The world must build 1.2 TW of new renewable capacity on average between 2026-30 to meet the global goal of 11.2 TW by the end of the decade, according to a report by the International Renewable Energy Agency (IRENA).

Even as global installed renewable capacity reached 5.15 GW by the 2025-end, with new addition hitting a record 693 GW, the world still needs to double the deployment to meet the 2030 target, the report said.

The report, released during Climate Week NYC, is the third assessment of progress toward the energy goals set by the UAE Consensus at COP28, where more than 100 countries agreed to triple renewable capacity and double the rate of energy efficiency improvement by 2030.

It identified persistent bottlenecks in investment, grids and electrification, calling for nearly $1 trillion in annual grid investment between 2026-30, more than double the $525 billion recorded in 2025.

IRENA Director-General Francesco La Camera said renewables can still close the gap toward 2030, but energy efficiency is falling behind, electricity demand is rising faster than expected, and grid infrastructure has failed to keep pace with deployment. Energy intensity improved by about 2% in 2025, below the 4% annual rate needed to meet efficiency-doubling commitments. 

The report urged policymakers to scale batteries, storage and flexibility to meet rising demand, combine solar, wind and storage for firm around-the-clock power, and use digitalization and artificial intelligence to align rising electricity demand with clean supply.

IRENA said renewables are the "most cost-competitive source" of new electricity in most markets in 2025, with solar experiencing consecutive record-breaking installation rates. Battery storage costs fell 30% between 2024 and 2025 and 95% since 2010. Variable renewables such as solar and wind are projected to overtake total fossil fuel capacity and account for around 62% of overall installed power capacity by 2030, up from 35% in 2025.

Simultaneously, battery storage costs fell by 30% between 2024 and 2025 and by 95% since 2010, supporting the deployment of reliable renewable-based power systems.

Looking beyond 2030, further acceleration will be needed to raise global electrification to 35% by 2035, a roadmap currently under discussion of the COP31 agenda that could provide a clear benchmark for scaling up efficient, renewable-based electrification across end-use sectors, the report concluded.