The International Renewable Energy Agency (IRENA) is convening its 28th Council meeting in Abu Dhabi this week, ahead of COP29. With 350 government representatives from 119 countries present, the meeting will reportedly discuss IRENA’s work, assess global progress following COP28, and explore strategies to mobilise energy transition finance.
The council meeting, running across two days is the last before the climate conference in November.
Back at COP28 in Dubai, nearly 200 countries pledged to triple renewable energy capacity by 2030. However, IRENA’s recent review of the pledge found that current national plans are projected to deliver only half of the required growth in renewable power by 2030 to limit rising global temperatures to 1.5°C.
Moreover, while the report revealed that annual investments in solar PV are on track to meet the USD 397 billion required each year until 2030, other technologies continue to be underfunded.
Indeed, apart from solar PV, capacity additions for all renewable energy technologies are below the level required to meet the tripling target.
Compared to 2023 capacity, the world needs:
- Three times more onshore wind,
- Six times more offshore wind and bioenergy, and
- Thirty-five times more geothermal.
“The 1.5°C target is still within reach, but the risk of missing it is becoming increasingly near,” commented IRENA Director-General Francesco La Camera. “The third round of Nationally Determined Contributions (NDCs) must close the gap towards 2030. With COP29 less than a month away, the gathering of the IRENA Council presents another opportunity to re-emphasise the urgent need to approach Baku with significantly heightened ambition.”
According to the organisation, the 28th IRENA Council will engage in discussions on national experiences in energy transition, challenges and opportunities to enhance the mobilisation of finance towards renewables, and technologies and partnerships for the energy transformation of small island economies.
The two-day meetings will also collaboratively consider the implementation of the Agency’s work programme and budget.