IRENA – Tracking COP28 outcomes 2024

The COP28 Conference marked a significant moment in global energy policy as over 130 countries pledged to transition away from fossil fuels, triple renewables, and double energy efficiency by 2030. This commitment, based on IRENA's 1.5°C Scenario recommendation, aims to triple installed renewable power capacity to at least 11 terawatts (TW) by 2030. This agreement reinforces the need for urgent action by policy makers to implement strategies for rapid renewable energy deployment to reduce global emissions by 43% by 2030. Renewable power and energy efficiency measures are highlighted as essential to meet the 2030 deadline, with technological innovation and development necessary for long-term success. While tripling renewable power capacity by 2030 is feasible and economically viable, it requires commitment, policy support, and investment at scale. IRENA's monitoring shows the industry's importance in climate, development, and energy security strategies, with renewable power additions surpassing fossil fuel and nuclear installations since 2015. Meeting these goals will require progress in infrastructure, policies, supply chains, and investment, supported by international collaboration.