$12 Trillion Needed To Triple Global Renewable Energy Capacity By 2030: COP28 President

Entrepreneur India reports on the annual Petersberg Climate Dialogue where COP28 President Sultan Al Jaber emphasized the urgent need for substantial investments in renewable energy infrastructure. Jaber highlighted the goal of channeling $12 trillion over the next six years to triple global renewable energy capacity by 2030, aligning with agreements made at COP28 in Dubai. These agreements aim to increase renewable energy deployment and energy efficiency measures to limit global temperature rise to 1.5 degrees Celsius.

Jaber outlined four key priorities for climate finance, including strengthening infrastructure, advancing technology, investing in human capital, and supporting the Global South. He stressed the importance of investing $6 trillion in renewable infrastructure and modernizing electrical grids worldwide. Additionally, Jaber discussed the role of artificial intelligence in optimizing energy efficiencies and addressing challenges in renewable energy systems.

With the upcoming COP29 in Baku, Azerbaijan, focus will be on the New Collective Quantified Goal (NCQG) to increase financial contributions from developed countries for climate initiatives in developing regions. Jaber called on governments to establish ambitious national climate plans with clear renewable energy targets and policies to incentivize involvement from industrial and private sectors in the green economy.

The International Energy Agency (IEA) has launched an online tool to monitor progress towards energy objectives outlined at COP28. This tool provides real-time updates and essential resources to help achieve net-zero energy emissions by 2050, a crucial goal of the Paris Agreement. Nearly 200 nations at COP28 outlined aspirations to triple renewable energy capacity, double energy efficiency enhancements by 2030, transition away from fossil fuels, and integrate low-emission technologies like hydrogen and carbon capture.