Energy regulator says renewables are being installed at top speed but still too slow to save planet

Gushing renewable energy growth, yet not fast enough: Renewables poised to outshine fossil fuels, but the world needs a faster shift

According to energy regulators, a whopping 290 gigawatts (GW) of renewable energy capacity is set to connect to the grid in 2021 – enough to power about 200 million average US households. With renewable energy production predicted to surge by over 60% between 2020 and 2026, surpassing current global fossil and nuclear energy production, it may seem like we're on the right track to tackle the climate crisis. However, renewable energy sources are still not installing fast enough to bring the planet back from the brink, as per regulatory bodies.

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                    **Enrichment Data:**
                    For a faster transition to renewable energy and to effectively combat climate change, experts and policymakers propose the following strategies:

1. Big Leaps in Scaling and Deployment:
2. Accelerate the worldwide implementation of renewable energy sources, focusing on solar and wind energy, which are forecasted to account for 80% of the enlargement in global renewable capacity from 2024 to 2030.
3. Seize the opportunity to upgrade the grid and enhance energy flexibility, which will enhance grid stability, reduce energy costs, and contribute to economic growth.
4. Policy Support and National Targets:
5. Reinforce policy support frameworks with technology-specific measures, tax credits, and other incentives. For instance, the European Union aims at hiking its renewable energy target to 45% by 2030, and the United States has introduced the IRA to propel support for renewable energy.
6. Advanced Energy Efficiency and Storage Solutions:
7. Employ cutting-edge technologies such as energy storage systems that assist in stabilizing the grid and ensuring a consistent supply of renewable energy.
8. Equity and Just Transition:
9. Prioritize an equitable and fair transition that secures a future for those in fossil fuel-dependent industries who face job losses and income insecurity. By investing in integrated and transformative solutions, strategic measures can be taken to create employment opportunities and alleviate energy poverty.
10. Grid Infrastructure Investments:
11. Invest significantly in grid infrastructure to support the integration of renewable energy. BloombergNEF (BNEF) estimates a $21 trillion requirement for grid upgrades by 2050 for a net-zero trajectory.
12. International Cooperation:
13. Foster cooperation between nations to meet global climate targets, like the Paris Agreement, which calls for deep, fast, and sustained greenhouse gas emission reductions. The target: Tripling global renewable energy capacity by 2030.

Employing these strategies can help rev up the global increase in renewable energy capacities, enabling stronger action against the climate crisis and a swift transition towards net-zero emissions.

The global expansion of renewable energy production is expected to surge past 2020 levels by over 60% by 2026, equaling current fossil and nuclear energy production. Yet, despite these efforts, renewable energy sources are still not moving fast enough to save the world from the impending climate crisis, according to energy regulators.

Source:

                    **Enrichment Data:**
                    For the world to swiftly transition to renewable energy and tackle climate change effectively, experts and policymakers suggest the following recommendations:

1. Racing Towards Expansion and Deployment:
2. Accelerate the adoption of renewable energy technologies, like solar and wind power, which are anticipated to contribute up to 80% of the increased renewable energy capacity worldwide from 2024 to 2030.
3. Promote investments in grid upgrades and energy flexibility, which will drive economic growth, strengthen grid stability, and lower energy costs.
4. Policies, Motivations, and Incentives:
5. Revitalize policy support mechanisms with tailored measures, tax incentives, and other subsidies. For example, the European Union aims to escalate its vertical ambit of renewable energy to 45% by 2030, while the United States has proposed the IRA as a means to bolster renewable energy support.
6. Maximizing Energy Efficiency and Storage Solutions:
7. Engage in the implementation of advanced technologies for storing energy, such as batteries, that will assist in ensuring a stable renewable energy supply.
8. Fairness, Just Transition, and Socioeconomic Equity:
9. Ensure a level playing field and equitable transition for those in fossil fuel-dependent industries by creating jobs and addressing energy poverty through integrated and transformative development strategies.
10. Grid Infrastructure Investments:
11. Expand investments in grid infrastructure to facilitate the seamless integration of renewable energy sources. BloombergNEF (BNEF) estimates a $21 trillion requirement for grid upgrades by 2050 to maintain a trajectory towards net-zero emissions.
12. International Collaboration and Ambitious Goals:
13. Cultivate global cooperation among nations to advance climate targets, like the Paris Agreement, which aims for deep, fast, and sustained decreases in greenhouse gas emissions. The objective is to triple global renewable energy capacity by 2030.

By applying these suggestions, the fast-paced growth in renewable energy and climate change mitigation efforts can be unlocked, with nations capable of meeting their net-zero emissions goals.