Why is it in the news?
- The presidency of the 28th Conference of Parties (COP28) of the United Nations Framework Convention on Climate Change (UNFCCC), to be held in Dubai (November 30-December 12), has called for agreement on a global target of tripling renewable energy capacity from current levels by 2030.
- The target is inspired by an International Renewable Energy Agency (IRENA) report.
- The global installed capacity of RE sources for electricity in 2021 was 3026 GW, contributing 28% to total electricity generation.
- The origin of the global RE target lacks transparency, and it aligns with an inequitable scenario.
- Absolute projections of installed capacity do not consider growth in energy demand, favoring relative targets that are less risky.
- Developing countries may face challenges in achieving the target without matching non-RE capacity, viable storage options, and sufficient grid development funding.
- Key proponents of the global target, like the U.S. and the EU, lack absolute domestic RE targets.
- Tripling RE capacity implies reaching about 9000 GW by 2030, mainly from solar and wind.
- Meeting this target would require generating approximately 13,000 TWh of electricity from RE alone, making up 38% of global electricity production.
- Electricity demand varies significantly across countries, with developing countries like China and India experiencing rapid growth, while the EU and the U.S. have slower growth.
- For the U.S. and the EU to contribute significantly, they must phase out fossil fuel-based capacity.
- Developing countries, especially India, should consider the target if developed countries commit to equitable domestic absolute targets under the Paris Agreement.
|Renewable Energy: Renewable energy is defined as energy that comes from resources, which are naturally replenished on their own.The major renewable energy sources presently are Solar energy, Wind energy, Hydroelectric power (large and small units), Wave energy, Ocean thermal energy conversion and Tidal energy and Biomass power. IRENA: It is an intergovernmental organization, was officially founded in Bonn, Germany, in January 2009.Currently it has 167 members, India is the 77th Founding Member of IRENA.It has its headquarters in Abu Dhabi, United Arab Emirates. India’s Renewable Energy Power Generation Targets: 500 GW Non-Fossil Fuel Based Energy by 2030: Announced by Prime Minister Narendra Modi at COP26 summit.50% Electricity from Non-Fossil Fuel Sources by 2030: Pledged in India’s Nationally Determined Contributions (NDCs) under the Paris Agreement.|