The world may be on track for tripling renewables – and that’s what we need
Governments plan to double renewable capacity by 2030, and tripling is within sight, according to a newly released report.
Many countries are already on track to exceed their national targets, and more ambition is achievable to bring a tripling of global renewables within reach, according to an analysis of national targets by energy think tank Ember.
The report analyzes renewables targets for 57 countries, plus the EU, that collectively represent 90% of global power sector emissions. According to these targets, global renewable capacity will reach an estimated 7.3 terawatts (TW) in 2030, more than doubling from 3.4 TW in 2022. More than 75% of renewable capacity in 2030, where stated, will be from solar and wind.
However, the current renewables boom is already outpacing governments’ planned growth. The world could achieve a doubling just by continuing the deployment achieved in 2023 throughout the rest of the decade – yet all signs point to a more rapid growth curve.
If the countries analyzed by Ember continue the growth rate of 17% achieved since 2016 throughout the rest of this decade, it would put the world on track for a tripling of renewables.
The renewables revolution
This year was another record year for renewables, with the International Energy Agency (IEA) forecasting 500 gigawatts (GW) of additions in 2023, up 71% from 2022. More solar was installed in 2023 than the US’s entire renewable capacity. This was enabled by an even faster increase in the manufacturing capacity of solar panels, which doubled in just two years and is expected to exceed 1,000 GW in 2024.
Ember found that current national targets don’t account for this recent acceleration of renewables. Twenty-two countries already have enough renewable energy projects in development to exceed their 2030 target, and a further 12 countries are already building renewables faster than required to meet their 2030 target. That includes Brazil, which is set to install almost three times more renewable capacity in 2023 than it aims to build each year until 2030.
“The targets of today are already outdated and should be updated,” said Ember’s global analyst Dr Katye Altieri. “Governments have yet to understand the revolution that’s under way with renewables. As we approach COP28, leaders should be confident in supporting a global goal to triple renewables; it is looking more possible than ever to achieve.”
How to triple renewable capacity
Building on evidence from the IEA and IRENA, the COP28 president has called for a global agreement to triple renewable capacity by 2030. Ember’s analysts have identified a gap of 3.7 TW between collective national targets and a global tripling (11 TW) that must be made up through accelerated deployment and increased ambition.
Some countries have ambitious targets in place: 10 countries, including India, already aim to triple their renewable capacity. Twelve countries have wind and solar share targets that exceed the global goal of 40% by 2030, including the US – the world’s second-largest emitter. A further 20 countries plan to shift more than 20% of their electricity mix from fossil fuels to renewables by 2030, including South Africa.
However, the report highlights particular countries that must step up their targets, including Australia, Japan, South Korea, and the United Arab Emirates, which are already on track to exceed their targets and are among the world’s highest power sector emitters per capita.
“Tripling renewable capacity worldwide is the single biggest action required this decade for the climate,” continued Altieri. “This goal is within sight if governments set targets that reflect the current pace of change and roll out robust new policies to supercharge the building of solar and wind power.”
Electrek’s Take
To put it succinctly, Ember’s report is basically saying, “Knuckle down, world, you can do this.” And the UN Environment Programme (UNEP) today drove home – once again – why the transition to fossil fuels must be undertaken urgently.
UNEP’s “Emissions Gap Report 2023,” released today, finds that current pledges under the Paris Agreement put the world on track for a 2.5-2.9C temperature rise above pre-industrial levels this century – and thus the urgent need for increased climate action.
I’m amused (I like black humor) by the double entendre title of this year’s report – “Broken Record.” It refers to 2023’s record-breaking temperatures and weather events. It also refers to UNEP saying the same thing over and over again, yet governments aren’t responding quickly enough.
UNEP states in its executive summary that the world needs to cut 2030 emissions by 28% to get on a least-cost pathway for the 2C goal of the Paris Agreement, and 42% for the 1.5C goal. But it overcompliance:
Over-complying with current [Nationally Determined Contribution] targets for 2030 will enable countries to put forward more ambitious mitigation targets for 2035 in their next NDCs, and it will make the realization of such ambitious targets for 2035 more feasible.
Ember just proved that tripling renewables capacity can be done. The findings in UNEP’s report proves that it must be done.
Read more: For the first time ever, the IEA predicts that global emissions will peak by 2025
Photo: First Solar, a NREL research by U.S. Department of Energy is licensed under CC-CC0 1.0; Charts: Ember
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Tesla (TSLA) board members have received a wake-up call letter from eight state treasurers, asking them to fulfill their duties and supervise the company’s CEO, Elon Musk.
Will they ignore this warning as well?
There have been concerns about Tesla’s board sleeping at the wheel for a while now.
