Renewable Energy Growth Not Enough to Meet COP28 Goals, Says IEA

Despite record growth in 2023, driven largely by China's solar power expansion, the pace of renewable energy development is insufficient to triple capacity by 2030.

Global renewable energy capacity grew by 50% in 2023, the fastest growth rate in the past 25 years, driven primarily by China's solar power expansion.
Despite this growth, the International Energy Agency (IEA) warns that the current pace is insufficient to meet the COP28 goal of tripling renewable capacity by 2030.
China, the world's largest renewable energy producer, is expected to account for 60% of new clean energy capacity by 2028.
Challenges to meeting the COP28 target include high interest rates and supply chain disruptions in wealthy countries, and lack of financing and strong governance in developing countries.
Policy uncertainties, fragile economic environments, and insufficient investment in electricity transmission grids are also hindering the growth of clean energy.