The Global Renewables Alliance has launched a campaign calling for action to mobilise US$10tn in public-private investments and establish policy frameworks paving the way to reach 11,000GW of renewables by the end of this decade.
Chief executive of the Global Renewables Alliance Bruce Douglas said: “There is no energy transition without action.
“World leaders have committed to the tripling goal and now it’s time to deliver.
“This means taking urgent action on finance, permits, supply chains and grids.”
According to the campaign, scaling renewables by three times globally now means taking collective action to steer the world onto a 1.5°C pathway; and deliver affordable energy access, clean air and high quality jobs.
Action should also be taken to redirect financial resources to renewables, primarily in emerging markets and developing economies (EMDEs), and to achieve a worldwide energy transition that delivers a secure, clean and just future.
These actions can be amplified and accelerated by working collaboratively with our partners and key decision makers, according to the Global Renewables Alliance.
The German government target of reaching 80% renewable energy by 2030 is a great example of leadership and collaboration in action and should be applauded, it said.
Douglas said: “The industry stands ready to deliver, awaiting policymakers to pave the way.
“De-risking renewable investments, especially in emerging economies, is now a crucial step to delivering on the global target.
“The global south is where we must see massive upscaling of renewables deployment in order for the energy transition to be just and equitable; and it needs to happen now.”
Beyond the challenges around finance, the renewable energy transition faces barriers from drawn-out permitting processes, insecure supply chains and a lack of grid infrastructure, the Alliance argues.
The global renewables industries have come together through the Global Renewables Alliance to call for action to overcome these challenges.
Permitting processes must double in speed, supply chains must build resilience and diversification, and grid infrastructure, connections and energy system optimisation needs to be accelerated, it added.