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World’s capacity for renewable energy will likely fall short of COP28 target by 2030

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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 Forbes or enjoy below:

🗞️ Driving the news: The International Energy Agency (IEA) reports that global renewable energy capacity is expected to more than double by 2030, with a record increase anticipated in the next five years
• However, this growth still falls short of the targets set at the COP28 U.N. climate conference

🔭 The context: In 2023, renewable energy capacity increased by 510 gigawatts, a 50% jump from 2022, led by significant growth in solar energy, particularly in China
• The IEA forecasts a rise to 7,300 gigawatts by 2028, predominantly from solar and wind energy

🌍 Why it matters for the planet: This expansion in renewable energy is crucial for transitioning away from fossil fuels and achieving net zero emissions by 2050
• Renewables are set to become the largest source of electricity generation by 2025, surpassing coal and eventually nuclear power

⏭️ What's next: The IEA urges governments to implement policies to accelerate renewable energy growth towards a target of 11,000 gigawatts by 2030
• Addressing funding shortfalls in emerging and developing economies is vital for meeting these ambitious goals

📈 One stat: China is expected to account for 60% of the global renewable energy capacity by 2028

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