A key aspect of the text of the Outcome of the First Global Stocktake was the explicit recognition of the role of renewable energy in rapidly and drastically reducing global greenhouse gas emissions to align the world with the goals of the Paris Agreement. The text called on all Parties to the Convention to contribute to efforts to triple renewable energy capacity globally and double the global average annual rate of energy efficiency improvements by 2030.

This unprecedented call, agreed by almost 200 countries, for a rapid scaling up of global renewable power capacity was based on the intellectual framework of IRENA’s 1.5°C Scenario, as outlined in a collaborative report produced with the COP28 Presidency and the Global Renewables Alliance (GRA), launched at Pre-COP proceedings in Abu Dhabi in 2023.

In early 2024, the COP28 Presidency designated IRENA as the custodian agency for tracking and reporting on these goals each year through 2030. Following on from the first edition, released with the COP29 Azerbaijan Presidency in 2024, this second edition of the series brings together IRENA, the incoming COP30 Brazilian Presidency, the UAE Consensus/COP28 legacy team and the Global Renewables Alliance.

The report finds that the UAE Consensus target to reach 11.2 TW of installed renewable power capacity by 2030 remains within reach, thanks to record-breaking capacity additions for a third consecutive year in 2024. Yet, imbalances in the technologies installed and their geographic deployment continue to threaten an effective, just and inclusive transition.

Report by the International Renewable Energy Agency