- The renewable energy investment deal would see 11,000 GW installed by 2030, limiting global warming to just 1.5 degrees Celsius.
- The draft pledge would also double the world’s annual rate of improving energy efficiency to 4% per year until 2030.
In a new document seen by Reuters, the United States, the European Union, and the United Arab Emirates are looking to attract other governments to sign onto a global deal that seeks to triple renewable energy investment. The COP28 climate summit hosts are working with other governments to sign onto a pledge in the runup to the UN climate negotiations later this month in Dubai that would agree to triple renewable energy yet this decade. A launch event could take place at the beginning of the summit, a US State Department spokesperson told Reuters.
The deal would see 11,000 GW installed by 2030 to limit global warming to just 1.5 degrees Celsius, a draft letter sent to other governments and seen by Reuters said. The draft pledge would also double the world’s annual rate of improving energy efficiency to 4% per year until 2030.
The United States, the International Energy Agency, the European Commission, the UAE Presidency of the COP28 summit, and the International Renewable Energy Agency, as well as Barbados, Kenya, Chile, and Micronesia signed the letter. The letter read in part, “We have the solutions at hand, and we have already made huge strides in expanding the global renewable energy capacity and becoming more energy efficient.”