The call for a significant increase in renewable energy investment to meet global climate goals has intensified. Dr. Sultan Al Jaber, the President of COP28, emphasized that global investments in renewable energy need to more than triple over the next six years to meet the ambitious target of 11,000 gigawatts (GW) of capacity by 2030. His remarks came during the Global Renewables Summit, marking the first-ever high-level meeting between public and private sectors focused on tripling global renewable energy capacity by the end of the decade.

The target set for renewable energy is seen as critical for keeping the global temperature rise below 1.5°C, the threshold scientists warn is crucial to avoid catastrophic climate impacts. Dr. Al Jaber stressed that current levels of investment are insufficient, urging governments, financial institutions, and private investors to significantly scale up their commitments. He called this a pivotal moment, stating that failure to act now would lead to irrevocable damage to the planet.

Current estimates suggest that the world is far behind in reaching the necessary level of renewable capacity. As of this year, global renewable energy capacity stands at just over 3,000 GW, a fraction of what is needed by 2030. This gap, according to Dr. Al Jaber, highlights the urgent need for both financial and technological acceleration. The COP28 President pointed to investment trends, noting that renewable energy accounted for less than half of all energy investments worldwide in the past few years. To hit the 11,000 GW target, renewable energy must become the dominant area of focus for both public policy and private capital.

Al Jaber’s appeal comes as countries grapple with the economic and environmental challenges of transitioning to clean energy. With global energy demand continuing to rise, the window to achieve climate targets is narrowing. In addition to tripling investment in renewables, the summit also stressed the importance of improving the efficiency and speed of deployment, particularly in emerging markets where energy access is still limited.

The Global Renewables Summit also highlighted key areas where innovation and investment are critical. These include solar, wind, hydro, and emerging technologies like green hydrogen, which could play a transformative role in decarbonizing sectors that are traditionally hard to abate, such as heavy industry and transport. Al Jaber reiterated that without robust innovation across these sectors, the goal of tripling renewable capacity would remain out of reach.

Several governments and private companies announced new initiatives to support the global push towards renewable energy. However, the pace of commitments remains uneven, with developed nations generally further ahead than developing ones in terms of renewable energy infrastructure. This discrepancy was a central focus of discussions at the summit, where participants acknowledged the need for financial and technical support to be directed toward countries with fewer resources to make the transition.

A critical aspect of the summit was the recognition that traditional financing mechanisms for renewable energy are inadequate. There was a consensus that new financial models are required to unlock the capital necessary to drive investment at the required scale. Al Jaber called for greater collaboration between the public and private sectors to create more efficient financing structures, reduce risks for investors, and ensure that funds are directed to high-impact projects.

One proposed solution involves the use of blended finance, a model that combines public funds with private investment to reduce the financial risk associated with renewable energy projects. This approach, which has been employed in several large-scale infrastructure projects, is gaining traction as a way to bridge the financing gap. Dr. Al Jaber advocated for its wider use in renewable energy, particularly in regions where private investment has been slow to materialize.

The urgency of the situation was underscored by ongoing extreme weather events, which many scientists attribute to climate change. From devastating floods to record-breaking heatwaves, the effects of a warming planet are becoming more apparent. The summit participants agreed that renewable energy plays a key role in mitigating these impacts and stabilizing the climate, but only if investments increase significantly in the near term.

Another critical component discussed was the role of policy frameworks in supporting renewable energy growth. Governments were urged to create long-term policy certainty, which would help attract more private capital into the sector. Dr. Al Jaber noted that inconsistent policies and regulatory barriers have historically slowed the deployment of renewable projects, especially in regions with political instability or weak governance.

Al Jaber’s remarks also pointed to the need for a just energy transition, ensuring that no country or community is left behind in the shift to renewables. This includes creating jobs in the renewable energy sector to offset potential job losses in fossil fuel industries. According to estimates, millions of new jobs could be created by the expansion of renewable energy infrastructure, providing economic benefits while reducing carbon emissions.