These massive challenges confront the global community as it endeavors to meet the renewable energy goals that will be established during the COP28 COP agreement. According to new Climate Action Tracker, short-term targets remain painfully inadequate. Only 22 countries have raised or amended their targets since the conference. Consequently, global renewable energy targets have grown by only 2%. Experts warn that without immediate and ambitious updates, nations may falter in achieving the critical renewable energy milestone by 2030.
As South Africa revises its Integrated Resource Plan, a new target date of 2030 is expected. This one fix would go a long way toward making the nation’s ambitious renewable energy efforts more compatible with the global imperative to stop and reverse deforestation. The U.S. continues to languish, with no national 2030 renewables goal likely to be declared any time soon.
China, by contrast, is putting the finishing touches on a 15th Five-Year Plan for Energy. This plan may introduce a new target for 2030, which could be pivotal in bridging the gap between current installations and required renewable capacity. India still plans to meet its revised target of 500 gigawatts (GW). This goal works in tandem with the ambitious goal to triple global renewable energy capacity, set at COP28.
Current Global Status of Renewable Energy Targets
The existing collective aspiration from national targets only reaches a combined total of 7.4 terawatts (TW) by 2030. There is still a massive 3.7 TW gap to reach the needed tripling of these in order to reach a target of 11 TW. Locking in insufficient progress in 2022 by itself, just 3.4 TW of renewable generation was installed globally, making stronger commitments all the more urgent.
As a result, those same 20 power producers have barely shifted their national dreams. This lack of progress has environmental advocates seriously concerned. The majority of these countries that have recently raised their Nationally Determined Contributions—the new renewable energy targets—are European Union members. This points to a troubling regional imbalance in leadership on renewable energy projects.
“The purpose of a national renewables target is less so to force more renewables to be built, but rather to make sure they are built smarter.” – Katye Altieri
Notable Developments in Key Countries
South Africa’s potential revisions signal a proactive approach towards meeting future energy needs. As the nation grapples with energy shortages and environmental concerns, updates to its Integrated Resource Plan could streamline energy production and consumption strategies.
The United States is still quiet when it comes to committing to specific targets. This hesitance could hinder progress toward broader climate goals and diminish its role as a leader in renewable energy initiatives.
China’s upcoming Five-Year Plan offers real potential to strengthen its renewable energy foundation. China, as perhaps the largest contributor to global emissions, is a powerful case in point. These changes to its climate targets would make a huge difference in global efforts to fight climate change.
India’s ambitious target is a recognition that the transition to clean and renewable energy is not only a domestic imperative but a global aspiration. India remains firmly wedded to its 500 GW target. This decision represents the commitment in this country to advance global renewable energy goals.
The Road Ahead
Experts are cautioning that the meager bump in renewable energy targets since COP28 could fall short. Absent further, more ambitious actions, the world will continue to fall short of critical climate goals. That trajectory, as it stands, is wholly insufficient to deliver on these ambitious promises.
