REM: COP28 agrees to triple renewables by 2030

COP28 ended a day late with nearly 200 countries agreeing to transition away from fossil fuels, and to triple renewable energy and double energy efficiency.

The agreement, finalised on December 13, has been hailed as a harbinger of the end of the oil age. That’s although it fell far short of an agreement to “phase out” oil, gas and coal, which scientists agree contribute about 75% of the world’s climate-damaging CO2 emissions.

The renewables component, while not binding, is nevertheless evidence of a clear intent to change for the better. And it is doable, though it will take fierce commitment, say experts.

The Global Renewables Alliance said the deal “represents a step change in the world’s journey to a clean, secure and just energy future”. This “marks the beginning of the end of the fossil-fuel era,” it added.

“Tripling renewable energy capacity to 11,000 GW and doubling energy efficiency by the end of the decade is the most impactful and cost-efficient way of keeping the world on course for 1.5C,” the alliance continued.

“Renewable energy technologies are mature, cost competitive and can be deployed at scale very fast.  When combined with long duration storage, green hydrogen and smart grids they offer a reliable and flexible solution,” it said.

“This outcome is really historic: the COP28 decided on the transition away from fossil fuels and towards renewables and energy efficiency,” added Peter Liese, chair of the EU delegation. “Nuclear energy also has its place. The adopted text does not mention the word ‘phase-out’, but it is a ‘phase-out’ of fossil fuels. I expect the stocks of renewables, energy efficiency and nuclear energy to go up.”

The renewables goal had been debated throughout the two-week conference. Near the start of the meet, in Dubai, 118 nations had pledged to triple the world’s renewables capacity by the end of the decade, and to reduce the share of fossil fuels by 2050 at the latest though without the backing of majors such as China and India.  

COP28’s final agreement came with the summit’s president and oil executive Sultan al-Jaber claiming that the goal “aligns more countries and companies around the North Star of keeping 1.5 degrees Celsius within reach than ever before”. He referred to the Paris Agreement’s 2015 goal for avoiding the worst effects of the climate crisis.