Ambitious project looking to triple renewable energy capacity by 2030
By Anders Lorenzen
A joint project between the International Renewable Energy Agency (IRENA) and Masdar, the innovative United Arab of Emirates (UAE) energy company, is planning to start a knowledge project outlining how to triple renewable energy capacity by 2030.
The project will coincide with the global UN climate summit COP 28 hosted in the UAE this year and will set out to establish a global baseline for renewable energy with a focus on solar, wind, hydropower, geothermal and other emerging technologies (like battery storage) complemented by region-specific data.
A tripling of capacity
Commenting on the project, HE Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said: “The world needs to commit to tripling global renewable energy capacity by 2030 and to double it again by 2040. In the 17 years since the UAE leadership established Masdar in 2006, the cost of a kilowatt hour of solar energy has plummeted to under 2 cents and we need to harness this pioneering spirit of innovation now more than ever. Masdar has already committed to growing its total capacity five-fold to 100GW by the end of the decade and this joint research project with IRENA will emphasize the vital role of renewable energy in limiting global warming when the world comes together at COP28”.
Francesco La Camera, Director-General of IRENA added: “We have the technology to deploy renewable energy at speed and scale. In 2022, a record 300 gigawatts (GW) of renewables were added and renewable power now accounts for 40% of total installed generation capacity globally. Despite this progress, the energy transition is off track. IRENA’s World Energy Transitions Outlook indicates that the deployment of renewables must reach 1000 GW annually to keep the 1.5°C target alive.”
In addition, the project also aims to highlight the challenges faced by different regions in meeting their renewable energy ambitions and provide recommendations for action, particularly in the context of COP28.
Since it was established in 2006, Masdar has invested in a portfolio of renewable energy projects with a combined generation capacity of 20 gigawatts (GW).