Global renewable energy capacity to triple by 2030 among key UAE consensus findings – pv magazine Australia

September 25, 2024 Global Renewable Energy Summit

“Tripling renewable capacity is not just a benchmark, it is a necessary enabler for all global efforts to keep the 1.5% within reach, promote sustainable prosperity and leave no one behind” Al-Jaber he said at the summit, which took place on the sidelines of the 79th session of the UN General Assembly New York.

The tripling of global renewable energy capacity was one of the key outcomes of the historic UAE Consensus, a benchmark for global climate ambition and sustainable development. Renewable energy has experienced a “historic expansion” in the world over the past 20 years, with capacity increasing eightfold and costs falling by more than 80%, COP28 The president said, noting that solar energy is now cheaper than any other energy source. However, while “the trends are moving in the right direction, they’re just not moving fast enough,” he said.

“We urgently need to shift gears in three key areas” Al-Jaber he said, calling for greater investment in infrastructure, technology, particularly artificial intelligence (AI), and in the Global South. “We need to triple overall investment over the next six years to achieve our 2030 target of 11,000 GW.”

While private sector investment is crucial, “investors need to know that their projects will have a functioning network that they can connect to within a reasonable time,” the president said, pointing out that network infrastructure in industrialized countries is often more than 60 years old, while in many countries in the Global South “there is no network at all.”

Governments “need to get on board” and include specific renewable energy and infrastructure targets in their upcoming Nationally Determined Contributions (NDCs), the president said. They should also implement policies that encourage private sector investment and streamline permitting. “In too many places, the pace of permitting is like driving with the emergency brake on when we need to speed up on the highway,” he noted.

Technology, particularly AI, can help solve key challenges facing renewable energy, such as intermittency and storage, by making networks smarter, enabling them to better map usage, while predictive maintenance can extend battery life, strengthen transmission infrastructure and increase storage capacity, he told delegates. AI can also help integrate baseload and renewable energy sources to maximise carbon efficiency and increase energy security, he said.

“The sooner we invest in AI and implement it in the energy sector, the sooner its benefits can be scaled” Al-Jaber he said, emphasizing that in November the United Arab Emirates will host a special forum with the participation of leaders from the technology and energy sectors Abu Dhabi“These two sectors are simply dependent on each other,” he said.

“The opportunities for achieving sustainable economic prosperity through smarter, greener growth have never been greater, but some parts of the world are not benefiting from these opportunities in an equitable way,” the president said, pointing out that more than 120 developing countries currently attract less than 15 percent of global investment in renewable energy.

“When it comes to climate finance, old models need to be challenged and new ones promoted,” he told delegates, calling on international financial institutions to make finance more accessible, affordable and accessible, and to encourage private finance through “innovative” blended models.

Al-Jaber highlighted the Africa Green Investment Initiative, launched last year by the UAE, which aims to develop 25 renewable energy and storage projects in 14 African countries, as an example of encouraging investment. He also cited ALTÉRRA, a climate investment fund launched in COP28which has already been implemented $6.5 billion with investors in projects with a total portfolio capacity of 40 GW.

“There is still much work to be done to close the energy development gap in the Global South,” the president said. “And I encourage all parties to explore all solutions in collaboration with like-minded partners.”

Declaring that “business as usual just won’t work,” Al-Jaber called for “a new model of engagement that takes public-private partnerships to a new level”, as well as a “true spirit of solidarity” and “a renewed sense of positivity that sees spending on renewables as an investment that will yield significant returns”.