Industry leaders highlight key policy actions needed to deliver global renewables target
A new action agenda from the Global Renewables Alliance outlines the key policy recommendations to meet the 2030 renewable energy target set at COP28.
Brussels, 6th June 2024 | The Global Renewables Alliance (GRA) has released a detailed set of policy recommendations to ensure the full potential of renewables is realised, and, crucially, the tripling renewable energy goal set at COP28 is delivered. The historic commitment in Dubai set out how the world could be steered back onto the 1.5°C pathway, but current national policies risk falling short of this target. Ambitions alone will not build turbines, install solar panels or develop energy storage. It’s Time for Action.
GRA has also announced the support for its broader Time 4 Action campaign by 17 leading multinational companies, including Google, Amazon, Fortescue, Huawei, GE Vernova, EY, AES Corporation, Corio Generation, Vestas, Orsted, CIP, ERM , Topsoe, SSE plc, EDP, Ramboll Group and Iberdrola. This diverse coalition, from energy suppliers to energy buyers, highlights the broad support for a clean, secure, and just energy system.
"The renewables industry stands ready to deliver, having consistently shattered annual installation records despite significant headwinds and constraints. In 2023 alone, renewable capacity surged by 36 percent,” said Bruce Douglas, CEO of GRA.
“However, at the current pace, renewable capacity will fall far short of the COP28 commitment, taking the world further off the 1.5 degree pathway and missing huge opportunities for socio-economic development, energy security, green industrialisation and affordable access to clean energy.”
The agenda, titled ‘Actions to Deliver 3x Renewables by 2030,’ provides detailed recommendations for policymakers to unlock the key barriers and accelerate renewable energy deployment. It builds on the collaborative report by GRA, the COP28 Presidency, and the International Renewable Energy Agency (IRENA), setting the foundation for the global renewables target secured at COP28. The agenda emphasises action in four core areas:
1. Finance: Mobilising USD 10 trillion in renewables investment, especially in emerging
markets.
2. Supply Chains: Enhancing supply chain resilience and sustainability.
3. Permits: Accelerating permitting processes to expedite project development.
4. Grids: Optimising and expanding grid infrastructure to integrate renewable energy.
Eddie Rich, CEO 鶹Ƶ said:
“The sustainable hydropower community welcomes these policy recommendations and the Time4Action campaign’s focus on action. As well as urgency, we need the right mix of renewables to ensure we get the most from new capacity. That means flexibility and storage. Water, wind and sun will get the job done!”
Read the full GRA campaign here:
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