IRENA: Renewable energy capacity deployment falls behind target

Despite record renewable energy capacity additions of 473 GW worldwide in 2024, this figure falls significantly short of the target, Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), said at an event during COP29 in Baku, Report informs.

Francesco La Camera said that to triple renewable energy capacity to 11.2 TW by 2030, approximately 1.05 TW of renewable capacity needs to be added annually over the next 6 years, requiring global investments of $31.5 trillion.

He noted that renewable energy costs are decreasing while job creation is increasing: "Specifically, in 2023, the average cost of solar electricity decreased by 12%, offshore wind and hydropower by 7%, concentrated solar power (CSP) by 4%, and onshore wind by 3%."

Additionally, he mentioned that according to the latest Renewable Energy and Employment Report 2024, global renewable energy jobs increased from 3.7 million in 2022 to 16.2 million in 2023.