As discussed in COP28, renewable industries are working towards improving the overall concept of reducing global warming. To speed up this process, the Global Renewable Alliance unveiled 10 trillion dollar plan for achieving 3xRenewables.
The Global Renewables Alliance launched a campaign to mobilize US$10 trillion in public-private investments. They are also planning to establish policy frameworks that will help them reach around 11,000 GW of renewable energy targets by the end of this decade.
“There is no energy transition without action and world leaders have committed to tripling goal, now it’s time to deliver. This means taking urgent action on finance, permits, supply chains and grids,” said Bruce Douglas, chief executive of the Global Renewables Alliance.
According to the campaign, if they are scaling renewables now by 3 times globally with collective action, it can help us move in the direction of 1.5° C pathway. This will also help in delivering affordable energy access, high quality jobs, and clean air.
To deliver a secure, just and clean future, actions should redirect financial resources to renewables. This is most needed in emerging markets and developing economies (EMDEs).
After COP28 UAE United Nations for Climate Action in Dubai, the Alliance decides, actions in this regard can be modified and accelerated. It can be done by collaborative working with partners and key decision makers.
Douglas said, “The industry stands ready to deliver, awaiting policymakers to pave the way. De-risking renewable investments, especially in emerging economies, is now a crucial step to delivering on the global target. The global south is where we must see massive upscaling of renewables deployment for the energy transition to be just and equitable. It needs to happen now.”
Global Renewable Alliance Unveiled 10 trillion dollar plan for 3xRenewables. But as per the Alliance, finance is not the only issue here. Other barriers like insecure supply chains, permitting process and insufficient grid infrastructure are also affecting the process.
To address these challenges and to sort out the issues, global renewable industries have come together through this alliance. Together they aim to speed up the permitting process, improvise grid infrastructure and accelerate energy and connection optimization.
Source: 3xRenewables