World will miss target of tripling renewable electricity generation by 2030 – IEA

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: The world is falling short of its goal to triple renewable electricity generation by 2030, crucial for transitioning from fossil fuels
• The International Energy Agency (IEA) predicts current policies will only double renewable capacity by 2030, as governments fail to act on pledges

🔭The context: Despite pledges and a global agreement at COP28 to triple renewable power by the end of this decade, few countries have made concrete progress in acceleration the global effort
• The IEA analyzed nearly 150 countries' policies, finding an expected 8,000GW of renewable capacity by 2030, only 70% of the 11,000GW needed
• Governments are missing a crucial step by not include targets and policies on renewables in their national action plans for the climate, Nationally Determined Contributions (NDCs)

🌍 Why it matters for the planet: Solar and wind power drive global growth, while bioenergy struggles due to cost, emissions, and ecological concerns
• Vast increases in renewable power are essential to meeting the Global Stocktake’s aspiration of limiting temperature rises to 1.5C above pre-industrial levels

⏭️ What's next: Upcoming discussions in Bonn and Cop29 in Azerbaijan will focus on climate finance, essential for developing countries to enhance their renewable energy plans and secure necessary funding

💬 One quote: “Solar and wind provide three-quarters of global growth, as they have proven their ability to scale rapidly to provide cheap, secure and clean energy,”said Katye Altieri, an analyst at the thinktank Ember

📈 One stat: Last year saw a record 560GW increase in renewable capacity, a 64% rise from 2022

Click for more news covering the latest on renewable energy