Under current policies and market conditions, global renewables capacity is forecast to grow to a total of 7,300 GW by 2028. To reach the 2030 goal agreed last year, it will require reaching at least 11,000 GW. World governments agreed to triple renewable energy generation capacity by 2030 and move away from fossil fuels at the COP28 U.N. climate conference in Dubai last December. But no mechanism was agreed to finance the shift to clean energy in developing countries.
The report said the biggest challenge to meeting the goal will be scaling up financing and deployment of renewables in most emerging and developing economies. “In the absence of any help for African and low-income countries in Asia and Latin America, they will not be able to reach their clean energy targets. That will be a fault line in reaching the 2030 goal,” Fatih Birol, executive director of the IEA, told Reuters.
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