The International Renewable Energy Agency (IRENA) has released its World Energy Transitions Outlook (WETO) 2023, emphasizing the urgent need for a significant increase in renewable power capacity. The report highlights the importance of tripling annual renewable power additions by 2030 to stay on track with the 1.5°C climate target set by the Paris Agreement.
WETO 2023: 1.5°C Pathway, the first volume of the series, identifies the key drivers for the transition to a sustainable energy system, which include electrification, energy efficiency, and the utilization of renewable energy sources such as hydropower, biomass, and clean hydrogen. While some progress has been made, particularly in the power sector, with a record 300GW of global renewable capacity added in 2022, the report highlights the growing gap between achieved targets and what is required to combat climate change effectively.
To bridge this gap, more ambitious renewable energy targets are essential. The report calls for the world to add an average of 1000GW of renewable power capacity annually by 2030 and significantly increase the direct use of renewables in various sectors. These recommendations provide valuable insights and priority actions for policymakers as the first Global Stocktake concludes at COP28 in the United Arab Emirates.
Francesco La Camera, Director-General of IRENA, expressed concern over the current trajectory, stating: " We face the harsh reality that we are not on track to deliver on the Paris Agreement. Our only option is to follow the most promising, science-based pathway – one that puts renewable energy at the centre of the solution, while leading countries to energy security, reduced energy costs, and forward-looking industrial development.” La Camera emphasized the need for COP28 and the Global Stocktake to not only acknowledge the deviation from the 1.5°C pathway but also provide a strategic blueprint to redirect efforts and achieve climate goals.
H.E. Dr Sultan al-Jaber, President-Designate of COP28, echoed these sentiments, welcoming IRENA's recommendations and emphasizing the importance of implementing a solid pathway to meet the targets. Al-Jaber called for rapid scaling up of renewables, supported by accessible and affordable financing, streamlined permitting processes, and expanded grid infrastructure. He also reaffirmed a shared commitment with the European Union to garner maximum support among COP28 parties to triple renewable energy capacity by 2030.
Addressing the barriers hindering progress in the energy transition, the WETO report identifies the lack of physical infrastructure, inadequate policies and regulations, and skill and institutional capacity gaps as key challenges. International cooperation and collaboration are crucial to overcoming these obstacles. The report emphasizes the roles and responsibilities of national and regional entities, international organizations, financial institutions, and multilateral development banks in facilitating the transition to renewable energy and ensuring funds reach vulnerable communities.
While greater volumes of funding are needed for other energy transition technologies, such as biofuels, geothermal energy, and hydropower, the report highlights that hydropower remains the largest renewable power source in terms of installed capacity. Global hydropower capacity (excluding pumped hydro) reached 1256GW in 2022, accounting for 37% of total renewable capacity.
Under the 1.5°C Scenario, the report projects that global installed hydropower capacity (excluding pumped hydro) will increase by almost 21% from 2020 levels, reaching 1465GW by 2030. By 2050, global hydropower capacity is expected to double from the 2020 level, exceeding 2500GW. Achieving these targets would require an average annual addition of nearly 50GW of hydropower over the outlook period. The G20 countries are expected to account for 79% of the global hydropower capacity by 2030, with Asian countries offering significant potential for hydropower growth. The report said it is crucial to adhere to the Hydropower Sustainability Standard, a global certification scheme that sets sustainability expectations for hydropower projects worldwide.
While hydropower plays a significant role in meeting renewable energy targets, the report says it should be noted that other renewables would need to be deployed at much higher levels if hydropower alone cannot fulfill energy requirements. Extensive long- and short-term storage solutions would also be necessary to ensure consistent electricity supply throughout the year.
