The International Renewable Energy Agency (IRENA) has released a new report that provides a review of renewable energy targets in Nationally Determined Contributions (NDCs) and assesses their level of ambition against IRENA’s 1.5°C scenario and the goal of tripling renewables in the power sector by 2030.

The analysis covers all 195 Parties to the Paris Agreement, but deep-dives on commitments made by members within specific groups, such as the Group of 20 (G20), small island developing States (SIDS), and least developed countries (LDCs).

The report identifies those targets that are conditional on financial assistance and determines the minimum level of financing needed to support their achievement. It also examines the extent to which renewable energy targets in NDCs are aligned with those set out in national plans and policies, and whether these are reflected in laws, policies or roadmaps and plans.

Some of the key findings of the study include:

• G20’s commitments made in their NDCs are less than half of what they need to be to align with the proposed global goal of tripling renewables, and targets in national energy plans and policies fall short by 30%.
• The international community must step up and scale up financing for a just and inclusive energy transition.
• LDCs and SIDS have shown readiness to increase their ambition and accelerate the much-needed deployment of renewable energy, but to date, they continue to lack the resources needed to attract private finance.
• More than USD 100 billion in renewable energy investment opportunities exist in LDCs.
• Donor countries need to integrate stronger elements of justice in their support, one way of which is by providing more grant-based and concessional financing.