The International Renewable Energy Agency (Irena) has recommended urgent actions, including integrating renewable targets into national climate plans, doubling collective ambitions, and increasing annual investments in renewables to, at least, $1.4 trillion from 2025 to 2030.

A joint report released by Irena, the COP30 Brazilian Presidency, and the Global Renewables Alliance (GRA) during a pre-COP30 high-level event in Brasília confirmed the world is lagging in achieving renewable energy and efficiency targets, despite a record addition of 582 GW in 2024.

It said this growth is insufficient to meet the COP28 UAE Consensus goal of tripling renewable capacity to 11.2 TW by 2030, which now requires an annual addition of 1,122 GW starting in 2025, necessitating a 16.6 per cent growth rate.

The report, "Delivering on the UAE Consensus," also emphasises the need for improved energy efficiency, noting that global energy intensity only improved by 1 per cent in 2024, falling short of the 4 per cent target necessary to maintain the 1.5 deg C climate goal.

G20 nations are expected to contribute over 80 per cent of global renewables by 2030, with G7 countries playing a pivotal leadership role.

The report stresses the importance of climate finance, with a minimum annual commitment of $300 billion and aspirations of $1.3 trillion by COP29.

Additionally, significant investments in grids and clean technology manufacturing are crucial to support renewable integration and energy security, with an estimated $670 billion needed annually for grid modernisation by 2030.

‘’Renewables are deployed faster and cheaper than fossil fuels – driving growth, jobs, and affordable power. But the window to keep the 1.5 deg C limit within reach is rapidly closing. We must step up, scale up and speed up the just energy transition – for everyone, everywhere,’’ said António Guterres, United Nations Secretary-General.