An open letter to world leaders calling for a target to triple renewable energy capacity to 11,000 GW by 2030 to be agreed upon at COP28 later 2023 has been published by businesses and organizations with a market value of over USD 12 trillion, responsible for the majority of global renewable energy deployment, and from all six inhabited continents.
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, Latin America, and the Asia-Pacific are home to about half of the signatories. The threefold increase in renewable energy capacity by 2030 and the crucial opportunity provided by COP28 for world leaders to convert aspirations into real action to maintain a 1.5*C pathway bind them together.
To keep global warming to 1.5 degrees Celsius this decade, an immediate course correction is required, according to the World Energy Transitions Outlook (WETO) 2023 from the International Renewable Energy Agency.
To achieve this, the total installed capacity of renewable energy worldwide must triple to at least 11,000 GW by 2030, and the rate of energy efficiency growth must double.
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 USD 4 trillion of annual investment in transition technologies would be required.
The Global Renewables Alliance’s open letter emphasizes that “the fastest and most cost-effective method to decarbonize the global economy will be a step change in renewable energy growth this decade, paired with an increase in energy efficiency. It is one of the most significant promises the international community can make right now to ensure a future where everyone can live.”
Major initiators, supporters, and signatories of the letter include the Global Renewables Alliance members, IRENA, the COP28 Presidency, UNIDO, The Nature Conservancy, the Climate Group, American Clean Power, RE100, WBCSD, We Mean Business, REN21, RMI and corporate entities including Adani, AES, Amazon, Apple, CIP, CEPSA, Corio, DNV, ERM, EY, GCL, Google, Huawei, Microsoft, Ørsted, PepsiCo, ReNew, SSE, TES, Unilever and Vestas.
The market value of all signatories that are openly traded reaches USD 12 trillion, which is equal to the GDPs of Japan, India, and Germany put together.
The International Renewable Energy Agency’s director general, Francesco La Camera, stated, “IRENA endorses the need for a global renewable objective at COP28. I am happy to see that our data creates the foundation for the Global Renewable Alliance’s global campaign. To achieve a 1.5°C climate route, IRENA’s World Energy Transitions Outlook argues for a rapid course correction. To do this, renewable energy capacity must triple by 2030 to at least 11,000 GW globally. There has never been a better business case for renewable energy. To create a new, sustainable energy system, we must urgently overcome systemic impediments in infrastructure, policy, and institutional capacity.”
According to Bruce Douglas, CEO of the Global Renewables Alliance, “The wave of great support for an ambitious renewable energy objective is cause for optimism against the backdrop of the 78th Session of the United Nations General Assembly and the Climate Ambition Summit. As the start of the COP28 climate meetings approaches in less than three months, it is clear that the world is prepared for what the UN Secretary-General has dubbed a “quantum leap in climate action.”
“Although there were advancements at the most recent G20 conference in New Delhi, actions speak louder than intentions. The renewable energy sector is prepared to step up, but to meet the objectives of the Paris Agreement, authorities must move quickly. At COP28, we must make a significant advancement by deciding on a global renewables target of at least 11,000 GW by 2030 and launching the implementation of critical enablers like expedited project permitting, grid investment, and sustainable supply chains. To achieve net zero by 2050 and contribute to a clean, secure, and equitable energy transition, it is essential that we immediately begin to scale up the deployment of renewable industrial solutions.”