Global Renewables Summit
The COP28 cover decision calls on countries to triple renewable energy capacity and double the global annual rate of energy efficiency improvements by 2030 to ensure deep, rapid and sustained reductions in greenhouse gas emissions in line with 1.5 °C pathways.
The Global Renewables Summit will serve as a platform to follow up on the outcomes of COP28, exchange best practices for deployment of renewable energy and identify the key areas of action for 2024-2030 period, especially for emerging markets and developing economies (EMDEs). It will be the first-ever high-level public-private summit to discuss the progress, opportunities and challenges of tripling renewable energy globally to 11,000 GW by 2030. The event will feature a high-level opening segment as well as thematic roundtables with participation of governments, private sector and civil society.
Based on IRENA’s World Energy Transitions Outlook 2023, tripling of total renewable energy capacity by 2030 to more than 11,000 GW globally and the doubling of energy efficiency improvement rates would entail accelerating annual solar PV additions by nearly 3 times and annual wind energy additions by 4 times. By 2030, hydropower installed capacity would grow by 21% from 2020 levels, while geothermal, long duration energy storage and green hydrogen would play major supporting roles in transitioning the power sector to clean energy. Achieving these goals will require accelerated investments in power generation, grid infrastructure, and energy storage. Providing access to low-cost, concessional capital will be a cornerstone of scale-up of renewables in developing countries.
To achieve this, one of the objectives of the summit will be to catalyze commitments from governments, multilateral development banks, the private sector, and philanthropic organizations towards enhancing renewable energy finance. The summit will be a three-day event hosted across several venues in New York on the margins of the United Nations General Assembly during the High-Level Week.
The event represents a critical milestone for demonstrating that there is collective momentum to accelerate the pace and scale of the transition to a renewables-based energy system. The summit aims to showcase “Champions” from governments, civil society, local authorities, financial institutions, and the private sector that are leading the scale-up of renewable energy technologies.