Why is it in the news?

• IRENA releases “A World Energy Transitions Outlook Brief: Tracking CoP 28 outcomes”

Key Findings

• In 2023, there was an addition of 473 GW of additional renewable energy to the global energy mix, with solar energy contributing 73% of this. Despite this progress, the annual addition needs to reach almost 1100 GW to meet the tripling target set for 2030.
• Asia emerged as the leader in renewable deployment, experiencing a growth rate of 20.1%. The growth in Asia was primarily driven by China’s efforts in renewable energy deployment.
• The report highlights that road transport holds significant potential for electrification. Factors driving this progress include the introduction of new electric vehicle (EV) models, financial incentives, and improvements in charging infrastructure.
• The report identifies several challenges hindering the achievement of the tripling target, including rising financing costs and supply chain issues. Supply chain issues encompass bottlenecks for certain technologies and market oversupply for others, highlighting the need for a balanced approach to address these challenges.

 Recommendations to Achieve Tripling Target

• Reforming Multilateral Finance Mechanisms: This involves revisiting and restructuring existing financial mechanisms to better support renewable energy projects.
• Supporting Infrastructure Development: Investment in infrastructure such as power grids and energy storage systems is crucial to facilitate the integration of renewable energy sources into the existing energy grid.
• Implementing Robust Policy Frameworks: Strong and comprehensive policy frameworks are needed to provide clear guidance and incentives for renewable energy adoption.
• International Cooperation: Collaboration on various fronts, including the development of renewable supply chains, enhancing institutional and human capacity, and scaling up access to low-cost finance, is essential for achieving the tripling target.