Explorer

World Govts Vowed To Triple Renewables Capacity At COP28. Year Later, Most Yet To Update Targets, Says Think Tank

A new report by energy think tank Ember, released on Tuesday to coincide with COP29, says world governments need to act rapidly to keep up with their renewables targets.

Are world governments acting with enough urgency to meet climate targets? A new report by UK-based energy think tank Ember, released to coincide with the ongoing COP29 conference in Baku, suggests they aren’t, at least as far as boosting the capacity of renewable energy is concerned.

A year after the global goal to triple renewables by 2030 was agreed at COP28, national targets by governments are almost unchanged, the report notes. According to the think tank, the national targets still add up to just over a doubling of the global renewables capacity by 2030. “In that time, solar’s prospects have improved, leading to upgrades in market forecasts for renewables by 2030,” adds the report, released on Tuesday.

The COP — or Conference of the Parties — is the supreme decision-making body of the United Nations Framework Convention on Climate Change (UNFCC), which seeks to limit greenhouse gas emissions to “a level that will prevent dangerous human interference with the climate system, in a time frame which allows ecosystems to adapt naturally and enables sustainable development”. The UNFCC has been ratified by 198 countries. COP29 is being hosted in Baku, Azerbaijan, from November 11-November 22.

The report by Ember — a not-for-profit think tank that “aims to accelerate the clean energy transition with data and policy” — analysed national 2030 renewable capacity targets for 96 countries and the European Union as a bloc. A press release accompanying the report notes that these countries “collectively account for 96% of the world’s renewable capacity, 95% of global electricity sector demand and 94% of global power sector emissions”. Out of these 96 countries, 83 have renewable capacity targets for 2030, the report notes.

ALSO READ | By Making Emission Cuts A Moneyspinner, India’s Carbon Credit Trading System Will Prove A Gamechanger

‘Rapid Action’ Needed

Ember notes in its report that, at COP28, over 130 countries signed a pledge to “contribute to tripling global renewable energy capacity” by 2030. “By October 2024, only eight countries have updated their renewable targets, resulting in just a 4 GW increase in overall renewable energy targets globally,” it adds.

“The current sum of 2030 national renewable targets is 7,242 GW, a 2.1x increase from the 3,379 GW capacity recorded in 2022. Reaching a global tripling of renewables would require an additional 3,758 GW of capacity installed by 2030,” Ember notes.

Katye Altieri, Electricity Analyst at Ember, notes in the press release that “renewables markets have moved”, even as “governments’ ambitions have not”. “The growth of renewables is exceeding expectations every year and this is combined with falling prices,” Altieri says. “Markets are booming but there’s still a lack of ambition from countries.”

The think tank says unlocking the tripling goal “needs rapid action”. “The pace of the market, falling prices and increased technological efficiency of renewables should give governments confidence to increase their ambitions and update their targets,” it adds. “COP29 and the upcoming 2025 update of Nationally Determined Contributions (NDCs) present an ideal opportunity to close the gap between where national targets are, and what is needed to meet or exceed a global tripling goal.”

NDCs are individual climate action plans that countries submit to the UN under the 2016 Paris Agreement, which seeks to limit global warming to 1.5 degrees Celsius above pre-industrial levels.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Delhi AQI In 'Severe' Category First Time This Winter Rings Alarm Bells In National Capital
Delhi AQI In 'Severe' Category First Time This Winter Rings Alarm Bells In National Capital
Moment When Chennai Man Was Caught Walking Out Of Hospital After Stabbing Doctor: VIDEO
Moment When Chennai Man Was Caught Walking Out Of Hospital After Stabbing Doctor: VIDEO
Trump Meets Biden At White House After Winning US Presidential Polls, Both Vow 'Smooth Transition' Of Power
Trump Meets Biden At White House After Winning US Presidential Polls, Both Vow 'Smooth Transition' Of Power
Siddaramaiah Claims BJP Offered Rs 50 Crore To 50 Congress MLAs In Karnataka, Says 'None Of Them Agreed'
Siddaramaiah Claims BJP Offered Rs 50 Crore To 50 Congress MLAs In Karnataka, Says 'None Of Them Agreed'
Advertisement
ABP Premium

Videos

Nirmala Sitharaman Announces Game-Changing Collateral-Free Loan Scheme for MSMEsSIP Emerges as a Safe Investment Amidst Market Fluctuations | Paisa LiveTop Banks Offering 8.75% Interest for Senior Citizens: Here’s What You Need to Know!RBI Set to Make a Big Decision on Your EMI: What You Need to Know!

Photo Gallery

Embed widget