TRIPLING RENEWABLE POWER BY 2030 THE ROLE OF THE G7 IN TURNING TARGETS INTO ACTION © IRENA 2024 Unless otherwise stated, material in this publication may be freely used, shared, copied, reproduced, printed and/or stored, provided that appropriate acknowledgement is given of IRENA as the source and copyright holder. Material in this publication that is attributed to third parties may be subject to separate terms of use and restrictions, and appropriate permissions from these third parties may need to be secured before any use of such material. ISBN 978-92-9260-602-2 Citation: IRENA (2024), Tripling renewable power by 2030: The role of the G7 in turning targets into action, International Renewable Energy Agency, Abu Dhabi. About IRENA The International Renewable Energy Agency (IRENA) is an intergovernmental organisation that supports countries in their transition to a sustainable energy future, and serves as the principal platform for international co-operation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy. IRENA promotes the widespread adoption and sustainable use of all forms of renewable energy, including bioenergy, geothermal, hydropower, ocean, solar and wind energy in the pursuit of sustainable development, energy access, energy security and low-carbon economic growth and prosperity. www.irena.org Acknowledgements IRENA is grateful for the external reviews and feedback received from Alex Campbell (LDES), Dave Jones (Ember), Joyce Lee (GWEC) and Julia Souder (LDES). This report was prepared by Michael Taylor, with inputs from Deborah Ayres, Xavier Casals, Sean Collins, Adrian Gonzalez, Diala Hawila, Toyo Kawabata and Faran Rana (IRENA) under the guidance of Roland Roesch (Director, IRENA Innovation and Technology Centre), with the support of the 2024 Italian G7 Presidency, to inform discussions during meetings among senior officials as well the G7 Ministers' Meeting on Climate, Energy and Environment in Torino City on 29-30 April 2024. The report was edited by Lisa Mastny and the graphic design was provided by Nacho Sanz. The report benefited from the reviews and comments provided by Francisco Boshell, Ute Collier, Ricardo Gorini, Mohammed Nababa, Julian Prime, Mirjam Reiner, Michael Renner and James Walker and Binu Parthan (IRENA). For further information or to provide feedback: publications@irena.org This report is available at: www.irena.org/publications Disclaimer This publication and the material herein are provided “as is”. All reasonable precautions have been taken by IRENA to verify the reliability of the material in this publication. However, neither IRENA nor any of its officials, agents, data, or other third-party content providers provides a warranty of any kind, either expressed or implied, and they accept no responsibility or liability for any consequence of use of the publication or material herein. The information contained herein does not necessarily represent the views of all Members of IRENA, or the G7 Presidency. The mention of specific companies or certain projects or products does not imply that they are endorsed or recommended by IRENA or the G7 Presidency in preference to others of a similar nature that are not mentioned. The designations employed and the presentation of material herein do not imply the expression of any opinion on the part of IRENA or the G7 Presidency concerning the legal status of any region, country, territory, city or area or of its authorities, or concerning the delimitation of frontiers or boundaries. Cover photos: ©ME Image/Shutterstock.com, ©engel.ac/Shutterstock.com and ©KPG-Payless/Shutterstock.com FOREWORD The historic call at COP28 in the United Arab Emirates to triple renewable power generation capacity and double the rate of energy efficiency improvement by 2030, has set the stage for a rapid scaling up of renewables in the remainder of this decade. A record 473 gigawatts of renewable power capacity was added in 2023 worldwide; yet the trajectory to 2030 still remains short of that required to meet the tripling goal and reach 11 terawatts of renewable power in 2030 - particularly in terms of new additions of onshore and offshore wind, hydropower, geothermal and bioenergy for power. The goal, however, remains within reach; thanks to the success achieved in accelerating solar PV deployment, the world has time to accelerate growth in these renewable power options to ensure the 2030