IEA Says Countries Behind in Meeting Renewable-Energy Goals

A recent International Energy Agency (IEA) analysis has revealed that most nations are lagging in the implementation of their green-energy goals. The analysis warned that despite promising to reduce their reliance on fossil fuels such as coal and natural gas, the majority of countries aren’t on track to tripling their clean energy capacity by the end of the decade.

With the effects of more than a century of greenhouse-gas emissions becoming clearer by the day, countries must eliminate fossil fuels from their energy mixes and replace them with renewables such as solar and wind. Combining this with green technology such as battery electric vehicles (BEVs) and stationary energy-storage facilities would put the world well on track to eliminating fossil fuels from its energy mix and achieving net-carbon neutrality.

However, the IEA analysis found that current national commitments in climate plans and national energy added up to only 1,300 gigawatts, a paltry 12% of the COP28 goal of tripling the world’s renewable energy capacity by 2030. Consequently, the analysis warned, countries will have installed just 11,000 gigawatts of renewable capacity if they follow through with their 2030 climate pledges.

Unsurprisingly, European countries have been at the helm of the renewable-energy transition, accounting for one-fifth of the world’s pledged renewable capacity, followed by China. Germany is responsible for 25% of Europe’s pledged green-energy capacity with France, Italy, Spain and the United Kingdom trailing after the economic giant, cumulatively contributing to one-third of Europe’s pledged renewable capacity.

However, China takes the global lead in terms of installed solar capacity followed by the European Union (EU) and the United States. The east Asian nation has also taken a significant lead in the installation and export of solar-energy infrastructure. It currently produces most of the solar photovoltaic panels in major markets such as the U.S. and Europe.

According to the IEA report, the next few months will provide a window of opportunity for countries to create concise plans on how to boost their renewable-energy capacity. Countries will also have to speed up the implementation of these plans and step up their renewables ambitions to ensure they are in line with the COP28 goal of tripling the world’s green-energy capacity by 2030 and limiting global warming to only 1.5°C.

The IEA states that the sharp drop in solar and wind infrastructure costs coupled with government efforts to cut greenhouse-gas emissions and fortify national energy systems have contributed to a notable increase in the installation of renewables in recent years. Tripling the world’s green-energy capacity in just six and a half years may be quite an ambitious goa,l but the IEA says it is achievable if governments “turn their promises into plans of action.”

As efforts are undertaken to avail green energy in the place of fossil fuels, companies such as Mullen Automotive Inc. (NASDAQ: MULN) are also investing in new-energy vehicles so that the confluence of these efforts can arrest the onward march of climate change.

NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN

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