COP28 Sets Goal To Triple Renewable Energy Capacity By 2030

118 countries and the European Union have endorsed the Global Pledge on Renewables and Energy Efficiency at the World Climate Action Summit in Dubai.

This initiative sets global targets to triple the installed capacity of renewable energy to at least 11 terawatts (TW) and to double the rate of global energy efficiency improvements from roughly 2 percent to an annual figure of 4 percent, by 2030. Achieving these targets will support the transition to a decarbonised energy system, and help to phase out unabated fossil fuels.

European Commission President Ursula von der Leyen, who first proposed this initiative at the Major Economies Forum in April, said that in the next two years, the European Union will invest EUR2.3 billion from the EU budget to support the energy transition in the European neighbourhood and around the globe.

This is one of the eight new declarations announced at COP28 that will help transform every major system of the global economy.

The COP28 UAE Declaration on Agriculture, Food, and Climate has received endorsements from 137 countries.

The Declaration on Climate and Health has been endorsed by 125 countries.

The Declaration on Climate Relief, Recovery and Peace has been endorsed by 74 countries and 40 organizations.

The Declaration on Climate Finance was endorsed by 12 countries.

The Coalition for High Ambition Multilevel Partnerships Pledge has been endorsed by 64 countries.

The Oil and Gas Decarbonization Charter has been endorsed by 51 companies, representing 40 percent of global oil production.

Governments, businesses, investors and philanthropies have announced more than $57 billion across the climate agenda in the first four days of COP28, which began in Dubai on December 1.

On climate finance, the UAE has launched a $30 billion catalytic fund, ALTERRA, with an emphasis on unlocking private finance across the Global South. The climate summi’ts host country has also announced $200 million for SDRs and $150 million for water security. In addition, the World Bank has announced an increase of $9 billion annually to finance climate-related projects.

In addition, $3.5 billion has been announced to replenish the Green Climate Fund, $2.7 billion for health, $2.6 billion for food systems transformation, $2.6 billion to protect nature, $467 million for urban climate action, and $1.2 billion for relief, recovery and peace.

On energy, $2.5 billion was mobilized for renewables and $1.2 billion for methane emission reduction. In addition, $568 million was pledged to drive investments in clean energy manufacturing.

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