Companies want world leaders to raise renewable energy capacity target at least 3x, ET EnergyWorld

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Kolkata: Companies and organisations responsible for the majority of global renewable energy deployment have published an joint open letter to world leaders calling for raising the target of renewable energy capacity thrice to 11,000GW by 2030.

These companies and organisations represent a market value of more than $12 trillion between them and are from all six populated continents, according to the Global Renewables Alliance, a unified renewable energy voice.

The global multi-stakeholder coalition highlighted the urgency of action on the energy transition required from world leaders when they gather at the United Nations Climate Change Conference (COP28) to be held in New York from November 30 to December 12, this year.

“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.

The call for action comes from a diverse cross-section of stakeholders in the energy sector: international governmental organizations, producers, buyers, supply chain actors, civil society, environmental groups and youth. Around half of the signatories are based in the Asia-Pacific region, Africa and Latin America.

They are united by the transformative impact of tripling renewable power capacity by 2030 across the world, and the critical moment presented by COP28 for world leaders to turn ambitions into genuine action to
to limit global warming to 1.5°C.

According to the International Renewable Energy Agency’s World Energy Transitions Outlook 2023, an immediate course-correction is needed in this decade to limit global warming to 1.5°C.

Around $4 trillion of annual investment in transition technologies would be needed to achieve the rapid deployment of wind, solar, hydropower, geothermal and other forms of renewable energy, which will lay the foundations for technologies such as green hydrogen and long-duration energy storage to scale up beyond 2030, the media statement said.

  • Published On Sep 18, 2023 at 05:17 PM IST

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