![Solar being easy and cheaper than other technologies to install can alone help the world achieve the proposed target to triple global renewable energy capacity by 2030, according to BNEF analysts. (Photo Credit: BNEF)](http://media.assettype.com/taiyangnews%2Fimport%2Fwp-content%2Fuploads%2F2023%2F11%2FBNEF.png?w=480&auto=format%2Ccompress&fit=max)
The call by the COP28 presidency to triple global renewable energy capacity to 11 TW by 2030, from 3,600 GW in 2022, can be achieved by solar alone as it is 'cheap and easy,' according to the Bloomberg New Energy Finance (BNEF). However, to achieve a positive climate impact, it is important to push other renewables as well.
Even though it is the cheapest source of bulk electricity and is easy to install, solar has a low capacity factor and high seasonality. To address global carbon emissions, the world needs a balanced deployment of clean power technologies, especially wind, to achieve the 11 TW goal which analysts believe is in line with what's needed for a net-zero pathway by 2050 and is very much doable.
"BNEF's forecasts suggest that the required growth in solar is already on track to be achieved, while the required wind build will require concerted action to unlock," says BNEF in its report Tripling Global Renewables by 2030: Hard, Fast and Achievable, while recommending a global concerted push towards diversifying renewable energy sources.
It took the world 12 years to triple its renewable energy capacity the last time round with cost reduction and favorable policies, says BNEF, but this time it needs to take 8 years. According to the market intelligence firm, the proposed pledge matches what is needed for a global net-zero pathway by 2050 and Paris-aligned climate goals.
The global rate of investment in renewable energy needs to be increased to an average of $1,175 billion/year between 2023 and 2030, from $564 billion in 2022. However, economics is generally not what is holding renewables back, stresses BNEF, and deploying more can benefit regions with rapidly rising electricity demand.
According to the analysts, this 11 TW global goal can be achieved with individual parties determining how they can contribute. For earlier adopters of renewable energy such as the US, Europe, Japan and China, tripling is the right goal to set domestically as it would align with a net-zero pathway based on BNEF's scenario modeling.
Other countries may need to do less if they already have a high amount of renewable energy in the mix like Brazil. In such regions, efforts should be directed at decarbonizing industry, buildings, transport, agriculture, etc.
Governments around the world also need to address some barriers to tripling the renewable energy capacity. The report writers identify the solutions as the following:
"Renewables are low-cost, and direct subsidy is no longer what is needed to speed up deployment," said BNEF's Head of Clean Power and co-author of the report, Meredith Annex. "Governments and regulators have a limited window of time to help the industry get on track."
The complete report is available for free download on BNEF's website.