The world broke renewable energy records last year but is still falling behind on goals to triple capacity and double efficiency by 2030, according to a new report released by the International Renewable Energy Agency (IRENA), the COP30 Brazilian Presidency, and the Global Renewables Alliance. Despite adding an unprecedented 582 GW of renewable capacity in 2024, the world now needs to install 1,122 GW every year from 2025 onward to meet the COP28 UAE Consensus target of 11.2 TW by 2030, requiring annual growth to accelerate to 16.6 percent.
The second official tracking report on the landmark energy goals set at COP28 also shows that energy efficiency is an equally serious concern. Global energy intensity improved by just 1 percent in 2024, far below the 4 percent annual gains needed to meet the UAE Consensus goal and keep the 1.5°C target alive. UN Secretary-General António Guterres said the clean energy revolution is unstoppable, with renewables deployed faster and cheaper than fossil fuels, but warned that the window to keep 1.5°C within reach is rapidly closing.
The report calls for urgent action to integrate renewable targets into national climate plans ahead of COP30 in Belém, double collective ambition to align with the global renewables goal, and scale investment in renewables to at least $1.4 trillion per year in 2025-2030, more than doubling the $624 billion invested in 2024. IRENA Director-General Francesco La Camera said renewables are not just the most cost-effective climate solution but the biggest economic opportunity of our time, calling for accelerated deployment, modernized grids, scaled clean-tech, and strengthened supply chains.
The world’s major economies must take the lead, with G20 nations projected to account for over 80 percent of global renewables by 2030 and G7 countries expected to raise their share to around 20 percent of global capacity. Major economies must also deliver on climate finance, meeting the $300 billion annual floor of the new collective quantified goal and scaling up toward the aspirational $1.3 trillion confirmed at COP29 in Azerbaijan.
Beyond renewables, the report stresses the urgent need for investment in grids, supply chains, and clean-tech manufacturing for solar, wind, batteries, and hydrogen. While renewable energy investments grew by 7 percent in 2024, actual spending remains far below what’s needed to build project pipelines and speed up construction. An estimated $670 billion must be directed each year toward grids between now and 2030, with further investment required to rapidly scale up energy storage solutions and safeguard grid stability.
