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Recharge is the world''s leading business intelligence source for the renewable energy industries. We provide award-winning international coverage of breaking news, in-depth features and analysis across the wind and solar sectors. Learn about key energy issues as they happen and get industry insight from our experts.
Unlike most races, it won''t have one winner. In this race we all win, or we all lose. Winning it requires a radical, unprecedented level of collaboration, from all corners of our world. From our cities, businesses, regions and investors. From people everywhere.
Together we''re racing for a better world. A zero carbon and resilient world. A healthier, safer, fairer world. A world of wellbeing, abundance and joy, where the air is fresher, our jobs are well-paid and dignified, and our future is clear.
Deployment of cheap solar and wind is surging towards the global goal of tripling renewable capacity and doubling energy efficiency by 2030 – with clean energy on course to meet half of all electricity demand worldwide. New actions announced today at COP29 in Baku have given the energy transition a further boost.
Achieving the Paris Agreement requires a massive increase in renewable energy, energy efficiency measures, and grid infrastructure for emerging and developing countries (EMDCs).
Recent analysis from RMI highlights what is possible – with 87% of power investment flowing into cleantech in 2024 already, up from around half 10 years ago. However, the investment needs of EMDCs (excluding China) for the clean energy transition needs to increase more than sixfold to around $1.6 trillion per year by 2030, according to updated analysis from the Independent High-Level Expert Group. In 2023, Africa received less than 2% of the investment in clean energy, despite accounting for about 60% of the world''s best solar resources, the report shows.
To do this, we must accelerate along the highway to private finance to deliver 6x current annual funding levels towards powering up emerging and developing economies, through:
(4) PRIVATE CAPITAL. Private capital incentives, including more and better concessional finance, grant-based blended finance and de-risking instruments including insurance, particularly in lower-income countries .
(5) PEOPLE. Stronger support for green industrialisation, technology innovation and supply chain development within country to capitalise on the domestic economic and social opportunities of the energy transition delivering jobs, economic growth and prosperity.
This package will help to unlock private investment into the EMDCs clean energy transition and further support countries to embed the accelerated clean energy transition into national climate plans, further attracting investment and growing domestic low-carbon industries.
Meanwhile, new research from Ember finds that national targets by governments can bank the improved outlook for renewables driven by real economy progress. A year on from the UAE Consensus being reached, national targets by governments are almost unchanged – despite major upgrades to the market outlook for renewables out to 2030, the analysis shows.
Woochong Um, CEO of Global Energy Alliance for People and Planet (GEAPP), said: "Negotiations at COP29 and the convening of the G20 must prioritize an equitable energy transition and universal energy access for emerging economies – where the high cost of capital, and the impacts of climate change hinder progress. Far too many nations remain excluded from the benefits that renewable energy can bring. Only through radical collaboration between the public and private sectors can we break down barriers and accelerate investment."
The grasp is in our hands to shift the course of Just Transition, transforming the challenges posed by the double-edged sword in employment into promising and sustainable opportunities for the younger generation, argues Climate Champions’ Energy Youth Fellow, Chaeyoung Hyun.
H2LAC, The Green Hydrogen Organisation, and The Green Hydrogen Catapult, convened by the Climate Champions Team, have developed a Joint-Agreement on streamlining the emerging production and use of clean hydrogen.
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