Their job is to oversee Tesla’s management for the benefit of shareholders, but Tesla’s stock is down almost 40% this year while the CEO is splitting his time between 6 different companies and projects while alienating most of Tesla’s consumer base.
Yet, the board hasn’t said a word about it.
The situation lends weight to the argument that the board is entirely under Musk’s control, which is the main point of contention in Tesla’s $55 billion CEO compensation case.
Now, eight state treasurers have joined forces to raise their concerns with the board. They wrote in a letter addressed to Robyn Denholm, chair of Tesla’s board:
We are increasingly concerned that Tesla’s recent performance signals deeper governance and leadership challenges that, if left unaddressed, could have serious consequences for the company and its stakeholders. In the first quarter of 2025 alone, Tesla’s stock declined by 36%. The company missed delivery targets, recalled a substantial number of vehicles, and experienced a surge in trade-ins for competing brands. Meanwhile, CEO Elon Musk continues to divide his attention across multiple companies and a high-profile advisory role within the federal government. These external commitments raise serious questions about whether Tesla’s leadership is fully engaged in addressing the company’s core challenges.
In the letter, the treasurers remind Tesla’s board of its duty “to provide strong oversight, uphold fiduciary standards, and ensure that the company’s leadership is aligned with the long-term best interests of the company.”
They are directly asking the board three questions:
- How is the Board ensuring that Mr. Musk and Tesla’s leadership team are devoting adequate time and focus to resolving recent performance issues and guiding the company’s future direction?
- In light of the company’s underperformance, how is the Board evaluating whether executive compensation remains aligned with shareholder value and corporate accountability?
- How does the Board plan to communicate its strategy for navigating this period of uncertainty and restoring investor and public confidence in Tesla’s leadership?
Tesla is going to release its Q1 2025 financial results today, hold its earnings conference call, and have a “live company update.’ Maybe some of these questions will be answered.
Here’s the letter in full:
2025-04-17 Letter to Tesla Board Chair
April 17, 2025
Robyn Denholm
Chair of the Board
Tesla, Inc.
1 Tesla Road
Austin, TX 78725
Dear Chair Denholm,
We are entrusted with promoting the long-term economic health and financial stability of our states and the people we serve. Tesla, Inc. is not just one of the world’s most valuable companies—it is a major player in the clean energy economy and a leading force in emerging technologies such as robotics and autonomous driving. The company’s success or setbacks have significant implications for workers, regional industries, and innovation ecosystems in our states.
We are increasingly concerned that Tesla’s recent performance signals deeper governance and leadership challenges that, if left unaddressed, could have serious consequences for the company and its stakeholders. In the first quarter of 2025 alone, Tesla’s stock declined by 36%. The company missed delivery targets, recalled a substantial number of vehicles, and experienced a surge in trade-ins for competing brands. Meanwhile, CEO Elon Musk continues to divide his attention across multiple companies and a high-profile advisory role within the federal government. These external commitments raise serious questions about whether Tesla’s leadership is fully engaged in addressing the company’s core challenges.
We regularly interact with stakeholders across our states, including institutional investors, industry leaders, workers, and small businesses. We are hearing increasing concern about Tesla’s direction, not only from financial professionals but from those who have looked to Tesla as a leader in clean energy innovation and American industrial renewal. If Tesla falters, the effects won’t be confined to shareholders—they will ripple through regional economies, workforce pipelines, and public confidence in the energy transition.
At a moment when American industrial leadership is facing stiff global competition, it is essential that companies like Tesla are governed with focus, discipline, and clarity of mission. The Board’s role is especially critical now—to provide strong oversight, uphold fiduciary standards, and ensure that the company’s leadership is aligned with the long-term best interests of the company. Public officials like us do not take the step of raising these concerns lightly except when the obvious risks demand it.
We believe the Tesla Board has a responsibility to act decisively to ensure the company returns to a stable and focused trajectory.
We respectfully request the Board provide clarity on the following:
- How is the Board ensuring that Mr. Musk and Tesla’s leadership team are devoting adequate time and focus to resolving recent performance issues and guiding the company’s future direction?
- In light of the company’s underperformance, how is the Board evaluating whether executive compensation remains aligned with shareholder value and corporate accountability?
- How does the Board plan to communicate its strategy for navigating this period of uncertainty and restoring investor and public confidence in Tesla’s leadership?
Finally, we strongly believe Tesla’s Board would benefit from engaging with public sector stakeholders who share an interest in the company’s long-term value and societal impact. We welcome the opportunity to speak further about these concerns and discuss how the Board can take swift and transparent action to restore investor confidence and public trust in Tesla’s leadership and the company’s future.
We welcome a response and the opportunity for continued dialogue.
