World Falls Short in Race to Combat Climate Change
The world is falling short in its race to combat climate change. Despite record growth in renewable energy, the target to limit global warming to 1.5 degrees is now considered unattainable. An additional 1,122 gigawatts of capacity is needed annually to reach the 2030 target of 11.2 terawatts, with the G20 countries urged to lead the way in expanding renewable energy and investing in grids, supply chains, and technologies.
In 2024, the newly installed capacity from renewable energy sources reached around 582 gigawatts, a significant increase of over 15 percent compared to the previous year. However, this progress is not enough to meet the target agreed at the UN climate conference in Dubai in 2023. The pace of energy efficiency improvement is also too low to meet the target of doubling by 2030. The upcoming UN climate conference in Brazil will discuss these concerns and the need for urgent action.
The G20 countries, which include major economies like China, the US, EU, and India, must take the lead in this effort. They are responsible for the largest shares of both current needs and required increases in grid, supply chain, and green technology investments. However, exact annual investment amounts for each country are not publicly available, as they depend on national circumstances, baselines, and policies.
The world has already exceeded the 1.5-degree limit in 2024, and countries worldwide are not making enough progress to reach their self-set targets. Despite record growth in renewable energy, global climate goals are in serious danger. The G20 countries must step up and make urgent investments to triple renewable energy capacities and prevent the worst impacts of climate change.
