+
Cop28 tripling renewable capacity pledge aims 11,000 gw of green power
POWER & RENEWABLE ENERGY

Cop28 tripling renewable capacity pledge aims 11,000 gw of green power

Tripling global renewable energy capacity by 2030, as pledged in COP28, poses a significant challenge, according to the International Energy Agency (IEA). Despite impressive progress, with global renewable capacity additions reaching nearly 560 GW in 2023, a 64% increase from 2022, the world remains 30% short of the target of 11,000 GW.

Only 14 out of 194 Nationally Determined Contributions (NDCs) explicitly mention targets for total renewable power capacity by 2030, with China alone contributing over 90% of the mentioned capacity. While China leads in renewable capacity installations, adding almost 350 GW in 2023, other countries must accelerate their annual growth by 36% to meet national aspirations.

India plays a crucial role, aiming for 500 GW of non-fossil fuel capacity, including 485 GW of renewables, by 2030. To achieve this, India focuses on developing hybrid renewable power projects, large auction volumes, and repowering existing wind farms. Advanced economies are expected to double their renewable capacity by 2030, with the Asia-Pacific region contributing 15% to the global total.

To meet ambitious goals, well-designed policies are essential, including streamlining permitting processes, accelerating integration of variable renewables, and reducing financing costs. The COP28 pledge is a significant step towards sustainability, but achieving it requires concerted efforts, technological advancements, and increased annual investments in clean energy.

According to the IEA and International Finance Corporation, annual investments in clean energy must triple from $770 billion in 2022 to approximately $2.2-2.8 trillion per year by early 2030 to meet energy demand while aligning with the Paris Agreement goals.

(Source: Mercom)

Tripling global renewable energy capacity by 2030, as pledged in COP28, poses a significant challenge, according to the International Energy Agency (IEA). Despite impressive progress, with global renewable capacity additions reaching nearly 560 GW in 2023, a 64% increase from 2022, the world remains 30% short of the target of 11,000 GW. Only 14 out of 194 Nationally Determined Contributions (NDCs) explicitly mention targets for total renewable power capacity by 2030, with China alone contributing over 90% of the mentioned capacity. While China leads in renewable capacity installations, adding almost 350 GW in 2023, other countries must accelerate their annual growth by 36% to meet national aspirations. India plays a crucial role, aiming for 500 GW of non-fossil fuel capacity, including 485 GW of renewables, by 2030. To achieve this, India focuses on developing hybrid renewable power projects, large auction volumes, and repowering existing wind farms. Advanced economies are expected to double their renewable capacity by 2030, with the Asia-Pacific region contributing 15% to the global total. To meet ambitious goals, well-designed policies are essential, including streamlining permitting processes, accelerating integration of variable renewables, and reducing financing costs. The COP28 pledge is a significant step towards sustainability, but achieving it requires concerted efforts, technological advancements, and increased annual investments in clean energy. According to the IEA and International Finance Corporation, annual investments in clean energy must triple from $770 billion in 2022 to approximately $2.2-2.8 trillion per year by early 2030 to meet energy demand while aligning with the Paris Agreement goals. (Source: Mercom)

Next Story
Technology

Minda, Qualcomm Join Forces for Smart Auto Cockpit Tech

Minda Corporation Limited, the flagship of the Spark Minda Group, has announced a strategic partnership with Qualcomm Technologies, Inc. to develop intelligent and connected cockpit solutions for the Indian automotive market. The upcoming smart interface will be powered by Qualcomm’s Snapdragon Cockpit Platform.Commenting on the collaboration, Suresh D, Group CTO of Minda Corporation, said, “This partnership with Qualcomm Technologies marks a major milestone in advancing Minda’s digital cockpit capabilities. By utilising Qualcomm’s cutting-edge automotive platforms, we can now offer se..

Next Story
Infrastructure Transport

Railways Spent Rs 604.7 Billion on Passenger Subsidy in FY24

New Delhi – The Indian Railways provisionally spent Rs 604.7 billion in subsidies during the financial year 2023–24, covering 45 per cent of passenger travel costs, Railway Minister Ashwini Vaishnaw informed the Lok Sabha on Wednesday.In a written response to questions from multiple Members of Parliament regarding the recent rail fare hike, Vaishnaw stated that the Indian Railways continues to offer one of the most affordable transport services globally, ferrying over 7.2 billion passengers annually."The total amount of subsidy provided in FY 2023–24 on passenger travel is provisionally ..

Next Story
Infrastructure Urban

Auto Sector Can Cut Emissions by 87% by 2050: CEEW

India’s automobile industry could reduce its manufacturing emissions by 87 per cent by 2050 through a shift to green electricity and low-carbon steel, according to a study released by the Council on Energy, Environment and Water (CEEW).The report estimates that if original equipment manufacturers (OEMs) and their suppliers target net-zero emissions by 2050, annual emissions could fall from a projected 64 million tonnes of CO₂ (under the business-as-usual scenario) to just 9 million tonnes. This would require OEMs to adopt 100 per cent green electricity and steel suppliers to source 56 per ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?