Global renewable power capacity reached 5.15 terawatts (TW) by the end of 2025, but the world needs to significantly accelerate deployment to meet the UAE Consensus target of tripling renewable capacity to 11.2 TW by 2030, according to a new report released by the International Renewable Energy Agency (IRENA), the COP31 Presidency Türkiye, and the Global Renewables Alliance (GRA).
The report, Delivering on the UAE Consensus: Tracking Progress Toward Tripling Renewable Energy Capacity and Doubling Energy Efficiency by 2030, was released during Climate Week NYC and marks the third assessment of global progress towards the energy targets agreed at COP28.
The world added a record 693 GW of renewable power capacity in 2025. However, annual additions would need to rise to an average of approximately 1,200 GW between 2026 and 2030 to reach the 11.2 TW target, meaning annual deployment must increase substantially from current levels.
The report also found that global energy intensity improved by around 2% in 2025, well below the 4% annual improvement required to meet the UAE Consensus goal of doubling the rate of energy efficiency improvement by 2030.
IRENA, the COP31 Presidency and GRA identified investment, grid infrastructure and electrification as key areas requiring accelerated action.
The report calls for nearly USD 1 trillion in annual grid investment between 2026 and 2030, more than double the level recorded in 2025. It also highlights the need to scale battery storage, flexibility solutions and efficient electric technologies to accommodate rising electricity demand.
The organisations further recommended greater deployment of 24/7 renewable energy systems, combining solar, wind and energy storage to provide reliable and cost-competitive electricity. Artificial intelligence and digitalisation were also identified as tools that could help align growing electricity demand with renewable supply and improve power-system operations.
IRENA Director-General Francesco La Camera said that renewable energy can still close the gap towards the 2030 target, but warned that energy efficiency is falling behind and grid infrastructure has not kept pace with renewable deployment. He called for faster expansion of renewable generation, grids, storage and flexibility, alongside accelerated electrification.
COP31 President-Designate Murat Kurum said Türkiye is placing electrification at the centre of its COP31 agenda. He proposed a science-based goal of achieving 35% of final energy consumption from electricity by 2035, with a focus on buildings, transport and industry, supported by resilient grids and increased financing.
Australia’s Minister for Climate Change and Energy and President of Negotiations for COP31, Chris Bowen, also called for faster investment in electrification, modern grids, energy storage and clean electricity.
According to the report, renewable energy remained the most cost-competitive source of new electricity in most markets in 2025. Solar continued to set record installation levels and is expected to see average annual net capacity additions double from 2025 levels by 2030.
By 2030, variable renewable sources such as solar and wind are projected to surpass total installed fossil fuel capacity and account for around 62% of global installed power capacity, compared with approximately 35% in 2025.
Energy storage is also becoming increasingly important. Battery storage costs declined by around 30% between 2024 and 2025 and by approximately 95% since 2010, supporting the growth of renewable-based power systems.
The report noted that 24/7 renewable energy systems, including co-located solar and storage projects, are gaining momentum. Such configurations accounted for around one-quarter of utility-scale solar capacity commissioned globally in 2025.
The report further highlighted electrification as a key mechanism for improving energy efficiency and reducing emissions by replacing fossil-fuel-based energy use with increasingly renewable-powered electricity.
Beyond 2030, the report indicates that further acceleration will be required to raise global electrification to 35% by 2035, a proposed benchmark being discussed as part of the COP31 agenda for scaling renewable-based electrification across buildings, transport and industry.
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