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The world could fast-track the energy transition and cut carbon emissions by tripling global renewable power capacity to 11,000 GW and double average annual energy efficiency improvements by 2030, the COP28 Presidency, the International Renewable Energy Agency (IRENA), and the Global Renewables Alliance (GRA) said on Monday.
A report launched by the organizations and the presidency of the COP28 climate summit in Dubai next month offered policy recommendations for governments and the private sector on how to increase global renewable energy capacity to at least 11,000 GW while also doubling annual average energy efficiency improvements in the target period.
“Tripling the deployment of renewable power generation and doubling energy efficiency are amongst the most important levers to cut greenhouse gas emissions,” COP28 President Sultan Al Jaber said in the report.
“I am now calling on everyone to come together, commit to common targets, and take comprehensive domestic and international action, as outlined in this report, to make our ambitions a reality,” said Al Jaber, who is also Minister of Industry and Advanced Technology of the United Arab Emirates (UAE), and group CEO of the Abu Dhabi National Oil Company (ADNOC).
The key enablers to advancing the energy transition include infrastructure and system operation, policy and regulation, supply chains, skills and capacities, finance, and international collaboration.
“Critically, these areas must be reinforced by low-cost financing and international collaboration. Working together to secure a livable future for all,” said Bruce Douglas, Global Renewables Alliance CEO.
Earlier this month, Al Jaber said that the oil and gas industry needs to invest more in decarbonization amid an inevitable phase-down of fossil fuels underway.
But he also said that “This industry can and must help drive the solutions. For too long, this industry has been viewed as part of the problem, that it's not doing enough and in some cases even blocking progress.”
By Charles Kennedy for Oilprice.com
Charles is a writer for Oilprice.com