World leaders urged to boost renewable energy capacity by at least 3 times
A joint open letter to world leaders written by the businesses and organizations in charge of the majority of global renewable energy deployment calls for tripling the objective for renewable energy capacity to 11,000 GW by 2030.
According to the Global Renewables Alliance, a collective voice for renewable energy, these businesses and organizations come from all six inhabited continents and collectively have a market value of more than $12 trillion.
When world leaders assemble for the United Nations Climate Change Conference (COP28), which will take place in New York from November 30 to December 12, this year, the global multi-stakeholder coalition will emphasize the urgency of action on the energy transition required from them.
“While there has been progress at the recent G20 summit in New Delhi, actions speak louder than ambition. The renewables industry is ready, willing, and able to step up but we need policymakers to take urgent action to deliver on the goals of the Paris Agreement,” Bruce Douglas, chief executive officer of the Global Renewables Alliance was quoted as saying in the statement.
“We must achieve a crucial breakthrough at COP28 by agreeing on a global renewables target of at least 11,000 GW by 2030, and start implementing the key enablers like accelerated permitting for projects, investment in grids and sustainable supply chains,” he said.
A wide range of energy sector stakeholders, including international governmental organizations, producers, consumers, supply chain participants, members of civil society, environmental organizations, and young people, have issued the appeal for action. Africa, South America, and the Asia-Pacific are home to about half of the signatories.
The threefold increase in global renewable energy capacity by 2030 and the crucial opportunity given by COP28 for world leaders to translate aspirations into real action to keep global warming to 1.5°C bind them together.
The Global Energy Transitions Outlook 2023, published by the International Renewable Energy Agency states that in order to keep global warming to 1.5°C this decade, a swift course correction is required.
To achieve the rapid deployment of wind, solar, hydropower, geothermal, and other forms of renewable energy, which will lay the groundwork for technologies like green hydrogen and long-duration energy storage to scale up beyond 2030, approximately $4 trillion of annual investment in transition technologies would be required, according to the media statement.