At the United Nations Climate Change Conference, COP 27, this year’s report from the International Renewable Energy Agency (IRENA) examines the energy goals that have been set globally and their development.
The results demonstrate that nations are not meeting their goals for the energy transition. Only 12 of the 194 signatories to the Paris Agreement have pledged to use a set amount of renewable energy in their overall energy mixes, according to the research.
According to data published in Renewable Energy Targets in 2022: A Guide to Design, the global energy transition ambitions of nations are insufficient to keep global warming to 1.5 degrees Celsius. The world needs to create 10.8 TW of installed renewable energy capacity by the end of the decade to maintain warming under the 1.5 C target, compared to existing national targets of 5.4 terawatts (TW) by 2030.
The research from IRENA serves as a warning to the world community, informing them that while renewable energy sources offer a practical climate solution, action must be taken right away. The whole and untapped potential of renewable energy must be unlocked, according to IRENA Director-General Francesco La Camera, who called for increased ambition in climate pledges. A genuine sense of urgency is required.
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The energy transition is far from being completed, despite considerable advances. The likelihood of staying below 1.5 C will be significantly diminished by any lack of action in the near future.
The Nationally Determined Contributions (NDCs) of 183 of the 194 parties to the Paris Agreement contained some mention of renewable energy, and 143 of those parties had a quantitative target. However, just 12 parties defined and vowed to achieve a precise percentage of renewables in their overall energy composition, while 108 parties’ aims focused on power.
90% of the decarbonization process will require renewable energy, according to a different IRENA analysis called the World Energy Transitions Outlook. However, taking quick and significant action by the end of this decade is necessary to achieve this perspective by 2050.
These lofty renewable energy goals are not insurmountable. Through the end of the decade, countries will need to build around 2.3 TW of renewable energy capacity, or about 259 GW annually, on average. A total of countries contributed roughly 261 GW annually in 2020 and 2021.
Governments must develop targets quickly in order to assist accomplish the urgent goals of lowering GHG emissions from burning fossil fuels, reducing reliance on energy imports, ensuring that everyone has access to clean, affordable, and dependable energy, and attaining other socioeconomic objectives.