The latest IRENA report, Delivering on the UAE Consensus: Tracking Progress toward Tripling Renewable Energy Capacity and Doubling Energy Efficiency by 2030, highlights both progress and persistent challenges in achieving the goals set at COP28. The UAE Consensus, agreed upon by 198 countries, marked a historic commitment to phase down fossil fuels and triple global renewable energy capacity while doubling energy efficiency improvements by 2030. The International Renewable Energy Agency (IRENA), appointed as the custodian agency to monitor these goals, reports that while renewable power deployment continues to rise, the pace remains insufficient to fully meet the targets.
According to the report, 2024 saw the addition of 582 gigawatts (GW) of renewable capacity globally, the highest annual increase recorded so far and a 15.1% growth over the previous year. However, to meet the tripling goal of 11.2 terawatts (TW) by 2030, annual additions must rise to 1,122 GW between 2025 and 2030. Solar power remains the key driver, contributing more than three-fourths of new installations with 452 GW added in 2024—a 27% rise over 2023. Wind energy followed with 114 GW added, while hydropower, bioenergy, and geothermal together added smaller portions. Yet, despite solar’s strong performance, other renewable technologies lag behind, creating a 0.9 TW shortfall from the 2030 target if the current growth trend continues.
IRENA’s analysis emphasizes that the distribution of renewable energy capacity remains highly uneven. Asia, Europe, and North America collectively account for 85% of installed capacity, while Africa, Latin America, and the Middle East face investment and financing barriers. For instance, Africa added just 4.7 GW in 2024, highlighting the urgent need for climate finance and infrastructure development in developing regions. IRENA’s 1.5°C Scenario calls for equitable growth and expanded access to finance, particularly for least-developed countries and small island states.
The cost of renewable technologies continues to decline, making them more competitive than fossil fuels. In 2024, 91% of new renewable energy projects generated cheaper power than new fossil fuel alternatives. The global weighted average cost of solar PV was USD 0.043 per kilowatt hour, and onshore wind remained the cheapest at USD 0.034/kWh. Energy storage also expanded rapidly, with global battery capacity nearly doubling to 180 gigawatt-hours (GWh) in 2024. The average cost of battery storage has dropped 93% since 2010, enabling greater integration of renewables into power grids.
Nevertheless, energy efficiency improvements remain slow, averaging just 1% annually—far below the required 4% rate to meet the doubling target. IRENA stresses the need for stronger policies in transport, buildings, and industry to accelerate efficiency gains. In addition, only 60 of 195 Paris Agreement signatories had updated their Nationally Determined Contributions (NDCs) as of October 2025, though collective ambitions have risen from 5.4 TW to 5.8 TW by 2030, with further increases anticipated after global climate summits.
The report underscores that progress toward the UAE Consensus goals depends on comprehensive action—modernizing energy infrastructure, strengthening regulatory frameworks, and ensuring inclusive financing. Policy consistency, workforce development, and resilient supply chains are also vital for sustainable progress. COP30, set to be held in Brazil, represents a pivotal opportunity for nations to reinforce commitments and turn promises into measurable outcomes.
Ultimately, IRENA concludes that while the goal of tripling renewable capacity and doubling energy efficiency by 2030 is still achievable, it requires immediate acceleration, collective political will, and equitable financing. Achieving this transformation will not only help keep the world on a 1.5°C pathway but also deliver economic growth, job creation, energy security, and environmental resilience across all regions.
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