Ahead of the COP28, taking place in the United Arab Emirates in November-December 2023, Ecohz and other 250 organisations representing a market value of more than $12 trillion have signed an open letter urging world leaders to adopt a target for growing global renewable energy capacity threefold before the end of the decade.
The letter follows the publication of IRENA's World Energy Transition Outlook 2023, which highlights the need to deploy new renewables at an "unprecedented scale and speed" to stay on a 1.5°C climate pathway.
A global target of exceeding 11 000 GW worldwide, signatories hope, will send a clear signal to governments, industry, investors and civil society to accelerate the growth of wind, solar, hydropower, geothermal and other forms of renewable energy, as well as energy efficiency measures to ensure a liveable future for all.
Open letter from over 250 organisations calling for a target at COP28 to triple renewable energy capacity to at least 11,000 GW by 2030
We, a global group of 250+ organisations, emphatically call for world leaders and Parties to the Paris Agreement to agree on a global target to triple renewable electricity capacity to at least 11,000 GW 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 decarbonise the global economy. It is one of the most impactful commitments that the global community can undertake now to secure a liveable future for all.
A global target to 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. It also builds upon the recognition of the urgency to rapidly transform energy systems in this critical decade of action, secured at COP27 last year.
The COP28 Presidency, policymakers and heads of international energy agencies are already convening around a shared target to triple global renewable electricity capacity to at least 11,000 GW by 2030. That means accelerating 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. This would ensure energy systems are not only clean, but secure and just, and in turn, form the foundation of a net zero global energy system by 2050.
Renewable energy is already transforming communities around the world: powering homes, cars and factories with clean electricity; generating millions of green jobs; and attracting public and private capital to propel economic growth. Tripling this activity represents an enormous opportunity to reduce the loss and damage for nature and people wrought by harmful climate change, and set the world on a path to sustainable, inclusive and climate-resilient growth.
While each country and region will adopt a nationally determined approach to this common target, there are universal enablers for accelerating renewable energy. The renewables industry, investors and other key stakeholders stand ready to work together with governments to scale up deployment, however, urgent action in the following areas is needed to implement this global target.
We recognise that tripling renewable energy capacity by 2030 represents a “quantum leap in climate action.”
It requires 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 requires international solidarity to ensure financial and technical resources are mobilised to support developing economies in the global energy transition. Finally, it requires a holistic approach to energy system transformation, including doubling progress on energy efficiency by 2030 and undertaking wide-scale electrification.
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 that we need a profound course-correction of the energy system in this decade, and time is running out.
We urge world leaders and Parties to the Paris Agreement to make a firm commitment to tripling renewable electricity capacity to at least 11,000 GW by 2030 at COP28 this year. We are ready to work side-by-side with governments, industry, investors and civil society to collectively take actions, move faster and scale up renewables now.