Masdar, IRENA to launch roadmap to triple RE capacity by 2030

They will set up an outline of global targets for renewable energy.

They will set up an outline of global targets for renewable energy.

Abu Dhabi-based energy firm Masdar and the International Renewable Energy Agency (IRENA) signed a memorandum of understanding to collaborate in crafting a global roadmap to increase the renewable energy capacity three-fold by 2023.

In a statement, IRENA said the main objective of the project for the COP28 is to establish a global baseline for renewable energy focusing on solar, wind, hydropower, geothermal, and other technologies such as battery and storage.

This will be complemented by region-specific data, they said.

“In 2022, a record 300 gigawatts (GW) of renewables were added and renewable power now accounts for 40% of total installed generation capacity globally. Despite this progress, the energy transition is off track,” said IRENA Director-General Francesco La Camera.

He added that under IRENA's World Energy Transitions Outlook, annual deployment of renewables must reach 1,000 gigawatts to “keep the 1.5°C target alive.”

The collaboration will also focus on the challenges faced by different regions in meeting their renewable energy ambitions and include recommendations to meet them.

International Renewable Energy Agency

Masdar

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