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illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: Renewables are on track to generate nearly half of global electricity by 2030, yet the current growth pace falls short of the United Nations’ target to triple capacity by then, says the International Energy Agency (IEA)
• More than 5,500 gigawatts of renewable capacity is expected to be operational, marking nearly three times the increase from 2017-2023
🔭 The context: Solar photovoltaic energy is set to lead the way, contributing 80% of capacity growth by 2030, while wind energy will double its expansion rate
• China will play a dominant role, accounting for almost 60% of all new capacity installations
• Although renewables now offer the cheapest option for new power plants globally, more action is needed to meet international goals
🌍 Why it matters for the planet: Despite the rapid growth of renewables, the world remains behind in reaching targets essential for preventing the worst impacts of climate change
• Governments must accelerate efforts to meet the goal of tripling renewable energy capacity by 2030
⏭️ What's next: To meet international targets, governments need to modernize power grids, streamline permitting, and lower financing costs in emerging markets like Africa and Southeast Asia
• Enhanced global cooperation is crucial to overcome these challenges
💬 One quote: “Renewables are moving faster than national governments can set targets for” — Fatih Birol, IEA Executive Director
📈 One stat: Solar photovoltaic energy is forecast to account for 80% of all capacity growth by 2030
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