G20 Leaders Commit to Triple Global Renewable Energy Capacity by 2030

World Leaders Align with IRENA Recommendations and Paris Agreement Targets

In a historic move, the G20 leaders have agreed to accelerate efforts to triple global renewable energy capacity by 2030, aligning their actions with recommendations from the International Renewable Energy Agency (IRENA) and the goals of the Paris Agreement. This declaration, adopted recently, comes in response to a joint report between IRENA and India’s G20 Presidency titled “Low-Cost Financing for Energy Transitions.”

The report estimates that an annual investment of over USD 4 trillion will be required by 2030 to achieve this ambitious renewable energy target. IRENA’s World Energy Transitions Outlook 2023, released earlier this year, emphasized the need to triple global renewable power capacity to approximately 11,000 GW by 2030 to limit global warming to 1.5°C, a critical threshold for climate stability.

IRENA’s Director-General, Francesco La Camera, hailed this agreement as a significant milestone for the global energy transition, highlighting how renewable energy, due to its rapidly falling costs, has become the most cost-effective solution for addressing the world’s energy needs while combatting climate change.

La Camera also expressed IRENA’s commitment to collaborating closely with member countries to achieve this ambitious goal and underscored the importance of maintaining this momentum in preparation for COP28, emphasizing that an inclusive action agenda involving both developed and developing countries will be crucial in addressing the climate challenge.

Additionally, IRENA’s “Low-Cost Financing for Energy Transitions” report, developed in collaboration with India’s Ministry of New and Renewable Energy (MNRE), offers a toolbox of strategies to increase the availability of low-cost capital for renewable energy projects in G20 countries and beyond. This holistic approach aims to facilitate the transition towards a more sustainable and clean energy future.