Paris goals ‘can boost RE growth’
IRENA says climate targets offer opportunity to increase renewables ambition
Countries have an opportunity to increase renewable energy ambitions and deployment as they try to meet the objectives in the Paris Climate Agreement, according to a new report by the International Renewable Energy Agency (IRENA).
The report found that countries’ so-called Nationally Determined Contributions (NDCs), which set out how they will meet their climate goals, and energy strategies could be “substantially enhanced”.
The ‘Untapped Potential for Climate Action: Renewable Energy in Nationally Determined Contributions’ report also said that renewable energy already targeted within national energy strategies often exceeds the capacity currently envisaged under NDCs.
It found that renewable energy deployment under current NDCs would bring 80GW online each year between 2015 and 2030.
IRENA said the current pace of deployment has seen countries install 125GW of new renewable energy capacity on average each year between 2010 and 2016, “suggesting that NDCs can better reflect the global energy transition”.
The report added that a “more integrated approach” would send a clearer message to the global investment community looking to invest in this sector.
IRENA director-general Adnan Amin said: “The case for renewable energy has strengthened considerably since parties first quantified the renewable energy components of their nationally determined contributions.
“Our analysis finds that the convergence of innovation, falling costs and positive socioeconomic impacts of renewable energy – together with the climate imperative – make a compelling case for accelerating action.”