The 3.2 TW of renewable energy targets cumulatively presented in the NDCs of which 2.3 TW has been installed globally isn’t enough for the world to comply with the Paris agreement. Instead, the world needs to collectively aim at 7.7 TW of installed capacity, says IRENA in its yet to be released 'NDCs in 2020: Advancing Renewables in the Power Sector and Beyond' report.
- IRENA is to launch a new report during COP25 demanding global renewable energy deployment targets for 2030 to be more than doubled up
- Compared to the current targets of 3.2 TW, it sees 7.7 TW can be cost-effectively achieved to be able to realize goals listed out in the Paris Agreement
- It claims pathway to a decarbonised economy with the help of renewable energy is technologically possible and economically beneficial
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If the world wants to be in line with the Paris Agreement goals, the current renewable energy deployment targets of the National Determined Contributions (NDC) combined add up to a total of 3.2 TW need to be more than doubled up to cost-effectively reach 7.7 TW of globally installed capacity by 2030, according to the International Renewable Energy Agency (IRENA).
Providing a preview of its report titled NDCs in 2020: Advancing Renewables in the Power Sector and Beyond due to be released on December 11, 2019 at the UN Climate Change Conference (COP25) in Madrid, Spain, IRENA shared that of the 3.2 TW envisioned, the world has already installed over 2.3 TW of global renewable energy capacity.
The present NDC pledges do not reflect ‘past decade’s rapid growth’ or the ‘ongoing market trends for renewables,’ emphasizes IRENA.
Explaining why increasing renewable energy targets is absolutely necessary, IRENA’s Director-General Francesco La Camera said, “There is a decisive opportunity for policy makers to step up climate action by raising ambition on renewables, which are the only immediate solution to meet rising energy demand whilst decarbonising the economy and building resilience.” He added, “IRENA’s analysis shows that a pathway to a decarbonised economy is technologically possible and socially and economically beneficial.”
Higher renewables target under the NDCs could serve to advance multiple and development objectives, said the agency.
A November 2019 IRENA report sees 8,519 GW of solar power capacity could be installed across the globe by 2050, which would contribute immensely to achieve the Paris goals (see IRENA: Threefold Rise In Annual PV Deployment By 2050).