In the past week almost 120 global leaders have pledged to triple the world’s renewable energy capacity before 2030 in a bold attempt to slash the global consumption of fossil fuels.
Tripling the world’s renewables by 2030 is an “ambitious yet achievable goal”, according to the International Energy Agency (IEA). Based on the rate of growth for wind and solar power in recent years, the world is on track to meet this target.
But the global energy watchdog has warned that “stronger policy actions by governments” will be required to surmount the obstacles that threaten to slow the progress of wind and solar power developers. Overcoming challenges, such as rising costs, uncertain supply chains and grid bottlenecks, is considered essential for leaders struggling to hit their goal of limiting global heating to within 1.5C of pre-industrialised levels.
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