G20 leaders adopt IRENA’s renewable energy recommendations
Leaders at the G20 Summit have agreed to triple renewable energy capacity and underscore global need for over $4 trillion of yearly investment until 2030.
They also aligned with recommendations of the International Renewable Energy Agency (IRENA) on how the world could move in line with the Paris Agreement targets.
In a declaration adopted at the weekend, the gathering cited a joint report between IRENA and India’s G20 presidency, titled ‘Low-Cost Financing for Energy Transitions’, which captured the $4 trillion yearly investment outlay.
According to IRENA’s World Energy Transitions Outlook 2023 released in June this year, the world needs to triple global renewable power capacity to just over 11 000 GW by 2030 to maintain the possibility of limiting global warming to 1.5°C. The G20 pact acknowledged the development.
IRENA’s Director-General, Francesco La Camera, said the adoption was a significant milestone for energy transition.
He stressed the importance of building on this political momentum, as the world prepares for COP28.
La Camera noted that an ambitious agenda, inclusive of both developed and developing countries at COP28 would be essential to addressing the climate challenge.
The IRENA’s Low-Cost Financing for Energy Transitions report, developed in collaboration with India’s Ministry of New and Renewable Energy (MNRE), provides a toolbox to increase availability of low-cost capital in G20 countries.
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.