118 countries have signed the ‘Global Renewables and Energy Efficiency Pledge’ on Saturday (2 December) at COP28 in Dubai to treble global installed capacity by 2030. Among one of the key discussions for this year’s COP28, is the global target to reach 11TW of renewable generation capacity by the end of the decade, with solar PV playing an important role in achieving that target due to its fast deployment and continued growth.
Solar could end up accounting for over half of the 11TW target, as was shown in the International Energy Agency’s recent flagship report World Energy Outlook which expects solar to contribute to half of new power capacity to 2030, with solar manufacturing capacity reaching 1.2TW in 2030.
Signatory countries recognise that in order to maintain the collective goal of the Paris Agreement – which aims to keep global warming increase well below 2°C with a target to limit it to 1.5°C –, accelerating the pace renewables are deployed needs to be increased between now and 2030.
“The tripling goal would take renewables to the next level, with solar and wind reaching 40% of global electricity generation by 2030. Together, these would unlock deep economy-wide fossil fuel reductions and ensure that oil, coal and gas demand not only peak this decade but see a meaningful fall. This statement is not a substitute for a global agreement, but it does pave the way for a historic opportunity to include this in the final text,” said Dave Jones, global insights lead, at energy think tank Ember.
In the statement from the signing countries, it recognises the need to strengthen international collaboration on renewables and energy efficiency which could be taken by collaborating on resilient value chains and technology; expanding financial support to emerging markets in order to deploy renewables or accelerating cross-border grid interconnections among others.
In response to the Global Pledge, the European Union announced it would invest €2.3 billion (US$2.5 billion) to support the energy transition in neighbouring countries and across the globe.
Ursula von der Leyen, European Commission president, said: “In the next two years, we will invest 2.3 billion euros from the EU budget to support the energy transition in our neighbourhood and around the globe. 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.”
