Nearly 200 countries have committed to tripling global renewable energy capacity by the end of the decade – a goal that is “within reach” as long as governments act quickly, a new report says.
The International Energy Agency (IEA) today published its roadmap showing countries how to achieve this. It is still a tough road that requires a lot of new infrastructure. But falling costs and supportive policies can help them reach their goal.
“To ensure the world does not miss this huge opportunity, the focus must quickly shift to implementation,” IEA Executive Director Fatih Birol said in a press release.
“To ensure that the world does not miss this huge opportunity, the focus must quickly shift to implementation.”
An international commitment was made at the United Nations Climate Change Summit in Dubai last December to triple renewable energy capacity by 2030. Representatives from all governments meet annually to work together on climate change and meet the goals set out in the 2015 Paris Agreement. The goal is to prevent global warming from reaching a point where it becomes much more difficult for countries to adapt. To do this, countries are to move away from fossil fuels so that global greenhouse gas emissions reach net zero by 2050.
Tripling the world's renewable energy capacity will also require significantly more storage capacity, as electricity generation from wind and solar fluctuates. Storing excess energy for times when the sun isn't shining and the wind is dying down will be crucial. Power grids would need to add 1,500 gigawatts of energy storage capacity, most of it in the form of batteries, the report says. That's an increase of almost 15 times compared to today.
Still, delays in obtaining permits and connecting new plants to the existing grid are major bottlenecks. Taking into account current policies and technology trends, countries are so far on track to achieve more than three-quarters of the growth needed to triple renewable energy capacity this decade, the IEA said.
Today's report comes as world leaders gather in New York for the United Nations General Assembly and prepare for this year's UN climate summit in November. They are under pressure from activists and business leaders to accelerate their action ahead of next year's deadline to update national climate plans under the Paris Agreement.