Global Renewables Summit Advances Collective Efforts on Tripling Renewables by 2030

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The first-ever Global Renewables Summit, hosted by the Global Renewables Alliance and Bloomberg Philanthropies in partnership with global energy leaders including IRENA, brought together decision-makers from governments, intergovernmental organizations, finance and business.

The summit focused on delivering the commitment made at COP28 in the historic UAE Consensus, to triple global renewable energy capacity by 2030. It provided a platform to advance key actions, including mobilizing finance to support the scale-up of renewable energy deployment this decade.

Speakers included distinguished leaders such as H.E. Ursula von der Leyen, President of the European Commission, H.E. Mia Mottley, Prime Minister of Barbados, H.E. William Ruto, President of Kenya, H.E. Dr. Sultan Al Jaber, COP28 President from the UAE; H.E. Mukhtar Babayev, COP29 President-Designate from Azerbaijan Michael R. Bloomberg, the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions and many more.

Presenting one of the key announcements at the Summit, IRENA’s Director-General Francesco la Camera confirmed: “The good news is that the business case for renewables has never been stronger. Our new cost analysis clearly shows that renewable power remains cost competitive.”

“The outdated view of renewables being expensive is no longer an excuse for the lack of progress”, he continued. “Low-cost renewables represent a key incentive to significantly increase ambition and triple renewable power capacity by 2030.” 81% of renewable power additions in 2023 were cheaper than fossil fuels, as to IRENA’s new Renewable Power Generation Costs in 2023 report. IRENA also endorsed an open letter ‘Now Deliver Change’ initiated by the Global Renewables Alliance together with over 100 international organizations and companies, urging world leaders to seize the opportunity of the upcoming NDC revisions under the Paris Agreement.

“We can no longer afford delays or generic statements, nor can we expect others to lead or take action”, La Camera said. “Going forward, we must raise ambition and ensure that commitments translate into fast-track action and implementation.”

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