INTERNATIONAL RENEWABLE ENERGY AGENCY
G20+ Countries Hold the Key to the Global Renewable Target by 2030

To achieve the global goal of tripling renewable power capacity by 2030, the world's largest emitters of CO2 emissions in G20 and beyond would need to more than double their annually added installed renewable capacity by 2030.

Yet, progress falls short and is unevenly spread in a few economies according to data published by IRENA in its capacity as Custodian Agency tasked with monitoring progress towards the UAE Consensus reached at the Climate Summit COP28 in Dubai. The 2030 target is crucial to limiting global temperature rise to below 1.5^°C.

Released at the Berlin Energy Transition Dialogue (BETD) today, the Agency's new data collection and policy recommendations look at key performance indicators for the 2030 milestone and assess progress against 1.5^°C-aligned transitions pathways in the G20 including the European Union. G20 nations represent 80% of global energy consumption and contribute to over 80% of global energy-related CO2 emissions worldwide.

The new dataset also assesses the deployment of renewable power capacities and the gap to reach the global tripling target not only in the G20 but in 15 additional countries from Asia and Central America*. These G20+ countries would have to provide as much as 80% of total installed renewable power capacity by 2030.

Data shows that under IRENA's 1.5^°C Scenario, installed renewable power capacity would need to grow current levels from 3.4 TW to 9.4 TW across G20 and from 3.5 TW to 9.7 TW across G20+ by 2030, the bulk of installed renewable power needed to meet the global goal of 11.2 TW by 2030.

"It all hinges on progress in G20 and beyond", said IRENA Director-General Francesco La Camera. "The largest economies in the world hold the key to tripling renewables by 2030 globally. IRENA's data clearly shows that renewables represented almost 90% of the world's total power capacity additions, a veritable historic milestone for renewables. But to implement the global goal, progress must be balanced across multiple countries and regions. 1.5°C calls for more ambition and more action in G20+ countries."

La Camera added: "It is time to systematically integrate renewables into the next round of national climate plans. By enhancing their NDCs 3.0 and accelerating action in 2025, G20+ can assume responsibility and achieve the critically needed CO2 emission cuts through renewables.

Yet, among the 13 submitted NDCs so far, only five have renewable capacity targets for 2030. IRENA´s Regional Energy Transition Outlooks currently in progress will help to improve the NDC target setting. I strongly encourage countries to develop clear renewable energy roadmaps that align with the 1.5^°C goal and that encompass solid investment plans to attract and mobilise financing at scale."

Indeed, in 2023, the annual renewable power generation capacity investment reached USD 547 billion for G20, marking a significant step forward. However, to triple global renewable power by 2030, average annual investment between 2024 and 2030 in G20+ countries must double to over USD 1080 billion, calling for close collaboration among governments, private sector players, multilateral organizations, countries, and regions.

Today, IRENA also outlines additional recommendations on priority actions for 2025. Selected indicators and their targeted global values for 2030 reflect a combination of implementing factors in support of the global tripling goal:

1. Electrification of key end-use sectors such as mobility, heating and cooling requires the development of grids, digitalisation, and flexibility solutions.
2. Direct use of renewables in end-use sectors such as increased use of sustainable biofuels in shipping and aviation requires targeted investments and policy interventions.
3. Energy efficiency must double and clean hydrogen and its derivatives as well as other clean technologies will require further technological advancement.

Find more information about IRENA's 1.5^° Scenario and energy transition performance-based assessments: https://www.irena.org/Energy-Transition/Outlook

* The selected 15 countries are Malaysia, Philippines, Thailand, Vietnam, Cambodia, Lao PDR, Myanmar, Singapore, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Belize.