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Triple renewables target within reach after energy surge – plus other top energy stories

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on World Economic Forum or enjoy below:

🗞️ Driving the news: The International Energy Agency (IEA) reports that the global renewable energy capacity increased by 50% in 2023, with a significant contribution from China
The current growth rate suggests that the world is on track to achieve 2.5 times the current levels by 2030, moving closer to the COP28 goal of tripling renewable energy capacity

🔭 The context: The annual renewables report by IEA highlights a record increase in renewables capacity in Europe, the US, Brazil, and particularly China
Under existing policies, global renewable capacity is projected to reach 7,300 GW by 2028
However, achieving the COP28 goal requires overcoming challenges like increasing renewable energy investment, especially in emerging and developing countries

🌍 Why it matters for the planet: Tripling renewable energy capacity is crucial for mitigating climate change and transitioning to a sustainable energy economy
The current growth rate, driven primarily by advancements in solar and wind energy, indicates positive momentum towards reducing reliance on fossil fuels and lowering global carbon emissions

⏭️ What's next: Governments and policymakers are urged to implement tools and strategies to close the gap towards the COP28 renewable energy target
This includes focusing on equitable and inclusive energy transitions, addressing supply chain gaps in critical minerals, and managing the rising energy demand from sectors like AI and data services

💬 One quote: “We’re moving closer [to tripling renewables] – and governments have the tools needed to close the gap.” (Fatih Birol, IEA Executive Director)

📈 One stat: The amount of renewable energy capacity added globally in 2023 was 510 gigawatts

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