This decade is critical to our success in limiting global surface temperature increase to 1.5°C above pre-industrial levels in accordance with the Paris Agreement. There is therefore an urgent need for rapid and immediate action to reduce global carbon dioxide (CO2) emissions by 2030, with a significant proportion of this reduction occurring within the field of energy.
Yet, today, the energy transition remains off-track and global greenhouse gas emissions have reached record levels. IRENA’s World Energy Transitions Outlook 2023: 1.5°C pathway concludes that a significant acceleration in the deployment of renewable energy, energy storage and renewable fuels, coupled with tangible progress in energy efficiency and electrification of end-use sectors, are required to put the world back on course to meet global climate goals.
Policy makers, energy authorities, industry and civil society have an opportunity to align at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) to agree global targets to triple renewable power generation capacity and double the energy efficiency improvement rate by 2030. This report consolidates high-level analysis of these targets, detailing existing shortfalls and identifying key enablers to resolve them. It represents global perspectives within the renewable energy and climate change space, with the COP28 Presidency, the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance (GRA) uniting to provide concrete recommendations on the means to meet these renewable power and energy efficiency targets.