$12 Trillion Needed To Triple Global Renewable Energy Capacity By 2030: COP28 President This agreement aimed to ramp up renewable energy deployment and bolster energy efficiency measures to curb the rise in global temperatures to 1.5 degrees Celsius.
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At the annual Petersberg Climate Dialogue, COP28 President Sultan Al Jaber stressed the critical need for substantial investments in renewable energy infrastructure. Al Jaber underscored the necessity of channeling at least $12 trillion over the next six years to triple global renewable energy capacity by 2030, aligning with the landmark agreement reached at COP28 in Dubai.
This agreement aimed to ramp up renewable energy deployment and bolster energy efficiency measures to curb the rise in global temperatures to 1.5 degrees Celsius.
During his address, Al Jaber highlighted four key priorities for climate finance, including fortifying infrastructure, advancing technology, investing in human capital, and prioritizing support for the Global South.
He emphasized that USD 6 trillion is imperative for renewable infrastructure alone, with a corresponding amount required to modernize electrical grids worldwide.
Moreover, Al Jaber discussed the pivotal role of artificial intelligence in optimizing energy efficiencies and addressing intermittency and storage challenges in renewable energy systems. He advocated for a collaborative approach involving both public and private sectors, alongside development finance, to mobilize significant investments, particularly in developing nations, which currently receive less than 15 per cent of global clean tech investments.
With the upcoming United Nations climate conference (COP29) in Baku, Azerbaijan, attention will be focused on the New Collective Quantified Goal (NCQG), aimed at boosting financial contributions from developed countries for climate initiatives in developing regions.
Al Jaber also called on governments to establish ambitious national climate plans (NDCs) with clear renewable energy targets and to adopt smart policies to incentivize involvement from industrial and private sectors in the green economy.
Meanwhile, International Energy Agency (IEA) has unveiled a cutting-edge online tool dedicated to monitoring advancements towards the energy objectives outlined at COP28.
Pooling its vast reservoir of global energy datasets, tracking mechanisms, and analytical insights, the IEA aims to furnish decision-makers and stakeholders with invaluable resources.
This comprehensive repository will provide real-time updates on progress and essential tools to propel the journey towards the set objectives.
Regularly updated, the webpage mirrors the most recent data and analysis, a testament to the renewed partnership between the IEA and UN Climate Change.
Acknowledging the imperative of achieving net-zero energy emissions by 2050 to uphold the 1.5°C target of the Paris Agreement, nearly 200 nations at COP28 delineated crucial collective aspirations.
These encompass tripling renewable energy capacity, doubling energy efficiency enhancements by 2030, expediting the transition away from fossil fuels, and integrating novel technologies like low-emission hydrogen and carbon capture.
