- At COP28, over 120 nations have pledged to triple the global installed renewable energy capacity to a minimum 11 TW by 2030
- They intend to collaborate and scale up renewable energy financing, while accelerating permitting
- Collaboration on resilient value chains, technology development and cross-border grid interconnections will also be explored
- The EU has also announced a €2.3 billion commitment to support energy transition around the globe
At COP28 this year in Dubai, global leaders have pledged their support to a common renewable energy target for the world, with a minimum 11 TW capacity by 2030. A total of 123 countries, including the US and European Union but not China and India, have so far signed the pledge.
The Global Renewables and Energy Efficiency Pledge aims to triple the world’s installed renewable energy generation capacity from around 3.4 TW now, according to the International Renewable Energy Agency (IRENA). The latter says this is important to keep the world on track for a 1.5 °C pathway.
Key enablers to achieve the 11 TW target include accelerated permitting of renewable energy projects, incentive schemes, development & expansion of grid connections, scaling innovation, and international collaborations, according to a joint statement from the signatories.
They also intend to collaborate on resilient value chains and technology development, along with expanding financial support to scale renewable energy and energy efficiency programs in emerging and developing economies. Accelerating cross-border grid interconnections is also an idea on the table.
At the same platform, European Commission President Ursula von der Leyen announced EU’s commitment to invest €2.3 billion from its budget to support energy transition in ‘our neighborhood and around the globe.’
Leyen said, “This pledge and this financial support will create green jobs and sustainable growth by investing in technologies of the future. And, of course, it will reduce emissions which is the heart of our work at COP28.”
IRENA Director-General Francesco La Camera stated, “Now, commitments must translate into concrete actions considering varied national circumstances. The forthcoming round of Nationally Determined Contributions in 2025 represent a prime opportunity to make a transformative leap forward.”
The pledge forms one of the 3 key pillars of the Global Decarbonization Accelerator (GDA) launched at the conference, with the other 2 being decarbonizing the energy system of today and targeting methane and other non-CO2 GHG emissions.
The list of signatories to the Global Renewables and Energy Efficiency Pledge is available on COP28 website.
At COP28, the host nation UAE also launched a $30 billion climate finance fund with a focus on the Global South (see UAE Launches $30 Billion Climate Vehicle ALTÉRRA).