The Al-Attiyah Foundation’s Post

🚨💡 Renewable Reality Check: The latest brief from our partner, the International Renewable Energy Agency (IRENA) on tracking COP28 outcomes on tripling renewables is a sobering reality check. Goal: Triple Renewable Energy by 2030. Reality: We're Off Track. Despite a groundbreaking year in 2023 with 473GW added to the global energy mix, reaching the COP28 ambition of tripling renewable capacity is in jeopardy. Why? The pace isn't just slow; it's critically behind. 🐢💔 🔴 The Hard Truth: - We need to install 1,100GW annually—a massive leap from current levels. - Investment must skyrocket from $570B to $1.55T every year. - The shift away from fossil fuels isn't just necessary; it's urgent. 📈What's Missing? Bolder Investments & Policies: Especially in developing nations, where potential is vast but support is scant. Unified Global Effort: The shift requires everyone—no exceptions. Read the brief here: https://lnkd.in/eqY_dRvG #EnergyTransition #3xrenewables #SDG7 #RenewableUrgency #GlobalEnergyShift

At COP29, renewable energy emerged as a cornerstone of climate action, with nations committing over US$1.8 trillion in investments by 2030 to scale solar, wind, and green hydrogen infrastructure. These investments aim to accelerate the global energy transition, with the International Energy Agency (IEA) projecting that clean energy spending in 2024 alone will surpass $1.7 trillion, significantly outpacing fossil fuel investments at US$1 trillion. Australia, a key player, announced an additional AU$3 billion under its Hydrogen Headstart program, targeting leadership in green hydrogen exports. Additionally, COP29 emphasised collaborative initiatives, such as the Africa Renewable Energy Initiative, which seeks to mobilize US$20 billion by 2030 for solar and wind projects across the continent. Collectively, these investments are expected to generate millions of new green jobs and reduce global CO₂ emissions by billions of tons annually. #ethicacapital #greenfinance #greenbonds #sustainablity #climatechange #blueinfrastructure #climatefinance #sustainablefinance #structuredfinance #sustainabilitybonds #sustainabledevelopment #sustainableenergy #sdg #sdgs2030 #sustainabledevelopmentgoals #unitednations #decarbonisation #netzerocarbon #cleanenergyfuture #infrastructurefinance #carbonneutral #esg #infrastructure #esginvesting #bonds #BeTheChange

IRENA released a new report - "Tracking COP28 outcomes: Tripling renewable power capacity by 2030". Some highlights: - In 2023, 473 gigawatts (GW) was added to the global energy mix accounting for 87% of newly installed capacity.  - Despite record renewable power capacity additions, progress in the energy transition is insufficient and its trajectory is markedly off course. - The world’s ability to achieve the tripling target is far from assured, as an additional 7.2 TW of renewable power must be deployed to reach the required 11 TW by 2030. - Annual investments in renewable power generation must surge from USD 570 billion in 2023 to USD 1.55 trillion on average between 2024 and 2030. - Greater international cooperation will be indispensable to ensure financial flows to the Global South and uphold the tripling pledge. - A systemic global energy transition is required to overcome structural barriers impeding progress. #renewableenergy #energytransition #triplingrenewables #BreakthroughAgenda Luciano Caratori High-Level Climate Champions

🌍 "Tripling renewable power capacity by 2030" At COP28, an agreement was reached to triple renewable power and double energy efficiency by 2030. This commitment offers a pathway to limit global temperature rise to 1.5°C. A key requirement under IRENA’s 1.5°C Scenario is that increased renewable energy use must be coupled with a corresponding decline in fossil fuel reliance. Curiously, in 2022, fossil fuels received as much in subsidies (USD) as the amount needed annually to invest in renewable generation capacity for a three-fold increase by 2030. #COP28 #RenewableEnergy #Sustainability #EnergyTransition 🌟 Check the full report 👇 https://lnkd.in/dMM2RUcK

🌍 As we look toward COP29, the future of renewable energy finance is at a pivotal moment. This year’s agenda promises to address critical issues around financing sustainable energy transitions, technology advancements, and regulatory shifts. At Broadreach Energy, we’re closely following these discussions to understand their implications for businesses investing in renewable solutions. COP29 could shape industry priorities for years to come, especially in mobilizing capital and refining policies to support a clean energy future. Read more on what to expect on the COP29 2024: https://bit.ly/4f6Cc7U Stay tuned for our insights on how these global initiatives could transform the renewable landscape. #COP29 #RenewableEnergy #BroadreachEnergy #SustainableFinance

