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New Delhi: Even if all COP climate pledges were fully met, a substantial CO2 emission gap remains, according to IRENA's World Energy Transitions Outlook 2024, released at COP29 in Baku, Azerbaijan. The report outlines a roadmap to achieve net-zero emissions by 2050, urging nations to align energy policies with climate targets and prioritize investment in renewable capacity and energy efficiency.


The outlook indicates that current pledges would reduce global CO2 emissions by just 3% by 2030 and 51% by 2050. To meet COP28 targets of tripling renewable power capacity and doubling energy efficiency by 2030, IRENA projects that USD 31.5 trillion in investment is required between 2024 and 2030. The agency notes that current national policies will only deliver half the needed growth in renewables, risking the 1.5°C temperature threshold.


The report highlights stark disparities in renewable investments, with the bulk concentrated in a few countries while large regions of the Global South remain underserved. Fossil fuels still dominate the energy mix in major economies, accounting for more than 70% of supply. To stay on track, IRENA urges the G20 to triple its renewable capacity to 9,400 gigawatts by 2030.


Francesco La Camera, IRENA's Director-General, stressed the urgency, stating, "We have reached crunch time." He emphasized the importance of COP29’s climate finance agreement and the next round of Nationally Determined Contributions (NDCs) in 2025 to meet the 1.5°C target.


According to IRENA’s 1.5°C Scenario, renewables could constitute 68% of the global power mix by 2030 and reach 91% by 2050. This transition requires extensive upgrades to power grids and energy storage solutions. IRENA, collaborating with 101 Paris Agreement signatories, calls for NDCs that align with national energy plans to attract investment and accelerate a low-carbon transition.


IRENA further points to the need for significant public financing to support renewable projects in high-risk regions, suggesting that reallocation of fossil fuel subsidies could fund necessary infrastructure in developing countries.