In a groundbreaking move, more than 110 nations have officially committed to tripling the world's renewable energy capacity by 2030, as announced during the COP28 climate talks hosted by the UAE. The commitment aims to collectively boost global renewable energy generation capacity to at least 11,000 gigawatts by the end of this decade. Additionally, the participating countries pledge to double the global average annual rate of energy efficiency improvements to over four percent per year.

COP28 President Sultan Al Jaber revealed that 117 countries have already signed up, emphasizing the urgency for more nations to join in this global effort to transition away from unabated coal. While the commitment is non-binding, it represents a significant step toward achieving the net-zero greenhouse gas emissions goal by 2050, with a particular focus on scaling up wind, solar, and other renewable energies.

European Commission President Ursula von der Leyen expressed confidence in reaching the ambitious goal, highlighting the message this commitment sends to investors and financial markets. As COP28 progresses, the international community faces tougher negotiations over the next two weeks concerning the fate of fossil fuels, underlining the critical importance of this united effort towards a sustainable future.

Source: barrons.com