The critical goals for this decade are clear: the world must triple its installed renewable power capacity and double the rate of HQHUJ\HIƓFLHQF\ improvement by 2030. “
A rapid scale-up in renewables is only part of the energy transition. Pairing electrification with energy efficiency reduces emissions and optimises renewable energy use. Innovative technologies like heat pumps and electric vehicles are key to this effort, driving both decarbonisation and energy savings. For sectors where electrification is more difficult, such as industry and shipping, clean hydrogen and its derivatives will provide essential solutions for deep decarbonization. Grid flexibility will also be crucial. Enhancing grid infrastructure, improving system operations, and deploying energy storage solutions will help balance supply and demand effectively. These advancements, coupled with regulatory reforms, will create the conditions needed for high shares of renewable energy in global systems. Investing in a Just and Inclusive Transition To achieve the 1.5°C target, the world must triple annual investments in renewable energy to USD 1.5 trillion by 2030. Current investments, concentrated in a few countries like China, the United States, and Germany, must expand to regions such as sub-Saharan Africa, where abundant renewable resources remain underutilized due to financial constraints. Mobilizing capital will require public-private collaboration. For renewable energy projects to attract private investors and institutional investors in particular, effective policy measures
and financial instruments must be put in place in order to diversify and mitigate risk. The energy transition must also be equitable. Regions and communities that rely heavily on fossil fuels, or those without reliable energy access, must not be left behind. International cooperation is essential to support capacity building, technology transfer, and financial assistance, ensuring a fair distribution of benefits and burdens. Addressing energy access deficits, particularly in sub-Saharan Africa, is critical to achieving universal energy access and fostering sustainable development. The Call to Action IRENA’s World Energy Transitions Outlook 2024 provides a clear and actionable roadmap to achieve the 1.5°C target by 2050. However, success will depend on unprecedented levels of global cooperation, financial investment and systemic transformation. Renewable energy must become the backbone of global energy systems, energy efficiency must be pursued with urgency, and the transition must be inclusive and equitable. This is more than a technological or financial challenge—it is a moral imperative for the planet and future generations. By acting decisively, the world can secure a sustainable and resilient energy future that benefits everyone.ͮ
Βͷͷͷ GW
14 % How much capacity must be added annually to triple ÀiiÜ>Li«ÜiÀÌÀi>V ££°Ó terawatts by 2030 The year-on-year record— breaking growth in renewable energy capacity achieved in 2023
Sources : International Renewable Energy Agency (IRENA), World Energy Transitions Outlook 2024: 1.5°C Pathway, International Renewable ; Energy Agency, Abu Dhabi. ; Available at: IRENA ; Available for download: www.irena.org/publications
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THE FUTURE OF ENERGY
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