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Renewable Energy Capacity Soars, but Efficiency Struggles to Keep Pace
15 Oct
Summary
- Global renewable capacity reached 582GW in 2024
- 1.5°C target requires 16.6% annual growth, but only 1% improvement in 2024
- $1.4tn annual investment needed from 2025-2030, more than double 2024 levels
As of October 15, 2025, a new report has revealed that the world is struggling to meet its renewable energy and efficiency targets for 2030. The report, released by the International Renewable Energy Agency, the Conference of Parties 30 (COP30) Brazilian Presidency, and the Global Renewables Alliance, shows that while global renewable capacity additions reached a record 582GW in 2024, the pace of progress is still insufficient.
To achieve the COP28 UAE Consensus goal of tripling renewable energy capacity to 11.2TW by 2030, the world needs to add 1,122GW annually starting in 2025, which requires a 16.6% annual growth rate. However, in 2024, global energy intensity saw an improvement of only 1%, falling significantly short of the 4% annual increase required to maintain the viability of the 1.5°C target.
The report emphasizes the need for immediate action, such as incorporating renewable energy goals into national climate strategies (NDC 3.0) before COP30, doubling the collective ambition of NDCs, and boosting investments in renewable energy to a minimum of $1.4tn annually from 2025 to 2030. This proposed annual investment is more than twice the $624bn allocated in 2024.
