The International Renewable Energy Agency pointed out in its latest report "Tracking COP28 Outcomes: Triple Renewable Energy Power Capacity by 2030" that last year, the world added 473GW of renewable energy power capacity, of which solar energy accounted for 73%.

However, record growth in renewable electricity capacity and progress in the energy transition are not enough to meet the 1.5°C scenario. By 2030, an additional 7.2TW of renewable energy power capacity must be deployed to reach the required 11TW.

The International Renewable Energy Agency added that under the 1.5°C scenario, G20 countries alone will need to increase renewable energy power capacity from less than 3TW in 2022 to 9.4TW in 2030, accounting for 80% of the global total. %above. By 2030, the world must install an average of nearly 1.1TW of renewable energy power capacity every year, more than double the record set in 2023.

However, solar energy is the only renewable electricity that is expected to meet the 1.5°C scenario, with average annual solar installed capacity reaching 578GW between 2024 and 2030. Last year, the International Renewable Energy Agency called for the world to add 551GW of solar capacity per year by 2030 to meet 2050 climate goals.

Overcoming barriers to the energy transition

The International Renewable Energy Agency recommends a number of areas to overcome barriers to the energy transition. First, there is a need to update and expand infrastructure, with a mismatch between grid capacity and the rapid deployment of variable renewable energy leading to an increase in curtailments from wind and solar photovoltaic power projects.

Governments can streamline the permitting process for large infrastructure without compromising environmental and social impact assessments, increase public acceptance of renewable energy projects, and provide public funding to develop the required infrastructure.

Second, governments could consider placing the energy transition at the core of their national economic and development strategies, adjusting sectoral or cross-sector policies to promote the deployment of renewable energy and other transition-related solutions, in addition to adjusting policies such as tender caps price regulations to support the renewable energy industry.

Third, international cooperation is also crucial to enhance global financial flows and enhance technology and capabilities in an equitable manner. Multilateral financing mechanisms need to be reformed to increase the flow of international public funds and low-cost funds, while prioritizing equitable development of developing countries.

According to the International Renewable Energy Agency, global average annual investment in renewable energy power must increase from US$570 billion in 2023 to US$1.55 trillion in 2024-2030.

Last year, estimated investment related to the energy transition exceeded $2 trillion, with emerging market and developing economies, excluding China, accounting for only 14% of global investment. After excluding Brazil and India, this proportion even drops to 10%. Therefore, the International Renewable Energy Agency recommends increasing financing for developing countries.Trina solar panels