In the context that the world is lacking consensus to triple renewable energy capacity by 2030, the newly-announced G20 commitment is a positive step to promote collective strength to accelerate the energy transition to achieve the goal of net zero emissions by 2050.
The joint statement of the G20 foreign affairs, finance, environment and climate ministers, as well as central bank governors, highlights the importance of implementing the commitments made at the UN Climate Change Conference (COP28) in 2023 in Dubai, United Arab Emirates (UAE).
Accordingly, the energy transition will be implemented in a just, orderly and equitable manner so as to achieve net zero by 2050 in keeping with the science.
In December 2023, the participating countries at COP28 adopted a climate agreement with a commitment to transition away from all fossil fuels for the first time. This is seen as a turning point in the global effort to cut greenhouse gas emissions. Fossil fuels account for 75% of global human-caused greenhouse gas emissions.
The world is witnessing remarkable progress in the energy transition.
A report from the UK-based energy think tank Ember has revealed that 593GW of solar capacity could be installed globally by the end of 2024.
Solar power is growing faster than people expected, as it establishes itself as the cheapest source of electricity globally.
Euan Graham, electricity data analyst at Ember
"Yet again, solar power is growing faster than people expected, as it establishes itself as the cheapest source of electricity globally," said Euan Graham, electricity data analyst at Ember.
To put the incredible growth of solar into perspective, the industry's growth this year alone exceeds all new output from planet-dirtying coal since 2010.
The vast majority of the growth in the industry is coming from China; according to the report, they are on track to add 334 gigawatts, or 56% of global new solar power additions, to their grid by the end of 2024. India, the United States, Germany, and Brazil are also some of the biggest growth markets for solar power.
As energy transition is an inevitable trend, countries and governments around the world have made commitments and targets to reduce greenhouse gas emissions and increase the production and use of renewable energy.
According to the International Energy Agency (IEA), nearly 70 countries, representing 80% of global renewable capacity, will meet or exceed their current goals by 2030.
The Renewables 2024 report, the IEA’s flagship annual publication on the sector, finds that the world is set to add more than 5,500 gigawatts (GW) of new renewable energy capacity between 2024 and 2030.
“Renewables are moving faster than national governments can set targets for. This is mainly driven not just by efforts to lower emissions or boost energy security; it’s increasingly because renewables today offer the cheapest option to add new power plants in almost all countries around the world,” said IEA Executive Director Fatih Birol.
However, the growth is not fully in line with the goal to triple the world’s renewable capacity this decade, as set by nearly 200 governments at the COP28 climate change conference in December 2023; the report forecasts global capacity will reach 2.7 times its 2022 level by 2030.
Therefore, the IEA recommends that developing and emerging countries outline bold plans to exploit the growth of high-potential renewables.
For Europe and the US, the IEA suggests to streamline the permitting processes to unlock further potential. Meanwhile, China, which is set to account for almost 60% of all renewable capacity installed worldwide between now and 2030, needs to securely integrate these variable renewable sources into power systems.
With global targets on renewable energy, energy efficiency, and fossil fuel phase-out, the international community at COP28 set high ambitions for the coming years.
The world can successfully achieve these goals by 2030 if international cooperation is enhanced and each country contributes its own strengths. Strengthening coordination and solidarity among countries will help the world deal more effectively with common challenges, while strongly promoting the green and low-carbon transition globally.
