Tripling global renewable energy capacity by 2030 is a critical milestone in the energy transition. Pace and ambition must be increased. Governments need to send clear signals on ambitious national renewable goals and plan their delivery. Tripling renewable energy at country level may not be possible for all developing countries. Developed nations must up their domestic ambition and increase support to developing countries to enable them to maximise their renewable energy potential.
The UAE consensus at COP28 saw all parties commit to a global tripling of renewable energy capacity by 2030 as part of a wider energy package. If delivered, the agreement would further push fossil fuels out and halve unabated coal-fired power generation by 2030. Coal power is currently still the single-largest source of energy-related CO2 emissions.
Distributing renewables so that everyone can benefit from clean, cheap energy will be critical to an equitable global energy transition. Many platforms have been developed to support countries in delivering the tripling goal. However, more work needs to be done to unlock key enablers, especially finance.
The tripling goal will deliver global and local benefits
- Bolstering countries’ energy security, with political attention increasingly focused on renewables over insecure fossil sources in light of recent energy price crises and the energy transition.
- Driving economic growth: clean energy accounted for 10% of global GDP growth in 2023, adding around $320 billion to economic output.
- Creating more than 30 million new clean energy jobs globally by 2030.
- Reducing the costs of climate damage: current global costs of climate change are estimated to be around $16 million per hour, rising to between $1.7 and $3.1 trillion per year by 2050 unless swift action is taken.
This briefing sets out proposals to deliver on the renewable energy goal; E3G is developing further recommendations for delivering the rest of the package. Read the full briefing here.
