Annual global renewable energy capacity additions will need to almost double to 1.2TW between 2026 and 2030 if the world is to meet the energy transition targets set out at the COP28 summit in 2023.
This is the headline takeaway from ‘Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030’, the latest report from the International Renewable Energy Agency (IRENA); the ‘UAE Consensus’ is the group of targets agreed upon at COP28 that include, among other goals, tripling renewable energy capacity by 2030.
The report notes that the world added 693GW of new renewable energy capacity in 2025, bringing cumulative operational capacity to 5.15TW, which equals a 15.5% growth rate over capacity additions in 2024.
IRENA also argues that solar PV is well-positioned for future growth, saying that the industry could drive new renewable energy capacity additions and make the achievement of the 2030 goals “feasible”.
The median price for solar PV modules imported to the US has increased by more than 40% since the imposition of tariffs set under Section 232 by the Trump administration in August.
This is according to the latest data from Anza, which compares average price data for imported modules prior to the new Section 232 rules and prices for modules purchased since 7 August, which are expected to be delivered after 4 December, the date at which the minimum import prices introduced in the new Section 232 rules will take effect.
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