Target 7.2 – Increase the Share of Renewable Energy Globally

Renewable energy is no longer easy to access and it’s an absolute necessity. Fossil fuel dependence has faced increasing pressure in recent years from a burgeoning global energy demand, which is taking its toll on both the environment and cash-strapped economies. There are targets in the Sustainable Development Goals (SDGs) to increase the share of renewable energy in global energy consumption.

These are important targets when it comes to addressing climate change, emission of greenhouse gases, and sustainable economic development. The pace at which solar, wind, hydropower, biomass, and geothermal energy are being tapped is accelerating, and though they only need to be scaled at a far faster rate for them to replace the conventional ones.

Increase the Share of Renewable Energy Globally

This urgency is not about the world as it could or should be, but another matter of fact and existence, one that has everything to do with our energy system. Fossil energy and the earth-air system account for about 80% of the world’s primary energy needs. It’s also amping up our addiction to fossil fuels, a habit that not only generates too much planet-warming carbon dioxide but also magnifies environmental ills like air pollution, rising seas, and extreme weather.

If the world is to remain within the threshold of 1.5°C warming set out in the Paris Agreement, renewable energy would have to take centre stage. But rather than a climate-only venture, increasing its global share is important for both energy security and economic prosperity.

Current State of Renewable Energy Worldwide

Solar and wind power in particular have become dramatically cheaper, and prices for solar fell by nearly 90 percent since 2010, while wind has taken similarly nosediving costs. China, the United States, Germany, and India lead in installation capacity, but with uneven progress. Technology, money, and infrastructure continue to be elusive for a good number of the developing nations.

Even with the expansion, renewables account for only about 30 percent of global electricity production today. That’s a huge success, but it’s also still a long way short of the scale required to decarbonize the world’s energy system. Increasing existing capacity in developed countries while making the treatment available to developing countries in an equitable way.

Barriers to Scaling Renewable Energy

Barrier	Impact on Renewable Growth	Possible Solution
High Initial Costs	Slows adoption in developing nations	Subsidies, low-interest loans
Storage Limitations	Solar/wind intermittency issues	Investment in battery technology
Policy Uncertainty	Reduces investor confidence	Long-term renewable policies
Infrastructure Gaps	Limits power distribution	Modernize grids, smart networks

Socio-Economic Benefits of Renewable Energy

Transitioning to green energy is not just about fighting climate change, and it also comes with massive social and economic benefits:

• Job Creation: There are about 13 million people globally working in renewable energy. Given prior funding increases, this number is expected to soar.
• Health: You can save millions of human lives from respiratory diseases and premature deaths when you cut air pollution by killing off fossil fuel use (like coal and oil).
• Energy Security: A reduced dependence on imported fuels, brought about by renewables, makes a country more independent in its fuel supplies.
• Rural Development: Remote villages can be powered and local economies developed, with decentralized renewables such as solar-based mini-grids.

Renewable Energy Targets and Metrics

To monitor the progress and keep all of us on track, the international community has set a benchmark under SDG 7: Affordable and Clean Energy. One of the major objectives is to achieve a significantly higher share for renewables in global energy consumption by 2030. Several benchmarks have been tracked to gauge progress:

• Renewables share in gross final energy consumption
• Installed renewable generation capacity (MW or GW)
• Lowering of carbon dioxide emissions caused by the use of energy
• Growth in clean energy jobs

These indicators can help policymakers and agencies change their performance, assess the results of action on goals, and ensure accountability for renewable energy targets achieved.

International Cooperation and Investments

The truly stalled world of the development of renewable energy is not something that should be left to each country to do itself. International cooperation is critical. Efforts such as the International Solar Alliance, IRENA (International Renewable Energy Agency), and the Green Climate Fund are establishing a framework through which ways of sharing knowledge, seeking capital, and developing technical capability can be fashioned for any country.

Investment flows are also shifting. For the first time, more money was invested in renewable resources than in fossil fuels worldwide, a tipping point. But annual investment will need to more than triple by 2030 if climate goals are to be met. In the case of developing countries, there is a need for financial and technological assistance to develop new, viable energy systems.

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