Tripling global clean energy capacity by 2030: Is it enough? Is it possible? Will it be fair?
Sultan Al Jaber laid out UAE’s vision for a successful COP28 outcome that includes a first ever global renewable energy target of tripling renewable energy capacity installed by 2030 to get us on the 1.5˚C track. Backed by recent publications from the International Renewable Energy Agency (IRENA) and the International Energy Agency (IEA), the adequacy, feasibility and equity of such a global target is under discussion. RMI’s newly released report “X-change: Electricity” shows that with the right enabling environment, this goal is in fact achievable in the electricity sector. Thanks to economies of scale, policy support, and technology improvement, renewable energy is the protagonist of a clean energy transition – one that will offer greater energy security, resiliency and health benefits for communities and countries that have been reliant on fossil fuel commodities for far too long.
Speakers, panelists and participants will be invited to:
- Discuss the adequacy, feasibility, and equity of the proposed COP28 renewable energy target
- Share key take aways from RMI’s “X-change: Electricity” report on renewable energy deployment, exponential growth, and expected conditions for continued growth by the end of the decade and on the way to net zero
- Consider the alignment of the proposed target with latest science/ IPCC 1.5C scenarios
- Hear perspectives from Global South leaders on how this target can be implemented in an equitable way, including through expedited processes, technical assistance, funding streams and through overcoming structural barriers in the just energy transition
- Outline how a global renewable energy target can provide market and policy incentives to accelerate renewable energy manufacturing and deployment across the world – and what mechanisms needs to be in place in order to leave no one behind