Carbon Neutrality and the 2030 Renewable Energy Target: How Close Are We?

Figure 1: Image showing COP28 Goals. Credit IRENA

The main goal in the fight against climate change is carbon neutrality, which doubles as the global environmental policy’s goal. In order to keep global warming to 1.5°C over pre-industrial levels, the installed capacity of renewable energy worldwide must treble by 2030. This means that the next six years will be crucial in the battle against climate change. The COP28 has been an excellent opportunity to evaluate how well each country is doing in reaching its 2030 objectives. The question remains: Are we close to this target now that 2030 is approaching? This article takes a surgical look into the current progress towards achieving carbon neutrality, with a keen focus on the COP28 pledges.

Role of the International Energy Agency (IEA)

Since its inception, the International Energy Agency (IEA) has been at the forefront of leading the global dialogue on energy, delivering authoritative analysis, policy recommendations, data and solutions to help nations identify the ideal pathways to scaling up renewable energy for all.

The IEA’s initiatives, such as the Clean Energy Transitions Program, are designed to mobilize global action toward meeting ambitious renewable energy targets. By leveraging its influence and expertise, the IEA is playing a pivotal role in advancing the global agenda to ensuring a more sustainable and resilient energy future.

COP28 

The severity of extreme weather events experienced in many parts for the world – from heatwaves, floods, cyclones, wildfires, prolonged droughts and hurricanes serve as a critical reminder of the essence of limiting the global temperatures to 1.5 degrees Celsius – a goal that is crucial to the global climate agenda. These severe changes on the opposite ends of the spectrum, which further exert irreversible damage to ecosystems, biodiversity loss and grave aftermaths to vulnerable communities, globally, underscore the urgency of mitigating climate change.

It is in this context that understanding COP28 becomes of the essence. COP28 provides a platform for nations to accelerate their commitments to mitigating greenhouse gas emissions, by leading the charge in the transitioning to renewable energy sources, and implementing sustainable practices across industries. The conference touted international collaboration, holds countries accountable to their climate pledges, and mobilizes the resources needed to meet these ambitious targets. By bringing global leaders together, COP28 serves as a critical juncture to ensure that the 1.5-degree threshold is not exceeded, emphasizing that collective action is instrumental in realizing the planet’s stewardship for the present and future generations.

Progress Towards The 2030 Renewable Energy Target

It’s safe to say there has been unprecedented growth in renewable energy capacity. Numerous world countries are adopting renewable energy sources, from solar and wind power, to green hydrogen.  

For example, Germany and China have been the runaway leaders in this transition. This progress is more profound in China, which achieved its target six years ahead of schedule. China achieved its 1,200GW wind and solar installed capacity target by the end of July 2024. About 103.5GW of zero-emissions capacity was added during the first 5 months of CY2024, as thermal power additions declined by 45% y-o-y at the end of May CY2024.

The same strides can be seen in different countries in Europe. For example, Denmark has been integrating wind, solar, and hydropower on a larger scale to help meet these targets. Over half of the electricity in Denmark comes from renewable sources, often supplied from wind and solar energy. At the same time, recognizing the urgency of the climate crisis and the need to work towards carbon neutrality, countries are harnessing the power of strategic alliances to accelerate the deployment of clean energy technologies, with the example of Spain and China’s Envision leading the pack in this, given their recent alliance to produce green hydrogen.

Challenges And Opportunities

From the above evidences, it is clear that progress is clear, but so are the challenges. The data indicates that many countries are struggling to keep up with the yearly capacity expansions needed to meet these objectives.

First, clear financial barriers slow any chance of adopting renewable technologies, which is common among developing countries. There are also aspects of outdated infrastructure, a reliance on fossil fuels, and fluctuating politics in some areas. These are significant obstacles that can derail any progress being made.

The good news is that we can learn from these challenges and devise innovative solutions. For instance, we can invest in battery technology to deal with the intermittent nature of renewable energy sources. Also, advanced economies can help these developing nations with financial support and technology. We need these collaborative and collective efforts to bridge the gaps. 

Are We On Track?                                                         

Are we on track to meet the 2030 renewable targets? The simple answer is yes. We have seen clear pathways and progress, meaning we can achieve the 2030 renewable energy targets. Still, we can do more to move closer to the carbon-neutral goal. Achieving the 2030 objectives would require significant investments in infrastructure development, policy support, and research and development. In the coming years, we will have a chance to change the global energy scene and advance the goal of reaching net zero globally. COP28 provides a vital platform for governments, businesses, and individuals to commit to the necessary changes and achieve energy transition.