Global Renewables Summit: Sultan Al Jaber Urges Tripling Renewable Energy Capacity By 2030 To Achieve Climate Goals

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President, emphasised the urgent need for a significant increase in global renewable energy investment. Speaking at the Global Renewables Summit, he highlighted that investments must more than triple within six years to achieve the 11,000GW capacity target necessary to maintain the 1.5°C climate goal.

He stressed that tripling renewable capacity is crucial for global efforts to sustain prosperity and ensure inclusivity. This summit, held alongside the 79th UN General Assembly in New York, marked a pivotal moment in aligning public and private sectors towards this ambitious goal.

The UAE Consensus has been instrumental in shaping global climate ambitions. Over the last two decades, renewable energy has seen substantial growth worldwide, with capacity increasing eightfold and costs dropping by over 80%. Solar power now stands as the most affordable energy source. However, despite positive trends, progress remains insufficient.

Dr. Al Jaber identified three critical areas needing urgent attention: infrastructure investment, technological advancements—particularly in AI—and support for the Global South. He called for more than tripling investments by 2030 to meet these targets.

Private-sector investment is vital but requires reliable grid infrastructures. Many industrialised nations have outdated grids over 60 years old, while some Global South countries lack grids entirely. Dr. Al Jaber urged governments to include specific renewable energy targets in their Nationally Determined Contributions (NDCs) and create policies that encourage private investment.

He criticised slow permitting processes as a hindrance to progress, likening it to driving with a handbrake on when acceleration is needed. Streamlining these processes is essential for achieving renewable energy goals swiftly.

The Role of Technology

AI technology can address key challenges like intermittency and storage by enhancing grid intelligence and usage mapping. Predictive maintenance could extend battery life and improve transmission infrastructure. AI integration can maximise carbon efficiency and bolster energy security by combining baseload with renewable sources.

The UAE plans to host a forum in November with tech and energy leaders to explore these opportunities further. Dr. Al Jaber emphasised the interdependence of technology and energy sectors for sustainable growth.

Global Investment Disparities

Sustainable economic growth offers immense potential, yet many regions do not benefit equally from this opportunity. Over 120 developing countries receive less than 15% of global renewable energy investments. Dr. Al Jaber called for challenging outdated climate finance models and promoting new ones through international financial institutions.

The Africa Green Investment Initiative exemplifies efforts to incentivise investment by targeting renewable projects across African nations. Similarly, ALTÉRRA's climate fund has already invested US$6.5 billion in projects totalling 40GW capacity.

A Call for Collaboration

Dr. Al Jaber urged all stakeholders to explore collaborative solutions with like-minded partners to bridge the power development gap in the Global South. He declared that "business as usual simply will not work," advocating for a new engagement model fostering public-private partnerships alongside solidarity and optimism towards renewables as lucrative investments.

The Global Renewables Summit runs from 23rd to 25th September, gathering leaders from various sectors to discuss progress, opportunities, and challenges in tripling global renewable energy by 2030.

With inputs from WAM