Energy think tank Amber, “Global renewable energy capacity will triple by 2030.”

Amber, an energy think tank, predicted in recently released data that the world’s available renewable energy capacity will reach 7.3TW in 2030. This is more than double the 3.4TW in 2022. Many countries are already on track to exceed their national targets, and many more can achieve their ambitions of tripling global renewable energy. He predicted that more than 75% of that renewable energy would come from solar and wind.

This report analyzes the renewable energy targets of 57 countries and the EU, which collectively represent 90% of global electricity sector emissions. The current renewable energy boom is already outpacing the growth planned by governments. By continuing the deployment achieved in 2023 for the rest of the decade, the world could achieve double growth, but all signs point to a faster growth curve. If the 17% growth rate achieved since 2016 continues for the remaining 10 years, global renewable energy will be on track to triple.

The International Energy Agency (IEA) estimated that this year was another record year in the renewable energy sector, predicting that additional capacity in 2023 will be 500 gigawatts (GW), a 71% increase from 2022. By 2023, more solar power generation devices will be installed than the entire renewable energy capacity of the United States. This has been possible because manufacturing capacity for solar panels has grown much faster, doubling in just two years and expected to exceed 1,000 GW by 2024.

Ember found that 22 countries are already developing enough renewable energy projects to exceed their 2030 targets, and an additional 12 countries are already building renewable energy faster than needed to meet their 2030 targets. This includes Brazil, which plans to install nearly three times more renewable capacity in 2023 than its annual construction target by 2030.

Based on evidence from the IEA and IRENA, COP28 presidents called for a global agreement to triple renewable capacity by 2030. Ember’s analysts confirmed that the gap between the national collective target and the global triple (11TW) is 3.7TW.

Ten countries, including India, are already aiming to triple their renewable capacity. Twelve countries, including the United States, the world’s second-largest emitter, have a wind power and solar power share target that exceeds the global target of 40% by 2030. Twenty countries, including South Africa, plan to switch more than 20% of their electricity mix from fossil fuels to renewable energy by 2030.

However, the report pointed out that some countries, including Australia, Japan, South Korea, and the United Arab Emirates, need to strengthen their goals. These countries are among the highest per capita electricity sector emissions in the world.