Heads of State agreed to triple global renewable energy capacity by 2030 at COP28 in Dubai.
European Commission president Ursula von der Leyen (pictured) said: “The world’s cheapest energy is the energy that is not used, as we all know. Therefore, we set the goal to double energy efficiency by 2030.
“And the world’s cheapest energy source are renewables. Therefore, the goal is to triple renewables by 2030.
“Solar energy, for instance, is today 10 times cheaper than 10 years ago.”
“With these goals, we also send a clear message to industries and investors.
“We are providing them with clarity and predictability about the future – the direction of travel.
“They will know how much additional capacity we need by 2030 and this will help them plan their business and investments.
“The global targets can mobilise much-needed private capital all across the world.
“We need to unlock the necessary financial support for countries that need it.
“Therefore, I am glad to announce that, in the next two years, the European Union will invest €2.3bn from the EU budget to support this energy transition in our neighbourhood and around the globe.
“Because, my friends, every country on Earth deserves clean, affordable and homegrown energy.”
She added the targets will also provide a benchmark to track progress by both the International Energy Agency and the International Renewable Energy Agency’s (IRENA).
IRENA welcomed the move, saying it reflected the recommendations of its World Energy Transitions Outlook on how to close the energy transition gap to stay on a 1.5°C Pathway.
It particularly calls for a tripling of installed renewables capacity from around 3400GW today to over 11,000GW by 2030, adding on average an ambitious 1000GW annually till the end of this century.
IRENA director-general Francesco La Camera said: “I welcome today’s landmark commitment to triple renewables capacity by 2030.
“This decision unequivocally confirms the central role renewables play in addressing climate urgency.
“As the most accessible and cost-effective solution, renewables stand at the forefront of climate action, offering a path to enhance energy access, security and affordability.
“Now, commitments must translate into concrete actions considering varied national circumstances.
“The forthcoming round of Nationally Determined Contributions in 2025 represent a prime opportunity to make a transformative leap forward.
“As the custodian of today’s pledge, IRENA supports countries in advancing their energy transitions to ensure progress is made every year towards 2030.”