IEA Warns of Major Challenges to Achieve 11TW Renewable Energy Target by 2030 Amidst Investment Shortfalls.

The International Association of Energy Co-operation and Development (IE) has identified four challenges that could prevent countries from reaching the 11TW target by 2030, including policy uncertainties, delayed policy responses to the new macroeconomic environment, insufficient investment in grid infrastructure, cumbersome administrative barriers, permitting procedures, and insufficient financing in emerging and developing economies. Nearly 3TW of solar PV, wind, hydropower and bioenergy capacity is waiting to connect to the grid in the US, Spain, Brazil, Italy, Japan, the UK, Germany, Australia, Mexico, Chile, India and Colombia. The IEA suggests that grid investment needs to double by 2030 to over $600 billion per year. However, financial health of utilities is a central challenge in India, Indonesia, South Korea, and the US.