At COP28 in Dubai, the ‘Global Renewable and Energy Efficiency’ pledge was signed by 118 countries in a commitment to trebling renewable energy capacity to 11tw.
The pledge places an emphasis on the importance of Solar PV and how this will be a key technology in achieving this target.
Solar’s continuous market growth and fast deployment statistics make it the most appropriate technology to help reach these targets.
According to the International Energy Agency, Solar could result in making up over half of the 11tw target.
The pledge includes a collective goal of keeping global warming below 2 degrees, with the main target to limit it to 1.5 degrees. Nations that have signed the agreement to recognise this target must accelerate the pace of renewable deployment between now and 2030.
In order to speed up deployment, an economy wide fossil fuel reduction must occur; assuring that oil, coal and gas demand does not rise.
Developments in grid connections are essential in speeding up deployment of renewables. Financial support in emerging markets are essential to developing and expanding grid corrections.
Once a project has provided clarity on market design and strengthened its market condition, financial support can be distributed into renewables and improve energy efficiency.
President of the European Commission, Ursula von der Leyen told Solar Power Portal:
“In the next two years, we will invest 2.3 billion euros from the EU budget to support the energy transition in our neighbourhood and around the globe. This pledge and this financial support will create green jobs and sustainable growth by investing in technologies of the future. And, of course, it will reduce emissions which is the heart of our work at COP28.”
The pledge made by the 118 countries is a step in the right direction, but commitments are not policy.
Significant developments on grid infrastructure is essential to ensure any targets on increasing energy capacity are met.
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