The goal of tripling renewable capacity by 2030 could be achieved but it faces several challenges, including permitting timelines, participants to the World Economic Forum (WEF) in Davos said on 17 January.
A group from more than 120 countries at the COP 28 summit in December had agreed to triple renewable energy capacity by 2030, with the target having appeared in the final text of the summit. This would be equivalent to lifting capacity to at least 11TW by 2030, according to the International Renewable Energy Agency, which also recommended raising the capacity addition rate to 1 TW/yr.
But in the EU, more renewable projects are in the permitting pipeline than are under construction, European energy commissioner Kadri Simson said at the WEF, citing insufficient manpower and co-ordination issues as the main obstacles to accelerating renewables uptake.
The European Council of Ministers in October last year adopted the revised Renewable Energy Directive (RED III), setting the share of renewables at 42.5pc for 2030. But the European Commission in December asked member states to improve their National Energy and Climate Plans, which fall short of the bloc's target.
On his side, Spanish utility Iberdrola's chief executive, Ignacio Galan, highlighted the need for governments to provide predictability and stability for new projects. "We have the technology, financial resources and ambition, but we need to move faster," he said. Galan also called for the development of grid infrastructure and more interconnections.
In addition, local opposition to wind projects has increased, according to environmental group Nature Conservancy chairwoman Jennifer Morris, adding to the challenge of tripling renewables.
Consumer country organisation the International Energy Agency forecasts that global installed renewables capacity will reach 7.3TW by 2028 "under existing policies and market conditions". Under an "accelerated scenario", also to 2028, "more rapid policy implementation drives renewable power capacity growth 21pc higher than in the main forecast".
