A global group of 200 organizations has said on Tuesday that the global target to triple renewable energy capacity to at least 11,000GW by 2030 requires international solidarity to ensure financial and technical resources mobilization to support developing economies in the global energy transition.
"Governments to work together with industry and the finance community on fast-tracking policy and regulation to expand project pipelines, usher in new waves of investment to the energy sector and build infrastructure, including transmission lines and supply chain hubs," it said in a press release ahead of COP28.
The global group called for world leaders and Parties to the Paris Agreement to agree on a global target to triple renewable energy capacity to at least 11,000GW by 2030 at COP28 this year.
"We underscore that a step change this decade in renewable energy growth, combined with an increase in energy efficiency, will be the fastest and most cost-efficient way to decarbonize the global economy. It is one of the most impactful commitments that the global community can undertake now to secure a livable future for all," they said.
Last year, power sector emissions reached an all-time high and the UN assessed that no country is currently on a credible pathway to 1.5�C. It is clear we need a profound course-correction of the energy system in this decade, and time is running out, it claimed.
A global target for 2030 sends a clear signal to governments, industry, investors and civil society on the unprecedented scale and speed of renewables deployment required over the next seven years to limit global warming to a 1.5�C pathway, said the press release.
"It requires a holistic approach to energy system transformation, including doubling progress on energy efficiency by 2030 and undertaking wide-scale electrification," it added.
It means, if we wants to fulfil our commitment towards the global community we need to accelerate the build-out of wind power, solar power, hydropower and geothermal power, which would set the stage for technologies like long-duration storage and green hydrogen to take off.
The step is set to ensure energy systems are not only clean but secure and in turn, form the foundation of a net zero global energy system by 2050, it reads.