Energy
Progress on 2030 Renewable Energy Targets by Country
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Progress on 2030 Renewable Energy Targets
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The International Energy Agency states that the global installed capacity of renewable energy must triple by 2030 to limit global warming to 1.5°C above pre-industrial levels.
This makes the next six years critical in the climate fight, with the upcoming United Nations COP28 event in Dubai representing a great time to assess the progress of countries toward achieving their 2030 targets.
Checking in on Progress
As set out by their Nationally Determined Contributions in the Paris Agreement, many countries, including major electricity consumers such as the U.S., European Union, China, India, and the UK, have set ambitious targets for increasing their solar and wind power generation capacities by the year 2030.
The data, however, suggests that many are struggling to keep pace with the required annual capacity additions that will allow them to hit these targets.
Currently, China stands out as the only nation on track to meet its 2030 target. In 2022, it not only met but significantly exceeded its required capacity additions to remain on track, adding 168% of the required 101 GW.
Let’s now take a closer look at how each of these countries are faring, comparing how much wind and solar capacity they needed to add with how much they actually did in 2022.
Country / Region | 2030 Target | Annual Average Wind and Solar Capacity Additions Needed to Hit 2030 Target | Actual Capacity Additions in 2022 | ||||
---|---|---|---|---|---|---|---|
Wind | Solar | Total | Wind | Solar | Total | ||
India | 40% zero-carbon generation by 2030 (includes nuclear) | 16 GW | 19 GW | 35 GW | 2 GW | 18 GW | 20 GW |
China | 28% renewables by 2030 | 57 GW | 44 GW | 101 GW | 55 GW | 115 GW | 170 GW |
United States | 739 GW of wind and solar by 2030 to reach zero-carbon electricity by 2035 | 34 GW | 35 GW | 69 GW | 11 GW | 21 GW | 32 GW |
United Kingdom | 60% renewables by 2030 | 4 GW | 3 GW | 7 GW | 4 GW | 1 GW | 5 GW |
European Union | REPowerEU: 42.5% renewables by 2030 | 38 GW | 48 GW | 86 GW | 16 GW | 38 GW | 54 GW |
Overall, the U.S. and India were the furthest off from their targets in 2022, adding only 46% and 57% of what was needed, respectively. European countries, on the other hand, made progress but still need substantial annual additions to meet their targets by 2030.
Playing Catch-Up: The Path to 2030
Collectively, the U.S., European Union, China, India, and the UK account for more than 60% of global electricity consumption, underscoring their profound responsibility in decarbonizing their electricity sectors.
Investments in research and development, policy support, and infrastructure development are all crucial pieces of the puzzle when it comes to achieving 2030 targets.
In the coming years, these nations have an opportunity to transform the global energy landscape and move the needle toward achieving net-zero on a global scale.
Energy
Charted: 4 Reasons Why Lithium Could Be the Next Gold Rush
Visual Capitalist has partnered with EnergyX to show why drops in prices and growing demand may make now the right time to invest in lithium.
4 Reasons Why You Should Invest in Lithium
Lithium’s importance in powering EVs makes it a linchpin of the clean energy transition and one of the world’s most precious minerals.
In this graphic, Visual Capitalist partnered with EnergyX to explore why now may be the time to invest in lithium.
1. Lithium Prices Have Dropped
One of the most critical aspects of evaluating an investment is ensuring that the asset’s value is higher than its price would indicate. Lithium is integral to powering EVs, and, prices have fallen fast over the last year:
Date | LiOH·H₂O* | Li₂CO₃** |
---|---|---|
Feb 2023 | $76 | $71 |
March 2023 | $71 | $61 |
Apr 2023 | $43 | $33 |
May 2023 | $43 | $33 |
June 2023 | $47 | $45 |
July 2023 | $44 | $40 |
Aug 2023 | $35 | $35 |
Sept 2023 | $28 | $27 |
Oct 2023 | $24 | $23 |
Nov 2023 | $21 | $21 |
Dec 2023 | $17 | $16 |
Jan 2024 | $14 | $15 |
Feb 2024 | $13 | $14 |
Note: Monthly spot prices were taken as close to the 14th of each month as possible.
*Lithium hydroxide monohydrate MB-LI-0033
**Lithium carbonate MB-LI-0029
2. Lithium-Ion Battery Prices Are Also Falling
The drop in lithium prices is just one reason to invest in the metal. Increasing economies of scale, coupled with low commodity prices, have caused the cost of lithium-ion batteries to drop significantly as well.
In fact, BNEF reports that between 2013 and 2023, the price of a Li-ion battery dropped by 82%.
Year | Price per KWh |
---|---|
2023 | $139 |
2022 | $161 |
2021 | $150 |
2020 | $160 |
2019 | $183 |
2018 | $211 |
2017 | $258 |
2016 | $345 |
2015 | $448 |
2014 | $692 |
2013 | $780 |
3. EV Adoption is Sustainable
One of the best reasons to invest in lithium is that EVs, one of the main drivers behind the demand for lithium, have reached a price point similar to that of traditional vehicle.
According to the Kelly Blue Book, Tesla’s average transaction price dropped by 25% between 2022 and 2023, bringing it in line with many other major manufacturers and showing that EVs are a realistic transport option from a consumer price perspective.
Manufacturer | September 2022 | September 2023 |
---|---|---|
BMW | $69,000 | $72,000 |
Ford | $54,000 | $56,000 |
Volkswagon | $54,000 | $56,000 |
General Motors | $52,000 | $53,000 |
Tesla | $68,000 | $51,000 |
4. Electricity Demand in Transport is Growing
As EVs become an accessible transport option, there’s an investment opportunity in lithium. But possibly the best reason to invest in lithium is that the IEA reports global demand for the electricity in transport could grow dramatically by 2030:
Transport Type | 2022 | 2025 | 2030 |
---|---|---|---|
Buses 🚌 | 23,000 GWh | 50,000 GWh | 130,000 GWh |
Cars 🚙 | 65,000 GWh | 200,000 GWh | 570,000 GWh |
Trucks 🛻 | 4,000 GWh | 15,000 GWh | 94,000 GWh |
Vans 🚐 | 6,000 GWh | 16,000 GWh | 72,000 GWh |
The Lithium Investment Opportunity
Lithium presents a potentially classic investment opportunity. Lithium and battery prices have dropped significantly, and recently, EVs have reached a price point similar to other vehicles. By 2030, the demand for clean energy, especially in transport, will grow dramatically.
With prices dropping and demand skyrocketing, now is the time to invest in lithium.
EnergyX is poised to exploit lithium demand with cutting-edge lithium extraction technology capable of extracting 300% more lithium than current processes.
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