At the inaugural Global Renewables Summit held alongside the 79th UN General Assembly in New York, COP28 President Dr. Sultan Al Jaber emphasized the urgent need to more than triple global investment in renewable energy over the next six years to meet the 11,000GW capacity target. This expansion is vital to keeping the global temperature increase below 1.5°C and advancing sustainable prosperity.
“Tripling renewable capacity is not just a benchmark, it is an essential enabler of all global efforts to keep 1.5°C within reach,” Dr. Al Jaber said, underscoring that without decisive action, global progress on climate goals will fall short.
The call for tripling renewable energy is a key outcome of the UAE Consensus, a historic agreement aimed at accelerating climate action and sustainable development. Dr. Al Jaber highlighted that renewable energy has undergone a “historic expansion” over the past two decades, with global capacity increasing eightfold and costs falling by more than 80%. However, he noted that progress remains too slow to meet climate targets.
Dr. Al Jaber urged the global community to focus on three critical areas: infrastructure, technology, and the Global South. He stressed the need for greater investment in outdated grid infrastructures, particularly in developing nations where grid systems are either obsolete or non-existent.
“Investors need to know that their projects will have a viable grid to plug into, in a viable timeline,” he said, calling on governments to step up with clear renewable energy and infrastructure targets in their Nationally Determined Contributions (NDCs).
Dr. Al Jaber also emphasized the role of technology, particularly Artificial Intelligence (AI), in addressing key challenges such as energy storage and grid management. AI can optimize grid usage, extend battery life, and integrate renewable sources more efficiently, he explained. The UAE plans to host a forum in November with tech and energy leaders to explore AI’s potential in driving a greener energy future.
The COP28 President noted that while there are significant opportunities for sustainable growth, many developing nations are being left behind. Currently, over 120 countries receive less than 15% of global renewable energy investment. Dr. Al Jaber called for reform in climate finance, urging international financial institutions to make funding more accessible and affordable.
As an example of innovative financing, he cited the Africa Green Investment Initiative, which aims to develop 25 renewable energy projects across 14 African nations, and ALTÉRRA, a climate investment fund launched at COP28 with a US$6.5 billion investment in 40GW of renewable projects.
Dr. Al Jaber closed his remarks by calling for a “new model of engagement” that fosters stronger public-private partnerships and a renewed spirit of solidarity. “Business as usual simply will not work,” he said, stressing that investing in renewables is not only a climate imperative but also an opportunity for significant economic returns.
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