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.
Industry leaders highlight key policy actions needed to deliver global renewables target
Courtesy of NREL.

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 16 leading multinational companies, including Fortescue, Orsted, EY, Vestas,  CIP,  SSE plc, EDP, Corio Generation, ERM 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” said Bruce Douglas, CEO of GRA. “In 2023 alone, renewable capacity surged by 36 percent. 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:

Finance: Mobilising USD 10 trillion in renewables investment, especially in emerging markets.

Supply Chains: Enhancing supply chain resilience and sustainability.

Permits: Accelerating permitting processes to expedite project development.

Grids: Optimising and expanding grid infrastructure to integrate renewable energy.

“Tripling renewable power capacity by 2030 is technically feasible and economically viable but requires commitment, policy support and investment at scale” added Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA). “As the custodian agency, IRENA has long advocated this approach in its World Energy Transitions Outlook reports. There are no ‘magic bullets’ or shortcuts available; global action must be focused, disciplined and aligned around key priorities. We must overcome the structural and systemic barriers that impede progress by modernising and expanding infrastructure, establishing regulatory frameworks and market design fit for the renewables era and building institutional and human resource capabilities.”

For additional information:

Global Renewables Alliance

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