Global Effort to Triple Renewable Energy Urged at COP28 Summit in Dubai
As the COP28 summit approaches, the United States, the European Union, and the United Arab Emirates (UAE) are spearheading a campaign to encourage governments worldwide to join a global deal aimed at tripling renewable energy capacity by 2030. This initiative is seen as a crucial step in limiting global warming to 1.5°C and preventing catastrophic climate impacts.
The countries involved are actively working to gather support for the pledge before the annual UN climate negotiations, scheduled to take place in Dubai from November 30 to December 12. A representative from the US State Department revealed that the launch event for this initiative is expected to be held at a gathering of world leaders at the beginning of the summit.
The joint draft letter sent to governments emphasizes the urgency of tripling global renewable energy capacity to 11,000 gigawatts by 2030. According to the letter, this is the most effective measure to combat climate change and its disastrous consequences. It highlights the progress made so far in expanding renewable energy capacity and emphasizes the availability of solutions to accelerate this effort.
Several influential organizations and countries have already signed the letter, including the UAE Presidency of the Cop28 summit, the European Commission, the US, Barbados, Kenya, Chile, Micronesia, the International Energy Agency, and the International Renewable Energy Agency (Irena).
In addition to tripling renewable energy capacity, the draft pledge also commits governments to doubling the annual rate of improving energy efficiency to 4% until 2030. The letter emphasizes the need for a global effort to achieve these goals. However, to become officially adopted in the outcomes of the Cop28 talks, the pledge must gain unanimous approval from all the approximately 200 nations participating in the UN climate negotiations.
While most major economies have already expressed support for the renewables goal, including China and India, some remain hesitant about committing to a complete shift away from CO2-emitting fossil fuels. The draft emphasizes that renewable energy goals should go hand in hand with the phase-down of unabated coal power, including ceasing the financing of new coal-fired power plants.
To ensure the success of this initiative, governments are urged to adopt more ambitious policies to scale up renewable energy and develop financing schemes that reduce the high cost of capital for renewable energy projects in developing nations. Africa, despite its abundant solar energy resources, has only received 2% of global investment in renewable energy over the past two decades, according to Irena.
The European Commission has emphasized that these targets are among the EU’s top priorities for COP28, and they seek widespread support. The US State Department is encouraging other countries to back the targets while acknowledging the need for additional measures, such as ending the use of unabated coal in the power sector.
However, not all nations are on board with this initiative. Fossil fuel-reliant economies like Saudi Arabia and Russia have voiced opposition to the idea of phasing out fossil fuels. Scientists stress the importance of both rapidly expanding clean energy and reducing CO2-emitting fossil fuel consumption to effectively combat climate change.
As the COP28 summit approaches, the drive to triple renewable energy capacity and address climate change becomes increasingly urgent. With concerted global efforts and unanimous support from governments, there is hope for meaningful progress in securing a sustainable and greener future.
Updated: November 02, 2023, 8:50 AM
EU, US, and UAE unite efforts to garner backing for a global agreement to increase renewable energy threefold
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