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“The targets of today are already outdated and should be updated,” said Ember’s global analyst Dr Katye Altieri.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 is going to build a new Megafactory in Texas near Houston, according to a tax abatement agreement with Waller County.
At the time of writing, Tesla had yet to comment on the new project, but the Waller County Commissioners Court confirmed the project on Wednesday when they approved a tax abatement deal with the company:
Under the proposed agreement, Tesla will receive tax abatements from Waller County based on property improvements. The deal includes $44 million in facility improvements and $150 million in Tesla manufacturing equipment that Tesla will install. The next phase involves a new $31 million distribution facility with about $2 million in Tesla distribution equipment and building upgrades.
Tesla is going to take over a 1-million-sq-ft building that it already held the lease on at the Empire West industrial park near Katy, Texas – just outside of Houston.
Logistics company DB Schenker occupied the space where it handled parts for Tesla, but it will move out and Tesla plans to build Megapack production lines at the site:
Tesla will operate a new Megapack battery storage manufacturing facility at a 1 million-square-foot building, which was initially constructed with no tenant on speculation that it would attract jobs and economic development.
Tesla has previously referred to plants producing Megapacks as “Megafactory”. The company already operates one in Lathrop, California, and one in Shanghai, China, where it just started production.
Those factories are set up for a production capacity of 40 GWh worth of Megapacks per year.
It’s not clear if Tesla plans for a similar capacity at this new factory, but the county announced project should result in creating 1,500 jobs.
In addition to the existing building, the project will include the construction of an additional “600,000-square-foot distribution facility with some manufacturing capabilities.”
Unlike its automotive business, Tesla’s energy business has been growing at an impressive pace – although prices and margins have come down last year.
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![Is Genesis taking notes from Porsche? New GV60 Magma caught with the Taycan [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/03/Genesis-GV60-Magma-Porsche-2.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
Genesis is gearing up to unleash its alter ego with its upcoming Magma lineup, its debut into the world of high-performance luxury vehicles. First up is the Genesis GV60 Magma, due out later this year. As testing wraps up, the GV60 Magma was spotted alongside none other than the Porsche Taycan.
The first dedicated Genesis EV model, the GV60, will kick off another new chapter for the Korean luxury automaker.
Genesis unveiled the GV60 Magma last March, claiming it will kick off “the brand’s expansion into the realm of high-performance vehicles.” The performance EV includes an improved battery, chassis, and motor for added performance.
The Magma model boasts a wider, lower stance for more control. Other key upgrades include a wider front air intake to help cool the batteries, motor, and brakes. It also includes air curtains to maximize efficiency and an added roof fin channels air to the rear wing, generating downward force.
Genesis upgraded the interior to match the GV60 Magma’s luxurious, sporty design. It includes unique sports car-like bucket seats with exclusive “double-diamond stitching” in the Magma orange and titanium coloring.
Genesis GV60 Magma spotted with the Porsche Taycan
With its official debut coming up, the sporty Genesis GV60 Magma was spotted testing alongside a Porsche Taycan and Hyundai’s IONIQ 5 and IONIQ 6 N models.
Despite the camouflage, the video from CarSpyMedia reveals a few new design elements, like the two-line headlight featured on the updated GV60 model.
Genesis will launch the GV60 Magma later this year in its home market, followed by the US, Europe, and others. Production is scheduled to start in the third quarter of 2025.
Will the Genesis GV60 Magma keep up with the Porsche Taycan or Tesla Model S Plaid? Priced and specs will be revealed closer to launch, but it will sit above the Performance AWD trim, which starts at $69,900 in the US. With up to 429 horsepower and 516 lb-ft of torque, it can hit 0 to 60 mph in 3.7 seconds.
| Horsepower | 0 to 60 mph (seconds) |
Starting Price | |
| Genesis GV60 Performance | 429 | 3.7 | $69,900 |
| Genesis GV60 Magma | ? | ? | ? |
| Porsche Taycan | 402 | 4.5 | $99,400 |
| Porsche Taycan Turbo GT (with Weissach Package) |
1,092 | 2.1 | $230,000 |
| Tesla Model S Plaid | 1,020 | 1.99 | $89,990 |
In comparison, the Porsche Taycan starts at $99,400 with up to 402 hp and a 0 to 60 mph time in 4.5 seconds. The Taycan Turbo GT, equipped with its Weissach package, packs 1,092 hp for a 0 to 60 mph sprint in just 2.1 seconds, but it costs $230,000.
Tesla’s Model S Plaid starts at $79,990 and can accelerate from 0 to 60 mph in 3.1 seconds with 1,020 horsepower. Which performance EV are you choosing?
Source: CarSpyMedia
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Tesla gets more than 20% of its parts from Mexico, as well as some from Canada on top of it. So, yes, Tesla will be negatively affected by the tariffs.
However, there’s another one-month delay.
I didn’t think I would have to write this article, but I have seen plenty of “Tesla influencers” claim that Tesla would not be affected by President Trump’s current trade war:
This is false. Tesla gets a significant percentage of its car parts from Mexico and Canada.
NHTSA releases data about the sourcing of parts for all vehicles in the US. Unfortunately, it doesn’t account for the US and Canada together, but it also lists the country of origin for the next largest source of parts.
For Tesla, that’s Mexico for all car models:
| Models | US/Canada | Mexico |
| Model 3 LR AWD/RWD | 75% | 20% |
| Model 3 Performance | 70% | 20% |
| Model Y LR AWD/RWD | 70% | 25% |
| Model Y Performance | 70% | 20% |
| Cybertruck | 65% | 25% |
| Model S | 65% | 20% |
| Model X | 60% | 25% |
This means that Tesla gets more than 20% of its parts from Mexico in addition to what it gets from Canada.
It’s also noteworthy that Tesla’s most popular car, Model Y, gets 25% of its parts from Mexico.
Despite free trade agreements with Canada and Mexico, Trump has implemented 25% blanket tariffs on the countries.
The tariffs were delayed last month, but they went into effect on Tuesday.
However, today, the White House confirmed that they were delayed again just for the automotive industry. Trump reportedly had a call with the big three this morning, Ford, GM, and Chrysler, and he agreed to another one-month delay.
If you needed more proof that Tesla is going to be affected by the tariffs, ever they go into effect, Tesla’s stock was up 2% on the news that Trump agreed to delay the tariffs.
Electrek’s Take
Tesla fans are delusional. They think that because Elon is involved with Trump and he is not fighting the tariffs, it means that it wouldn’t negatively affect Tesla.
That’s a false assumption. Elon is not fighting because he is either completely delusional about Tesla himself or just doesn’t care.
If the tariffs are ever implemented, they will negatively affect Tesla. They will increase the cost of all Tesla vehicles. Some automakers will be more affected, but Tesla will be hurt, too.
The tariffs are a complete mess. They are on one day and delayed the next. I doubt they will ever be in place for any significant length of time.
Their only real impact is making Canadian and Mexican buyers and businesses think twice about doing business with the US. This impact will likely last longer than the tariffs and Trump’s administration.
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