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Tripling Renewables by 2030

  • 17 Feb 2024
  • 8 min read

For Prelims: Tripling Renewables by 2030, Renewables Energy, COP (Conference of Parties) 28, Net Zero emissions by 2070.

For Mains: Tripling Renewables by 2030, Environmental Pollution & Degradation.

Source: DTE

Why in News?

Recently, a report has been published by Think-Tank Climate Analytics titled-Tripling renewables by 2030: Interpreting the global goal at the regional level, which breaks down what a 1.5ºC-aligned Renewables rollout would look like at the regional level and calculates the associated investment needs.

  • At COP (Conference of Parties) 28, governments agreed to triple global renewable capacity by 2030. This, alongside doubling energy efficiency, is possibly the most powerful action the world can take in the transition away from fossil fuels this critical decade.

What are the Key Highlights of the Report?

  • Tripling Renewables for 1.5°C Target:
    • To align with the 1.5°C target set in the Paris Agreement, global renewable capacity needs to grow to 11.5 TW by 2030, which is 3.4 times higher than 2022 levels.
    • To achieve this, different regions scale at different rates relative to their current renewable capacity, driven by the pace of fossil phase-out needed and future electricity demand growth.

  • Regional Contributions:
    • Asian Region: Asia makes the biggest overall contribution, providing around half (47%) of the 8.1 TW of renewable capacity additions needed globally by 2030.
      • Asia is the only region that is broadly on track to triple renewables in line with 1.5ºC by 2030.
        • This is primarily driven by growth in China and India which compensates for laggards like South Korea, where renewable capacity is set to grow at half the rate of the region as a whole.
      • However, the spree of coal-fired power plant construction in China and India is a huge concern. If this continues, it will either jeopardise a 1.5ºC-aligned power sector transition or create large-scale stranded assets.
    • OECD: The OECD (Organisation for Economic Co-operation and Development) provides the next biggest share of global capacity additions at around a third (36%).
      • Renewables in the region scale at a slower rate of 3.1x due to lower electricity demand growth and a higher level of existing renewable capacity installed in 2022.
    • Sub-Saharan Africa: Sub-Saharan Africa scales relatively quickly at 6.6x due to low levels of existing renewable capacity and high energy access needs.
      • Electricity demand is forecast to grow 66% per capita between 2020-2030 in the region, resulting in a renewables scale up rate that is double the global average.
        • Achieving such a rapid renewables rollout in Sub-Saharan Africa would require significantly upscaled international climate finance.
  • Investment Requirements:
    • Achieving the 1.5°C-aligned target requires USD 12 trillion of investment in the power system by 2030, with an average of USD 2 trillion per year from 2024 onwards.
    • Two-thirds of this investment would be allocated to renewable installations, while the remainder would be for grid and storage infrastructure.
  • Investment Gap and Potential Solutions:
    • There exists a considerable investment gap, with the world set to invest USD 5 trillion less than required over 2024-2030.
    • Shifting investments from fossil fuels to renewables and grids could cover this gap entirely, aligning the power sector with the 1.5°C target.
  • Challenges and Urgency:
    • Sub-Saharan Africa faces significant challenges due to a lack of investment and international support, risking millions missing out on the benefits of renewable energy.
    • Urgent action is needed to mobilise finance and support renewables deployment in less wealthy regions to ensure the COP28 pledge is fulfilled.
  • Policy Recommendations:
    • In addition to scaling up renewables, governments must end public support and subsidies for fossil fuels to effectively reduce emissions.
    • To guide efforts towards the goal, governments need a clear roadmap and information on investment and climate finance needs, while civil society needs benchmarks to hold governments to account.

What are the Indian Initiatives towards Clean Energy Transition?

Read more: IEA Report Electricity 2024, Indian Oil Market Outlook to 2030: IEA

UPSC Civil Services Examination Previous Year Question (PYQ)


Q. With reference to the Agreement at the UNFCCC Meeting in Paris in 2015, which of the following statements is/are correct? (2016)

  1. The Agreement was signed by all the member countries of the UN, and it will go into effect in 2017.
  2. The Agreement aims to limit greenhouse gas emissions so that the rise in average global temperature by the end of this century does not exceed 2ºC or even 1.5ºC above pre-industrial levels.
  3. Developed countries acknowledged their historical responsibility in global warming and committed to donate $ 1000 billion a year from 2020 to help developing countries to cope with climate change.

Select the correct answer using the code given below:

(a) 1 and 3 only
(b) 2 only
(c) 2 and 3 only
(d) 1, 2 and 3

Ans: B


Q. Describe the major outcomes of the 26th session of the Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC). What are the commitments made by India in this conference? (2021)

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