Pre-COP29 Side event: Tracking UAE Consensus Energy Outcomes – Report Launch
Co-hosted by IRENA and COP28 and COP29 Presidencies
The tripling of installed renewable power generation capacity by 2030 is a critical milestone for keeping the 1.5°C temperature goal of Paris Agreement within reach. The UAE Consensus decision at COP28 based on 1st Global Stocktake outcomes called on all Parties to the UNFCCC to contribute to efforts to triple renewable energy capacity globally and double the global average annual rate of energy efficiency improvements by 2030. Achieving the tripling of renewable power capacity to reach almost 11.2TW requires an average annual addition of 1,044GW between 2024 and 2030, representing a compound annual growth rate of 16.4% in total installed renewable power capacity.
According to IRENA’s latest energy statistics, the world is making progress as a new record of 473 GW of renewable power capacity was added globally in 2023. However, despite continued acceleration in renewable energy deployment, the current progress falls short of this trajectory towards 2030. With their new NDCs, countries are expected to reflect the highest possible ambition in reorienting the world towards the 1.5°C pathway. The NDC updates are also expected to reflect the global target of the tripling of renewable power capacity and doubling energy efficiency.
To provide a basis for enhanced ambition in planned NDC submissions, and the report “Delivering on the UAE Consensus: Tracking Progress toward tripling renewable energy capacity and doubling energy efficiency by 2030”, from IRENA, Government of Azerbaijan, COP28 Presidency of the UAE, and Global Renewable Alliance (GRA) will present the status update on implementation of the UAE Consensus energy outcomes, with a focus on the global target of tripling renewable power and doubling energy efficiency, as well as discuss the details of the energy transition enablers.
The Pre-COP29 Side event “Tracking UAE Consensus Energy Outcomes – Report Launch” aims to inform on the status of implementation of the UAE consensus energy outcomes and discuss the challenges and enablers for achieving tripling renewables and doubling energy efficiency by 2030. The result-oriented discussion is expected to provide insights from IRENA analysis and help the momentum towards ambitious COP29 outcomes.
The event attendance is by invitation only.