requiring a sustained 16.6% annual growth rate throughout the decade.
The report also highlights slow progress in energy efficiency, noting that global energy intensity improved by just 1% in 2024, well below the 4% annual improvement required to align with the 1.5°C climate goal.
Call for Urgent Policy Action and Investment
The report urges countries to:
1.Integrate renewable energy targets into updated Nationally Determined Contributions (NDC 3.0) ahead of COP30 in Belém,
2.Double collective NDC ambition to align with global renewables goals, and
3.Scale up investment to at least USD 1.4 trillion annually from 2025 to 2030, more than doubling the USD 624 billion invested in 2024.
Leaders Stress Need for Acceleration
UN Secretary-General António Guterres emphasized that while the clean energy transition is progressing, the pace remains inadequate to meet climate objectives.
“The clean energy revolution is unstoppable. Renewables are deployed faster and cheaper than fossil fuels – driving growth, jobs, and affordable power. But the window to keep the 1.5°C limit within reach is rapidly closing. We must step up, scale up, and speed up the just energy transition – for everyone, everywhere,” he said.
Francesco La Camera, Director-General of IRENA, noted that breaking renewable capacity records is not enough.
“Renewables are not just the most cost-effective climate solution; they are the biggest economic opportunity of our time. By raising targets, mobilising finance, and deepening cooperation, major economies can lead the energy transition and make COP30 a milestone,” La Camera stated.
Ben Backwell, Chair of the Global Renewables Alliance, added that the private sector continues to drive the majority of global clean energy investment.
“Our industries—led by wind, solar, and hydropower—are already delivering growth, jobs, and security. What we need now are long-term government plans that enable action on grids, storage, and project pipelines,” he said.
G20 and G7 Nations to Play a Leading Role
The report calls on major economies, particularly G20 and G7 nations, to take the lead in scaling up renewable deployment. The G20 is projected to account for over 80% of global renewable capacity by 2030, while G7 countries are expected to raise their collective share to around 20% of global capacity within the decade.
Additionally, the report stresses the importance of delivering on climate finance commitments, including the USD 300 billion annual floor of the new collective quantified goal (NCQG) and moving toward the USD 1.3 trillion aspirational target confirmed at COP29 in Azerbaijan.
Investment Needed in Grids, Storage, and Supply Chains
Beyond renewables, the report underscores the need for substantial investments in power grids, clean-tech manufacturing, and energy storage. Around USD 670 billion annually must be allocated to grid modernization and expansion through 2030 to enable renewable integration and ensure energy security.
While renewable energy investments grew by 7% in 2024, actual disbursements remain far below the level required to sustain large-scale project pipelines. The report also calls for transparent trade practices and international cooperation to strengthen supply chains for key renewable technologies, including solar, wind, batteries, and hydrogen.
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