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Renewables growth still lags climate targets, think tank says

(Reuters, 4 Apr 2024) The world added less than half of the new renewable energy capacity needed to meet its climate goals last year, with rising energy demand and weak grid infrastructure slowing the shift from fossil fuels, a leading think tank said on Thursday.

Global renewable capacity additions increased by 36% last year to reach around 473 gigawatts (GW), breaking the record for the 22nd consecutive year, said the Paris-based REN21, a research group that includes national governments and industry associations among its members.

But it fell far short of the 1,000 GW per year required to meet the world's climate commitments, the group said in its annual outlook report. "The reality is that energy demand has increased at the same time, especially in China, India and other developing economies," said Rana Adib, REN21's Executive Secretary. REN21 said the renewables sector was being held back by a lack of investment in grid infrastructure, with an estimated 3,000 GW of projects still awaiting grid connections last year.

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Reuters, 4 Apr 2024: Renewables growth still lags climate targets, think tank says