Seeking advice about applying for a new job

There was a new job posting within my organization today, I didn't automatically want to apply to it but I found out it's about double my salary a year, however, reading over the qualifications and what the job entails I'm really concerned that I do not meet even 40% of the qualifications, and it asks for a degree in the education requirements - In Canada I don't have a degree but a diploma. Anyways, I haven't dreamt of doing this role or anything but it is within the company and much higher pay.

Should I apply to it?

Any advice would be appreciated, thank you!