Report launched at the Global Renewables Summit highlights renewable energy progress but warns of challenges ahead to 2030

During the Global Renewables Summit, held as part of Climate Week NYC, the International Renewable Energy Agency (IRENA), the COP31 Presidency and the Global Renewables Alliance presented the report Delivering on the UAE Consensus: Tracking Progress Toward Tripling Renewable Energy Capacity and Doubling Energy Efficiency by 2030, which assesses global progress towards achieving the targets agreed at COP28.

The report concludes that renewable energy growth continues to accelerate. In 2025, 693 GW of new renewable capacity were added worldwide, setting a new global record and bringing total installed renewable capacity to 5.15 TW. Despite this progress, the world remains off track to achieve the goal of tripling renewable energy capacity by 2030, established under the UAE Consensus.

According to the report, renewable energy deployment avoided approximately USD 480 billion in fossil fuel costs in 2025 alone and prevented 8.4 gigatonnes of CO₂ emissions, demonstrating its growing role in energy security, economic competitiveness and decarbonisation.

However, the report warns that implementation remains insufficient. Key challenges include underinvestment in electricity grids, storage and energy system flexibility, as well as high financing costs in emerging and developing markets.

Progress on energy efficiency remains particularly inadequate. Global energy intensity improved by just 1.7% in 2025, significantly below the annual target of 4%, highlighting the need for much stronger efforts if global goals for 2030 are to be achieved.

During the Global Renewables Summit, government leaders, businesses and financial institutions reinforced calls for the implementation of the UAE Consensus, advocating greater investment in renewable energy, electrification, energy efficiency and grid infrastructure. The global Electrify Now initiative was also highlighted, promoting the acceleration of clean electrification as one of the key drivers of decarbonisation. In this context, electrification was identified as a priority on the road to COP31 and towards achieving the 35% electrification target by 2035.

More information here.