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

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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