Move to Triple Renewable Energy Capacity Adopted by G20  

G20 leaders have agreed to accelerate efforts to triple global renewable energy capacity by 2030, a move which the International Renewable Energy Agency (IRENA) claims aligns with its recommendations on how the world can move in line with the Paris Agreement targets. In June, IRENA’s World Energy Transitions Outlook 2023 said the world needed to triple global renewable power capacity to just over 11,000 gigawatts by 2030 to maintain the possibility of limiting global warming to 1.5°C. A declaration adopted by the G20 on Saturday, supports this objective and cited a joint report between IRENA and India’s G20 Presidency, titled ‘Low-Cost Financing for Energy Transitions’, which estimates a need for over US$4 trillion in annual investments by 2030. “The adoption of a renewable energy target aligned with the goals of the Paris Agreement is a significant milestone for the energy transition,” said IRENA Director-General Francesco La Camera. “Over the past decade, thanks to rapidly falling costs, renewable energy has emerged as the most cost-effective energy solution for meeting the growing needs of global populations while simultaneously combating climate change.”

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