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06 October, 2023

Renewable energy capacity in the world needs to be tripled by 2030 – IRENA

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This will require about $4 trillion in annual investments, Francesco La Camera said during the KAZENERGY forum.

By 2030, the world needs to triple the capacity of renewable energy sources (RES). This was announced at the XV Eurasian KAZENERGY Forum by Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), the Business Information Center reports

«IRENA calls for achieving 11 terawatts of renewable energy by 2030, which will require $4 trillion in annual investments», - he stressed.

According to the Director General of the agency, the world already has effective and competitive tools and technologies for the future based on renewable energy.

«Renewable energy sources, which have been introduced since 2000, have saved more than $500 billion in fuel costs in the electricity sector in 2022. In the same year, the world witnessed an unprecedented increase in (RES capacity. - Ed.) by 295 gigawatts, $ 1.3 trillion was invested in renewable energy projects, and a million new jobs were created in the sector», - emphasized by Francesco La Camera.

He noted that the electricity sector, despite the record figures for the introduction of renewable energy and attracting investment, needs changes.

«We have already noticed how fragile a system that depends on fossil fuels can be. This fragility is further exacerbated by the climate crisis, which is now manifested in droughts and water scarcity in Central Asia», - stressed the head of IRENA.

Therefore, according to him, today the whole world should focus on three fundamental areas: infrastructure, politics and workforce development.

«First, we need to modernize and expand our energy infrastructure so that it can accommodate decentralized renewable sources, transmission systems must adapt to this new landscape. Secondly, our policy and regulatory framework should prioritize accelerating the energy transition by reducing the role of fossil fuels and promoting renewable sources», - he clarified.

Thirdly, qualified personnel are required. Millions of jobs can be created in renewable energy, and this requires coordinated efforts in education and vocational training.

«Investments are very important for this transformation. Kazakhstan has a good position, having large solar and wind resources. The country has already taken important steps to diversify its energy balance - about 2 gigawatts of renewable energy sources have been installed over the past 4 years», - noted Francesco La Camera.

Photo: open sources