a report "Irina" It calls for increasing investment in renewable energy to $1.4 trillion annually
Brasilia, 14 October / WAM / A report issued today by the International Renewable Energy Agency (IRENA), the Brazilian Presidency of the Conference of the Parties (COP30) and the Global Renewable Energy Alliance (GRA) revealed the need to increase investment in renewable energy to at least US$1.4 trillion annually in the period 2025-2030, more than doubling the US$624 billion that was invested. In 2024.
The “Achieving the UAE Agreement” report explained that by tracking progress towards tripling renewable energy and doubling energy efficiency by 2030, the world is setting records in renewable energy but needs to accelerate efforts to achieve the goal of doubling capacity by 2030.
He pointed out that in 2024, additions to global renewable energy capacity reached an unprecedented level of 582 gigawatts. However, this is still not enough to stay on track to achieve the “UAE Agreement” goal at the 28th Conference of the Parties (COP28) of tripling renewable energy to reach 11.2 terawatts by 2030.
He stated that achieving this goal now requires adding an amount of 1,122 gigawatts of energy every year from 2025 onwards, which requires accelerating annual growth to 16.6% during the decade, according to the second official report that tracks the historical energy goals set by the “UAE Agreement” at the twenty-eighth Conference of the Parties.
The report highlights that energy efficiency is an equally important concern, with global energy intensity improving by just 1% in 2024, far short of the 4% annual gains needed to meet the UAE Agreement target and maintain the goal of limiting global temperature rise to 1.5 degrees Celsius.
The report calls for urgent action to integrate renewable energy targets into NDC 3.0 ahead of COP30 in Belém, Brazil, and to double the collective ambition of NDCs to align with the global renewable energy target.
In light of the report’s findings, António Guterres, Secretary-General of the United Nations, said that the clean energy revolution cannot be stopped, as renewable energy is provided faster and cheaper than fossil fuels. Which drives growth, increases the number of jobs and provides affordable energy, explaining that the opportunity to keep the goal of limiting global temperature rise to 1.5 degrees Celsius within reach is rapidly approaching closing, and therefore, the process of a just energy transition must be intensified, expanded and accelerated, for everyone, everywhere.
For his part, Francesco La Camera, Director-General of the International Renewable Energy Agency, said that the world has broken records in the field of renewable energy, but records alone will not maintain the goal of limiting the rise in global temperatures to 1.5 degrees Celsius, highlighting the required path that the report shows, which is to accelerate the deployment of renewable energy, expand the scope of clean technology, and strengthen supply chains, calling for more. It is ambitious, raises the ceiling of goals, mobilizes financing, and deepens cooperation, to lead the energy transition and make the Thirtieth Conference of the Parties (COP30) a milestone.
Ben Backwell, President of the Global Renewable Energy Alliance, stressed that the private sector is leading the transformation in the field of energy, as it provides three-quarters of global investments in clean energy, pointing out that industries, led by wind energy, solar energy, and hydroelectric energy, are already achieving growth, jobs and security, stressing the need to develop long-term government plans that are compatible with national ambitions.
G20 countries are expected to account for more than 80% of global renewable energy by 2030, with the richer advanced economies in the G7 expected to take a leadership role by raising their share to around 20% of global energy within this decade.
Major global economies must deliver on their climate finance commitments, achieving the US$300 billion annual minimum of the new NCQG, and rising to the ambitious US$1.3 trillion target confirmed at COP29 in Azerbaijan.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related
