IRENA Calls for 38 Terawatts of Renewables by 2050

The International Renewable Energy Agency released its 2026 World Energy Transition Outlook, stating that global renewable power capacity must increase from 5.2 terawatts to 38.2 terawatts by 2050 to meet the 1.5 deg C climate target. The agency projects that solar and wind should supply over 80 percent of global electricity by mid-century, while electricity's share of final energy consumption should rise to over 50 percent.

Director-General Francesco La Camera warned that record growth in renewables is insufficient without urgent reforms to energy efficiency, grid infrastructure, and storage. He noted that the global energy transition is under stress and that the quality of the transition will matter as much as its speed.

Achieving these targets would require cumulative annual investments of approximately $10.3 trillion between 2026 and 2050. However, the agency estimates this shift could generate $46 trillion in cumulative economic gains by 2050 and increase renewable energy employment more than fivefold.