Signed,
Mike Pellicciotti, Washington State Treasurer
Deborah B. Goldberg, Massachusetts State Treasurer and Receiver-General
Michael W. Frerichs, Illinois State Treasurer
Erick Russell, Connecticut Treasurer
Laura M. Montoya, New Mexico State Treasurer
David L. Young, Colorado State Treasurer
Mike Pieciak, Vermont State Treasurer
Malia M. Cohen, California State Controller
Electrek’s Take
Tesla is a $700 billion publicly traded company that is run like a family business by Musk, who owns just 13% of the float.
The board, which was so handsomely rewarded that it had to return almost $1 billion worth of compensation as part of a shareholder lawsuit, is letting Musk do whatever he wants without any objection.
It’s clear that they have a quid pro quo with Musk, whereby they receive compensation at a rate several times higher than any other similarly sized company in exchange for allowing Musk to run Tesla as if it were his private company.
While I am glad they sent this letter, I doubt that a group of state treasurers will convince Tesla’s board to do anything.
At this point, they are either completely fine with Musk destroying Tesla or they believe his claims about self-driving technology.
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Chevron is not seeing signs that the U.S. is close to a recession even as President Donald Trump’s tariffs weigh on expectations for oil demand, CEO Mike Wirth said Tuesday.
“There’s no signs that we see at this point that we are in or close to a recession,” Wirth told CNBC’s “Squawk Box.” “There are signs that growth may be slowing and we have to always be prepared for that.”
The International Monetary Fund on Monday cut its growth outlook for the U.S. this year to 1.8%, down from 2.7% previously.
The oil market is expecting reduced demand as a consequence of Trump’s tariffs and the decision by OPEC+ increase production faster than expected, Wirth said. Chevron isn’t changing its capital spending plans in response to drop in prices, the CEO said.
U.S. crude oil prices have fallen about 11% since Trump announced his tariffs on April 2. West Texas Intermediate was last up about 72 cents at $63.80 per barrel. OPEC and the International Energy Agency have cut their demand outlooks for this year.
Wirth said U.S. onshore oil production in patches like the Permian Basin is likely to pull back if prices hit $60 per barrel. Offshore production likely won’t be affected, he said.
“That’s an area where if we were to be at a $60 price or even lower you’re likely to see activity pull back in this sector and you’ll see the production response over a few months,” Wirth said. “That’s what we should watch, not so much the deep water activity.”
Chevron is not expecting a major direct impact on its business from Trump’s tariffs as energy has largely been exempt from the levies, Wirth said.
“The effects that we feel are likely to be more the macroeconomic effects as they flow through the economy,” Wirth said. “The bigger issues would be what would it mean for growth, and global trade and how does that evolve.”
Executives at oil and gas companies were scathing in their criticism of Trump’s tariffs in an anonymous March survey by the Federal Reserve Bank of Dallas, warning that steel tariffs were raising their costs and low prices could impact their activity.
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Little is known about super-secretive EV startup Slate, but the fledgling brand is rumored to be backed by Jeff Bezos and determined to shake up the existing electric order with an affordable lineup of compact SUVs and pickups with that golden $25,000 price tag.
Now, at least, we know what it’s gonna look like. The battle of the billionaires is on!
Redditor jonjopop over at the spotted subreddit spotted what looks like an early prototype of an unbranded SUV with bizarre “CryShare” wrap. CryShare, as a concept, seems to combine the functionality of a ride sharing app like Uber or Lyft with the familiar (to parent, anyway) idea that small babies will often sleep better in a moving car than in their own cribs … but that’s not what’s important here.
Instead, focus on the vehicle itself – parked on Abbot Kinney Boulevard in Los Angeles without explanation or fanfare, this is our best look yet at the kind of vehicle(s) Slate is likely to reveal in the coming days.
Stumbled upon the Bezosmobile [Slate Automotive…idk?] being revealed with an absolutely bizarre marketing campaign
byu/jonjopop inspotted
Other local automotive journalists caught wind of the public unveiling, too – and our friends at The Autopian (Hi, Matt!) sent their own David Tracy out on the streets of LA to check it out. Tracy took the following video and posted it to Instagram.
The Slate breaking cover and causing buzz just ahead of what’s sure to be a painful Q1 earnings call for Tesla is a masterstroke of marketing – especially as doubts surrounding the viability of a “less expensive” Tesla Model Y or Model 3 continue to mount amid the uncertainty of Trump’s tariffs and declining sales of the brand’s more profitable models both at home and abroad.
As with so much involving Slate, however, there is nothing here written in stone – or even cast in cheese. Nothing has been announced, nothing is promised, and for all we know this might have more to do with the affordable Rivian brand launch, a new BYD, or be a viral marketing bit from some local Art Center design student in (relatively) nearby Pasadena. In fact, about the only thing I think we can say about Bezos (?) new Slate project with confidence today is this: Elon could probably use that drink.
SOURCES | IMAGES: Reddit, The Autopian.
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