One of COP28’s big breakthroughs was a pledge to triple global renewable energy capacity by 2030. But reaching this ambitious goal will require new policies and a significant ramp up in investments. It will also require accelerating deployment across both mature markets such as China, Europe and North America as well as the “Global South,” which have substantially different advantages and challenges. How achievable is this goal for different governments? What are the main obstacles in key markets? What can be done to get the world closer to this “tripling” goal?
Developments over the last three years have shaken expectations of a linear global transition as climate goals compete with economic development, energy access, energy security and affordability. The events of the last few years have made it clear that there cannot be an energy transition without energy security. We are beginning a multidimensional transition: a multispeed, multifueled and multi-technology transition with different road maps and end points for different countries. How can the deployment and scaling of new technologies be accelerated? What will be the approaches to implementing the COP 28 commitments?