At the United Nations climate conference that concluded last month in Dubai, the world’s countries pledged to triple global renewable energy capacity by 2030. The renewables target received less attention than other, more contentious goals pursued at the conference, such as scaling down fossil fuel production and funding reparations for the nations suffering the worst climate impacts. After all, the costs of renewable technology like solar have plummeted in recent years, making it cheaper than coal and natural gas in the vast majority of cases.
But a new report from the International Energy Agency lays bare the challenges that lie ahead as the world tries to accelerate this trend. If countries implement current policies, the agency projects that global renewables capacity will increase by a factor of 2.5, falling short of the 11,000-gigawatt tripling target set at the so-called COP28 conference in Dubai. In part this is because high interest rates and supply chain disruptions in wealthy countries like the U.S. are stifling the growth of renewables — particularly offshore wind.
Read more
