Tripling Renewables By 2030: Opportunities And Challenges

Tripling renewable energy capacity by 2030 is an ambitious yet essential step toward mitigating the impacts of climate change. A global energy transition towards renewables faces challenges including financing, infrastructure development, and policy development, but it will also bring many opportunities. 

By Samuel Ajala

At COP28, 133 countries committed to tripling renewable energy capacity by 2030, which is a crucial step toward mitigating the impact of climate change [1]. If this goal is achieved, it will lead to the addition of 10,000 GW of global renewable power capacity in solar, wind, and hydropower [2]. The ambitious goal is part of a broader strategy to phase out fossil fuels and replace them with cleaner and more sustainable energy sources.

The commitment also reflects growing consensus on renewable energy’s role in delivering energy security, reducing the growth of greenhouse gas emissions, and sustaining economic growth. But meeting that target takes far more than technological innovation alone. It demands policy coherence, huge financial endowments, and international collaboration on an unprecedented scale [3].

Opportunities in the renewable energy transition

The shift to renewable energy creates more pathways toward economic and environmental development. The most significant benefits include reducing reliance on fossil fuels, which are a major contributor to greenhouse gas emissions and also a finite resource. This shift to renewable energy can improve energy security by reducing dependence on imported fossil fuels in regions with abundant renewable resources, such as solar energy in the Middle East and wind energy in Europe [2].

Moreover, the renewable energy industry will almost certainly create millions of new jobs worldwide. A report by the International Labour Organisation (ILO) estimates that transitioning to a green economy could create up to 24 million jobs by 2030 [4]. This job creation will span various sectors, from manufacturing solar panels to installing wind turbines and building smart grids. Countries that invest in renewable energy now stand to benefit from long-term economic growth and increased competitiveness in the global green economy.

Another significant opportunity lies in technological innovation. As the demand for renewable energy grows, so too does the need for energy storage, grid integration, and energy efficiency advancements. Breakthroughs within these areas are likely to make renewable energy both more reliable and cost-effective, which could accelerate its adoption further. Another major contribution of renewable energy investment to sustainable development is promoting better air quality, improving public health, and building resilience against climatic disasters [3].

Challenges to achieving the 2030 target

While the expected gains from tripling renewable energy capacity are enormous, several challenges remain. Of these, one of the most serious barriers to scaling up renewable energy infrastructure is the high cost. The UN estimates it will take an investment of $4.5 trillion a year to create the infrastructure needed to support the energy transition by 2030 [5]. Above all, developing countries lack the necessary finances and will need extensive international help if they are to reach these targets [6].

Another important challenge is upgrading the energy grids to renewable sources. Most of the power grids around the world were designed to function in a centralised production system based on fossil fuels and, in general, are poorly suited for distributed renewable sources like solar and wind. Upgrading such grids would further ensure that renewable sources can be distributed with high efficiency and reliability. Without this, the integration of renewable energy into the global energy system will continue to be constrained [2].

Moreover, many countries’ political and regulatory environments are not conducive to rapid renewable energy deployment. Some nations continue to provide subsidies for fossil fuels, and others have slow and cumbersome approval processes for new renewable energy projects. In these cases, policy reform is necessary to remove barriers and create incentives for private investment in renewables [3].

Finally, the intermittency of renewable energy sources like wind and solar presents a technical challenge. While energy storage technologies such as batteries are improving, they are not yet sufficient to fully address this issue. As a result, countries will need to invest in complementary technologies, such as smart grids and demand response systems, to balance supply and demand in renewable energy systems [3].

Conclusion

Tripling renewable energy capacity by 2030 is an ambitious yet essential step toward mitigating the impact of climate change. Although the commitment made in COP28 provides a huge opportunity to accelerate the global energy transition, it is equally a big task. Several nations face financing, technical, and political obstacles toward meeting this goal. If the world can overcome these obstacles, the advantages will be huge, from fewer emissions to more economic growth. Reaching this goal would require unprecedented international cooperation, innovation, and investment within the next decade.

References:

[1] COP28: Global Renewables and Energy Efficiency Pledge. (n.d.). https://www.cop28.com/en/global-renewables-and-energy-efficiency-pledge 
[2] Tracking COP28 outcomes: Tripling renewable power capacity by 2030. (2024, March 1). https://www.irena.org/Publications/2024/Mar/Tracking-COP28-outcomes-Tripling-renewable-power-capacity-by-2030 
[3] Countries around the world have a major opportunity to set stronger plans for achieving the global goal of tripling renewable power by 2030 – News – IEA. (2024, June 4). IEA. https://www.iea.org/news/countries-around-the-world-have-a-major-opportunity-to-set-stronger-plans-for-achieving-the-global-goal-of-tripling-renewable-power-by-2030 
[4] 24 million jobs to open up in the green economy. (2024, April 19). International Labour Organisation.https://www.ilo.org/resource/news/24-million-jobs-open-green-economy-0#:~:text=ILO%20flagship%20report%20estimates%20job,moves%20to%20a%20greener%20economy.&text=GENEVA%20(ILO%20News)%20%E2%80%93%20Twenty,a%20new%20ILO%20report%20says. 
[5] United Nations. (n.d.). Renewable energy – powering a safer future | United Nations. https://www.un.org/en/climatechange/raising-ambition/renewable-energy#:~:text=Renewable%20energy%20makes%20economic%20sense&text=In%20comparison%2C%20about%20%244.5%20trillion,net%2Dzero%20emissions%20by%202050. 
[6] Overview. (n.d.). World Bank. htps://www.worldbank.org/en/topic/energy/overview#:~:text=In%202023%2C%20the%20World%20Bank,for%20low%2Dcarbon%20energy%20investments.