Global Corporations Advocate for tripling of Renewable Power capacity by 2030
In a resounding call for climate action, a consortium of multinational giants, including Amazon, Apple, EY, Google, Huawei, PepsiCo, and Unilever, have issued a compelling joint letter. This letter, expertly coordinated by the esteemed Global Renewables Alliance, is directed at governments participating in the upcoming COP28 Climate Summit. Its central plea? To set forth an ambitious 2030 global renewable power capacity target.
Notably, this visionary letter goes beyond the ordinary. It not only advocates for doubling energy efficiency improvements but boldly calls for a tripling of global renewable power capacity by the turn of the decade in 2030.
What makes this appeal even more impactful is its diverse backing. Alongside corporate giants, it bears the signatures of influential bodies such as the International Renewable Energy Agency (IRENA), the United Nations Industrial Development Organisation, the Climate Group, We Mean Business, and the World Business Council for Sustainable Development. The cherry on top? The endorsement of the COP28 Presidency itself signals the potential transformation of these targets into vital negotiations at the forthcoming Summit in Dubai.
But this call to action transcends industries; it's a unified stance. Major energy suppliers, including Vestas, SSE, ReNew, and Adani, have rallied behind the cause, underscoring its inclusive support.
The letter, launched as this week world leaders convene at the UN General Assembly in New York, argues that a tripling in renewable energy capacity by 2030 would represent a "quantum leap in climate action".
"We, a global group of 250+ organizations, emphatically call for world leaders and Parties to the Paris Agreement to agree on a global target to triple renewable electricity capacity to at least 11,000 GW by 2030 at COP28 this year," the letter states. "We underscore that a step change this decade in renewable energy growth, combined with an increase in energy efficiency, will be the fastest and most cost-efficient way to decarbonize the global economy. It is one of the most impactful commitments that the global community can undertake now to secure a liveable future for all."
This is not just a plea; it's a call for transformation. It asserts that a paradigm shift in renewable energy growth and enhanced energy efficiency is the swiftest and most cost-efficient path to decarbonize the global economy. This commitment can profoundly impact our shared future.
Sultan Al-Jaber, the President-Designate of COP28, has positioned tripling renewable power as a cornerstone of his vision for the Dubai Summit, emphasizing how this goal aligns with global climate objectives and emissions reduction.
Francesco La Camero, director-general of IRENA, said the body's data highlighted how tripling renewables capacity would deliver the "course-correction" required to bring decarbonization efforts into line with a 1.5C warming trajectory.
"The business case for renewables has never been stronger," he said. "But we must urgently overcome the systemic barriers across infrastructure, policy, and institutional capabilities in the coming years and build a new energy system that is run on renewables."
To achieve this transformative vision, approximately $4 trillion in annual investment in transition technologies is required—a colossal sum but a necessary one. It's an investment in wind, solar, hydropower, geothermal, and other renewable forms of energy. The Global Renewables Alliance formed just last November at COP27 in Egypt, serves as a unifying force across the renewables sector, encompassing a broad spectrum from solar to green hydrogen.
This visionary letter comes in the wake of reports warning of the world's deviation from its climate and Sustainable Development Goals despite worldwide record-breaking investments in clean technologies. It's a wake-up call from the corporate and environmental titans that we must act decisively to secure a sustainable and livable future for all.