Tripling Renewable Power and Doubling Energy Efficiency by 2030

Representing global perspectives within the renewable energy and climate change space, the report by the COP28 Presidency, IRENA and the Global Renewables Alliance (GRA) provides recommendations on the means to triple renewable power generation capacity and double the energy efficiency improvement rate by 2030. 

This article by Brickstone Africa reviews IRENA’s publication on tripling renewable power and doubling energy efficiency by 2030, highlighting key insights and  actionable measures. 

The Importance of Enhancing Renewable Power and Energy Efficiency

According to IRENA, this decade is critical to our success in limiting global surface temperature increase to 1.5°C above pre-industrial levels in accordance with the Paris Agreement. There is therefore an urgent need for rapid and immediate action to reduce global carbon dioxide (CO2) emissions by 2030, with a significant proportion of this reduction occurring within the field of energy.

According to the International Energy Agency (IEA), renewable energy is expected to represent a staggering 95% of the global net increase in power capacity through 2026. This underscores a significant shift towards cleaner and more sustainable energy sources, indicating the increasing importance of renewable power in meeting the world’s growing energy demands.

Yet, today, the energy transition remains off-track and global greenhouse gas emissions have reached record levels. IRENA’s World Energy Transitions Outlook 2023: 1.5°C pathway concludes that a significant acceleration in the deployment of renewable energy, energy storage and renewable fuels, coupled with tangible progress in energy efficiency and electrification of end-use sectors, are required to put the world back on course to meet global climate goals.

Key Enablers: Renewable Power and Energy Efficiency

Policy makers, energy authorities, industry and civil society have an opportunity to align at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) to agree global targets to triple renewable power generation capacity and double the energy efficiency improvement rate by 2030. This report consolidates high-level analysis of these targets, detailing existing shortfalls and identifying key enablers to resolve them. It represents global perspectives within the renewable energy and climate change space, with the COP28 Presidency, the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance (GRA) uniting to provide concrete recommendations on the means to meet these renewable power and energy efficiency targets.

Renewable power and energy efficiency are the dynamic duo of a sustainable energy transition. They work hand in hand, reshaping our energy landscape and paving the way for a future powered by clean, efficient, and resilient solutions.

The following are key enablers in enhancing renewable power and energy efficiency:

• Policy and Regulation: Implement energy efficiency standards, phase out inefficient equipment, and incentivize deployment through fiscal, financial, and regulatory measures. Integrate comprehensive socio-economic and environmental policies.
• Supply Chains, Skills, and Capacities: Strengthen resilient supply chains, promote responsible procurement practices, and ensure sustainable sourcing. Foster education and training initiatives for a skilled workforce and empower women and underrepresented groups.
• Finance: Increase both public and private financing to scale up renewable power projects and energy efficiency initiatives. Ensure access to low-cost financing in the developing world.
• International Collaboration Supply: Collaborate globally on sustainability initiatives, governance, climate finance, supply chains, technology, innovation, and regional power grids.
• Infrastructure and System Operation: Plan cross-sectoral infrastructure comprehensively, upgrade and expand power grids, and enhance supply-side flexibility and demand-side management.

Read the complete publication here.