🌍🚨 Just released yesterday at #COP29: International Renewable Energy Agency (IRENA)’s 𝐖𝐨𝐫𝐥𝐝 𝐄𝐧𝐞𝐫𝐠𝐲 𝐓𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 𝟐𝟎𝟐𝟒 report reveals a critical reality — 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐞𝐧𝐞𝐫𝐠𝐲 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐢𝐬 𝐧𝐨𝐭 𝐞𝐧𝐨𝐮𝐠𝐡 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝟏.𝟓°𝐂 𝐜𝐥𝐢𝐦𝐚𝐭𝐞 𝐭𝐚𝐫𝐠𝐞𝐭. Despite record growth in renewables in 2023, investments remain highly concentrated in a few regions, leaving much of the world behind. Read the full report here https://lnkd.in/dg_RXX2h or a brief recap below: 1️⃣ The world needs to triple renewable power capacity and double energy efficiency by 2030 to stay on track 2️⃣ A massive $47 trillion is required in investments from 2024 to 2030 in the energy sector, including renewables, energy grids, efficiency, and conservation 3️⃣ Collaboration is key to channelling much-needed funds to less developed countries, ensuring an inclusive transition that leaves no one behind #EnergyTransition #Renewables #Sustainability #ClimateAction #COP29 #Decarbonization #NetZero #ClimateResilience #EnergyEfficiency #RenewableInvestments #GlobalCollaboration #JustTransition #EnergyInnovation #ZeroEmissions #SustainableGrowth #GreenEconomy #FutureOfEnergy

The Energy Efficiency Movement, with its industrial and business focus, has united with a global coalition of #InternationalOrganizations, #CivilSociety, #PrivateSector, #industry, and #FinanceOrganizations, anchored by Mission Efficiency, to champion #EnergyEfficiency as a cornerstone of the #EnergyTransition during this decisive decade. ♻️ In 2022, efficiency improvements reduced energy use by an amount equivalent to three times the solar and wind capacity added. 😧 However, the world is off track to meet the global goal of doubling energy efficiency by 2030, as adopted at COP28, according to the latest International Energy Agency (IEA) Energy Efficiency report. 🌍 With the spotlight on #COP29 in Baku this week, where world leaders are meeting, we emphasize actionable measures to unlock crucial energy efficiency investments and urge its inclusion as a top priority for #COP30. 👉 Link to press release: https://lnkd.in/ddCThrgs RMI Business Council for Sustainable Energy (BCSE) IEC (International Electrotechnical Commission) Global Renewables Alliance (GRA) Global Impact Fund Solar Impulse Foundation Alliance to Save Energy CLASP International Copper Association European Alliance to Save Energy (EU-ASE) E3G Metrus Energy Johnson Controls

📢 New report released today as COP29’s Energy Day kicks off. Major global companies are falling short in their use of renewables, with nearly half using no renewable electricity at all. As #COP29 calls for urgent and accelerated climate action, CDP's data highlights immense, untapped potential in corporate renewable energy use. Companies of all sizes must set strong targets and improve transparency. The energy transition is at risk of stalling without greater ambition across all sectors of the global economy. ➡️Read the full report: https://ow.ly/UJ1X50U6TEg

📢 New report released today as COP29’s Energy Day kicks off. Major global companies are falling short in their use of renewables, with nearly half using no renewable electricity at all. As #COP29 calls for urgent and accelerated climate action, CDP's data highlights immense, untapped potential in corporate renewable energy use. Companies of all sizes must set strong targets and improve transparency. The energy transition is at risk of stalling without greater ambition across all sectors of the global economy. ➡️Read the full report: https://ow.ly/UJ1X50U6TEg

Commenting on the International Renewable Energy Agency (IRENA)’s Renewable Energy Statistics 2024, COP28 President Dr. Sultan Al Jaber stressed the need to increase the pace and scale of development to meet the global goal of tripling renewable energy capacity by 2030, adding: “this moment provides a significant opportunity to add strong national energy targets in NDCs to support the global goal of keeping the 1.5°C target within reach. Above all, we must change the narrative that climate investment is a burden to it being an unprecedented opportunity for shared socio-economic development.” Read the report: https://lnkd.in/dZtNbxdS #COP28 #UAEConsensus