Renewables growth still lags climate targets, think tank says

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🗞️ Driving the news: Last year, the world added less than half of the renewable energy capacity required to meet its climate objectives, according to REN21, a Paris-based research group
• Despite a 36% increase in renewable capacity additions, achieving around 473 gigawatts (GW), this falls significantly short of the necessary 1,000 GW per year

🔭 The context: Rising energy demand, particularly in developing economies like China and India, combined with insufficient investment in grid infrastructure and high financial costs for developing countries, are key factors slowing down the transition from fossil fuels to renewable energy
• REN21's report highlights a backlog of approximately 3,000 GW of renewable projects awaiting grid connections

🌍 Why it matters for the planet: The inadequate expansion of renewable energy capacity jeopardizes the achievement of global climate commitments
• Additionally, fossil fuel subsidies, which reached a record $1.3 trillion in 2022 in G20 countries, further hinder the shift towards a more sustainable energy mix

⏭️ What's next: Addressing these challenges requires not only technological solutions, which are largely available, but also significant political will
• The disparity in financing costs between developing and developed nations underscores the need for enhanced financial support and investment in renewables to meet future climate targets

💬 One quote: "We have the technology - 80% of CO2 emissions can be abated with existing technology - but we need the political will," said Rana Adib, Executive Secretary of REN21.

📈 One stat: Renewable energy investments totaled $623 billion last year, an 8.1% increase from the previous year, yet falling short of the estimated $1.3 trillion required annually to meet climate goals.

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