Over 100 countries commit to tripling global renewables by 2030

At COP28 on Saturday, 118 countries adopted a pledge to triple global renewable energy capacity to at least 11,000 GW by 2030.

The Global Renewables and Energy Efficiency Pledge also calls for doubling the global average annual rate of energy efficiency improvements from around 2% to more than 4% every year until 2030.

The commitments are in line with projections by the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) of what is needed to keep the world on path toward limiting warming to 1.5 degrees C. According to IRENA, the installed renewable capacity currently in the world is around 3,400 GW.

The initiative has been developed in a collaborative effort by the European Commission and the COP28 Presidency, with the assistance of the IEA and IRENA.

In her speech on the Global Pledge at COP28, European Commission president Ursula von der Leyen announced that in the next two years, the EU will invest EUR 2.3 billion (USD 2.5bn) from the EU budget to support the energy transition in its neighbourhood and around the globe. The EU will also use its Global Gateway programme to continue supporting the energy transition.

Welcoming the pledge, IRENA director-general Francesco La Camera said: “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.”

The Australian government said it joins the more than 100 countries, including other major energy exporters such as the US, Canada and Norway to back the renewables and energy efficiency pledge.

Reuters reported that while China and India support a tripling of renewable energy by 2030, on Saturday they did not sign the pledge, which also includes a reduction in fossil fuel use.

(EUR 1 = USD 1.088)

Choose your newsletter by Renewables Now. Join for free!