G20 leaders meeting in New Delhi have endorsed the recommendations of the International Renewable Energy Agency (IRENA) to triple global renewable energy capacity by 2030. This push towards renewable energy is seen as a crucial step towards achieving the primary goal of the Paris Agreement: limiting the rise in global temperatures to 1.5°C. With the 2023 United Nations Climate Change Conference (COP28) happening in the United Arab Emirates (UAE) in just under 12 weeks, the world has a unique opportunity to align efforts and make concrete commitments in the fight against climate change.

The transition to renewable energy is vital to combat climate change effectively. Despite the rapid decline in renewable energy costs, current progress remains inadequate. IRENA’s World Energy Transitions Outlook 2023 (WETO) report emphasizes the urgent need to increase renewable energy capacity from 3,000 GW to over 11,000 GW by 2030. The G20 declaration highlights the momentum building around IRENA’s goals, calling for over $4 trillion in annual investments by 2030. However, it’s crucial to address the investment gap between developed and developing nations, especially in the Global South, where many communities lack access to renewables. This endeavor requires international cooperation, infrastructure development, policy reforms, and institutional capacity building. The international community must seize the opportunity at COP28 to secure consensus and turn these ambitions into concrete actions towards a more sustainable future.