- Leaders at the G20 Summit have agreed to triple renewable energy capacity and underscore the global need for over $4 trillion of yearly investment until 2030.
- IRENA’s Director-General, Francesco La Camera, highlights the significance of this endorsement as a major step in the global energy transition
The leaders who attended the G20 Summit reached an agreement with the recommendations put forth by the International Renewable Energy Agency (IRENA) regarding how the world could align with the goals of the Paris Agreement. During a meeting, they referenced a joint report by IRENA and India’s G20 presidency titled ‘Low-Cost Financing for Energy Transitions, highlighting the need for a yearly investment of $4 trillion.
IRENA’s World Energy Transitions Outlook 2023, released in June this year, emphasized the necessity of tripling global renewable energy capacity to slightly over 11,000 GW by 2030. Therefore, in order to have a chance at limiting global warming to 1.5°C, it was recognized as a requirement. Francesco La Camera, the Director-General of IRENA, expressed that the adoption of these measures represents a significant milestone in the transition to clean energy.
La Camera emphasized the importance of building on this political momentum as the world gets ready for COP28. He noted that a comprehensive agenda that includes developed and developing nations at COP28 will be crucial in addressing the climate crisis. IRENA’s ‘Low-Cost Financing for Energy Transitions’ report, created in partnership with India’s Ministry of New and Renewable Energy (MNRE), offers tools to increase affordable capital available in G20 countries.