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.

Challenges

• 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.

Considerations

• 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.