Financing and Implementing a 1.5°C – Aligned Global Renewable Energy Target
Download the full report here and the summary version here.
GLOBAL – As the world gears up for the UN Climate Talks (COP28) in Dubai, where a global renewable energy target is poised for adoption, today 350.org is launching the report Power Up for Climate Justice: Financing and Implementing a 1.5°C – Aligned Global Renewables Target.
As experts warn 2023 will almost certainly be the hottest year on record, limiting global heating to within 1.5°C is of utmost urgency, and cannot be achieved without a global renewable energy target. However, in order for the global renewable energy transition to be implemented at the speed, scale, and equitability necessary, it must be accompanied by a comprehensive package that includes the phase-out of fossil fuels and a finance package for the Global South.
May Boeve, 350.org Executive Director:
“For the global renewable energy target at COP28 to address global energy needs and redress fossil fuel dependency, it must include commitments to triple fair, safe and clean renewable energy capacity by 2030 and deploy 1.5 terawatts per year thereafter, double energy efficiency by 2030, and completely phase-out of fossil fuels by 2050. This target must be also accompanied by rapid and at scale equitably finance.”
Andreas Sieber, 350.org Associate Director of Global Policy:
“To achieve the proposed global renewable energy target by 2030, massive growth in financial investment into renewable energy is required in the Global South outside China, from both private and public sources. Barriers such as debt and the inequitable cost of capital in the Global South, significantly hinder investment in renewable energy. To facilitate the global renewable energy transition, we need debt cancellation at scale, $100 billion in concessional finance per year, and $200 billion in grants per year.”
“A renewable energy target at COP28 will only constitute a meaningful step towards climate justice if it is accompanied by a clear roadmap for implementation that includes equitable mechanisms and commitments in the financial and policy realms, as well as an urgent and equitable phase-out of fossil fuels. Without these, any agreement would represent a hollow, ‘easy win’ for the COP28 President Al Jaber, and risk allowing polluting countries to hide behind a renewables goal while continuing to emit fossil fuels.”
The report outlines further demands for COP28’s final decision text: it must be underpinned by a legal framework, rely solely on proven renewable energy technologies like wind and solar, and include commitments by all parties to the conference to implement the mechanisms and conditions necessary to facilitate the success of a global renewable energy target and a just transition away from fossil fuels.
Download the full report here and the summary version here.
In the lead-up to COP28, throughout November and December, 350.org and partners have organized more than 200 Power Up events worldwide, visually showcasing the global call for a renewable energy revolution. Link to Photos
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