DUBAI: In a landmark move, more than 110 nations have pledged to triple the world’s renewable energy capacity by 2030, according to the organizers of the COP28 climate talks hosted by the United Arab Emirates. The participating countries aim to collaborate in elevating global renewable energy generation to at least 11,000 gigawatts by the close of the decade.
The COP28 presidency in Dubai announced that the nations involved will also strive to collectively double the global average annual rate of energy efficiency improvements to more than four percent per year.
COP28 President Sultan Al Jaber revealed that 117 countries have already signed up, surpassing the initially announced number, with expectations of further additions. Al Jaber emphasized the need for more nations to immediately join this initiative, stating, “This can and will help transition the world away from unabated coal.”
The push for this ambitious target originated earlier this year with the European Union, gaining momentum with the support of COP28 hosts, the United Arab Emirates, as well as the G7 and G20 groups of nations. However, it’s essential to note that these commitments are non-binding.
Scaling up wind, solar, and other renewable energies is critical to achieving the global goal of net-zero greenhouse gas emissions by 2050. The pledge to triple renewable energy capacity sends a powerful signal to investors and financial markets, indicating a global commitment to sustainable practices.
European Commission President Ursula von der Leyen expressed confidence in achieving the set goal, stating, “The point where we still have to work very hard (on) is speed.”
Nearly 200 Nations Convene for COP28 Climate Talks in Dubai
As nearly 200 nations convene for the COP28 climate talks, the focus is expected to intensify on the tougher discussions surrounding the fate of fossil fuels over the next two weeks.
The COP28 climate talks, which have commenced in Dubai, have seen a flurry of announcements addressing global warming. However, some observers caution that headline-grabbing pledges might divert attention from crucial discussions on fossil fuels and the formulation of a formal COP28 text at the end of the two-week talks.
Among other announcements, countries such as the United States, Germany, France, Britain, Denmark, and the UAE have pledged funds for a “loss and damage” fund to assist vulnerable nations in coping with climate disasters.
Additionally, over 20 countries, led by the US, called for tripling world nuclear energy capacity by 2050, while more than 130 countries prioritized food and agriculture systems in their national climate plans. The UAE also revealed a $30 billion private climate investment fund named Alterra, aiming to stimulate investments totaling $250 billion by 2030, with a focus on climate projects in the developing world.
