Renewable energy needs to be ramped up to meet global climate goals

Deployment of new wind and solar power plants needs to be drastically ramped up by the end of the decade to meet the world’s climate goals, the International Renewable Energy Agency said Tuesday.

In an advance preview of its annual report on the global shift from fossil fuels to clean energy, the agency said renewables accounted for 83 per cent of new power generation last year. Worldwide, the share of installed power generation coming from renewables reached 40 per cent in 2022, it said.

But in order to halve greenhouse gas emissions by 2030 and put the world on track to cap global warming at 1.5 degrees Celsius (2.7 degrees Fahrenheit), existing targets for renewable power deployment would need to be more than doubled, the Abu Dhabi-based agency said.