A worker inspects solar panels at a solar Dunhuang, 950km (590 miles) northwest of Lanzhou, Gansu Province, China
A worker inspects solar panels at a solar Dunhuang, 950km (590 miles) northwest of Lanzhou, Gansu Province, China

Renewable energy growth must accelerate to reach 2030 goal

Renewable energy projects required
The International Energy Agency says a whole lot more effort is required to create renewable energy capacity
REUTERS



Global renewable energy capacity is expected to grow by two and a half times by 2030 but governments need to go further to achieve a goal of tripling it by then agreed at United Nations' climate talks, the International Energy Agency (IEA) said.



In its annual renewable energy outlook report, the IEA said new capacity added last year increased by 50% from the previous year to 510 gigawatts (GW). That takes installed capacity to 3 700 GW.



Under current policies and market conditions, global renewables capacity is forecast to grow to a total of 7 300 GW by 2028. To reach the 2030 goal agreed last year, it will require reaching at least 11 000 GW.



World governments agreed to triple renewable energy generation capacity by 2030 and move away from fossil fuels at the COP28 U.N. climate conference in Dubai last December. But no mechanism was agreed to finance the shift to clean energy in developing countries.



The report said the biggest challenge to meeting the goal will be scaling up financing and deployment of renewables in most emerging and developing economies.



"In the absence of any help for African and low-income countries in Asia and Latin America, they will not be able to reach their clean energy targets. That will be a fault line in reaching the 2030 goal," Fatih Birol, executive director of the IEA, told Reuters.



Over the past year, higher inflation and interest rates have also increased equipment and financing costs of renewables projects and policies have been slow to adjust to the new macro-economic environment.



Insufficient investment in grids is also hampering faster deployment of renewables, as well as slow and bureaucratic permitting procedures and administrative barriers.



Last year, China had the largest growth in renewables and is expected to account for nearly 60% of new renewable capacity by 2028.



China’s role is crucial in reaching the 2030 goal because it is expected to install more than half of the new capacity required globally by the end of the decade, the IEA said.



Solar photovoltaic and onshore wind additions to 2028 are also expected to more than double in the United States, the European Union, India and Brazil compared with the last five years.



Despite many announcements of green hydrogen projects - where hydrogen is produced by using renewable energy to split water and heralded as a cleaner fuel for energy intensive industry and transport - progress is slow, with only 7% of current projects expected to come online by 2030, the IEA added.

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Katima Mulilo: 9° | 27° Rundu: 10° | 26° Eenhana: 13° | 28° Oshakati: 13° | 27° Ruacana: 12° | 28° Tsumeb: 12° | 24° Otjiwarongo: 9° | 22° Omaruru: 11° | 25° Windhoek: 8° | 20° Gobabis: 8° | 21° Henties Bay: 17° | 31° Wind speed: 37km/h, Wind direction: E, Low tide: 10:52, High tide: 04:51, Low Tide: 23:20, High tide: 17:25 Swakopmund: 18° | 26° Wind speed: 33km/h, Wind direction: SE, Low tide: 10:50, High tide: 04:49, Low Tide: 23:18, High tide: 17:23 Walvis Bay: 19° | 32° Wind speed: 33km/h, Wind direction: SE, Low tide: 10:50, High tide: 04:48, Low Tide: 23:18, High tide: 17:22 Rehoboth: 7° | 21° Mariental: 10° | 23° Keetmanshoop: 12° | 23° Aranos: 9° | 22° Lüderitz: 15° | 31° Ariamsvlei: 12° | 24° Oranjemund: 12° | 19° Luanda: 21° | 23° Gaborone: 10° | 22° Lubumbashi: 9° | 25° Mbabane: 10° | 21° Maseru: 6° | 17° Antananarivo: 11° | 19° Lilongwe: 12° | 25° Maputo: 17° | 26° Windhoek: 8° | 20° Cape Town: 12° | 17° Durban: 14° | 23° Johannesburg: 10° | 18° Dar es Salaam: 21° | 28° Lusaka: 11° | 23° Harare: 10° | 22° Currency: GBP to NAD 22.95 | EUR to NAD 19.44 | CNY to NAD 2.5 | USD to NAD 18.13 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.29 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.7 | ZWL to NAD 0.04 | BRL to NAD 3.35 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 133.9 | USD to AOA 853.63 | USD to BWP 13.53 | USD to EGP 48.27 | USD to KES 127.98 | USD to NGN 1479.51 | USD to ZAR 18.13 | USD to ZMW 25.45 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1783.38 Down -0.16% | Casablanca Stock Exchange (CSE) MASI 13140.91 Up +0.02% | Egyptian Exchange (EGX) 30 Index 27062.37 Up +2.44% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 332.06/OZ UP +0.55% | Copper US$ 4.43/lb UP +0.54% | Zinc US$ 2 858.30/T UP 0.16% | Brent Crude Oil US$ 86.05/BBP UP +1.57% | Platinum US$ 997.44/OZ UP +1.20% Sport results: Weather: Katima Mulilo: 9° | 27° Rundu: 10° | 26° Eenhana: 13° | 28° Oshakati: 13° | 27° Ruacana: 12° | 28° Tsumeb: 12° | 24° Otjiwarongo: 9° | 22° Omaruru: 11° | 25° Windhoek: 8° | 20° Gobabis: 8° | 21° Henties Bay: 17° | 31° Wind speed: 37km/h, Wind direction: E, Low tide: 10:52, High tide: 04:51, Low Tide: 23:20, High tide: 17:25 Swakopmund: 18° | 26° Wind speed: 33km/h, Wind direction: SE, Low tide: 10:50, High tide: 04:49, Low Tide: 23:18, High tide: 17:23 Walvis Bay: 19° | 32° Wind speed: 33km/h, Wind direction: SE, Low tide: 10:50, High tide: 04:48, Low Tide: 23:18, High tide: 17:22 Rehoboth: 7° | 21° Mariental: 10° | 23° Keetmanshoop: 12° | 23° Aranos: 9° | 22° Lüderitz: 15° | 31° Ariamsvlei: 12° | 24° Oranjemund: 12° | 19° Luanda: 21° | 23° Gaborone: 10° | 22° Lubumbashi: 9° | 25° Mbabane: 10° | 21° Maseru: 6° | 17° Antananarivo: 11° | 19° Lilongwe: 12° | 25° Maputo: 17° | 26° Windhoek: 8° | 20° Cape Town: 12° | 17° Durban: 14° | 23° Johannesburg: 10° | 18° Dar es Salaam: 21° | 28° Lusaka: 11° | 23° Harare: 10° | 22° Economic Indicators: Currency: GBP to NAD 22.95 | EUR to NAD 19.44 | CNY to NAD 2.5 | USD to NAD 18.13 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.29 | EGP to NAD 0.37 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.7 | ZWL to NAD 0.04 | BRL to NAD 3.35 | RUB to NAD 0.21 | INR to NAD 0.22 | USD to DZD 133.9 | USD to AOA 853.63 | USD to BWP 13.53 | USD to EGP 48.27 | USD to KES 127.98 | USD to NGN 1479.51 | USD to ZAR 18.13 | USD to ZMW 25.45 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1783.38 Down -0.16% | Casablanca Stock Exchange (CSE) MASI 13140.91 Up +0.02% | Egyptian Exchange (EGX) 30 Index 27062.37 Up +2.44% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 332.06/OZ UP +0.55% | Copper US$ 4.43/lb UP +0.54% | Zinc US$ 2 858.30/T UP 0.16% | Brent Crude Oil US$ 86.05/BBP UP +1.57% | Platinum US$ 997.44/OZ UP +1.20%