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SINGAPORE: The adoption of renewable energy – already growing at an unprecedented pace globally – needs to happen at an even faster rate amid worsening climate change, said International Renewable Energy Agency (IRENA) Director-General Francesco La Camera.
The inter-governmental organisation has warned that countries may need to rethink their net-zero targets. Under current plans to accelerate the use of renewables, they are set to deliver just half of the growth required to reach the United Nations’ climate target of tripling capacity by 2030.
This was detailed in a report by IRENA earlier this month, which flagged significant gaps in progress.
“Renewables are the cheaper and more convenient way to generate power. So the case is there, but we need to overcome the structural barrier for making (the adoption of renewables) happen,” said Mr La Camera on Monday (Oct 21).
“This will happen. No one will stop this. The problem is that climate change requires us to do it faster.”
He was speaking to CNA’s Asia Now on the sidelines of the Singapore International Energy Week summit, which brings together professionals, policymakers and analysts to share best practices within the global energy space.
To meet global goals and limit global warming to 1.5 degree Celsius under the Paris Agreement, installed renewable capacity will have to grow from 3.9 terawatts currently to 11.2 terawatts by 2030, said IRENA. This means that an additional 7.3 terawatts are required in less than six years.
This is despite an unprecedented growth in renewable energy deployment last year.
Renewables are the fastest-growing source of power worldwide, with global renewable capacity in 2023 representing a record 14 per cent jump from 2022.
According to the IRENA report, annual investment in renewable capacity must triple from a new record high of US$570 billion last year to US$1.5 trillion every year between this year and 2030.
The agency said the shortfalls flagged underscore the need for urgent policy interventions and massive investment.
“We need to accelerate. To accelerate, we have to tackle the structural barriers that we have,” said Mr La Camera, who highlighted several areas for improvements such as redesigning markets and reskilling the workforce.
By early 2025, countries are due to submit their new national climate commitments, known as Nationally Determined Contributions (NDCs), as part of worldwide efforts to combat climate change under the Paris Agreement.
These commitments detail individual nations’ plans to reduce greenhouse gas emissions.
Mr La Camera said the next NDCs have to be a turning point to bring the world back on track.
However, he noted: “We are not saying that oil and gas will disappear. We never say that, but we have to exist at a smooth decline.
“We need more clean energy in the mix. This is what needs to happen. This is what the transition is for.”
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