The recent United Nations climate conference in Dubai set a goal to triple global renewable energy capacity by 2030. However, a new report from the International Energy Agency reveals that current policies will only lead to a 2.5-fold increase, falling short of the target. The challenges of accelerating renewables expansion are highlighted, particularly in the wind industry. High interest rates and supply chain disruptions in wealthy countries are hindering the growth of renewables. Additionally, the long permitting timelines in the U.S. and Europe pose another significant challenge for developers. To meet the tripling goal, significant policy interventions and increased financing for renewables in developing countries are essential. It’s a race against time, but success in meeting the goal is crucial for the transition to sustainable energy.
