118 Countries Commit to Significant Renewable Energy Expansion by 2030 at COP28

Dubai – At the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change, held in the United Arab Emirates, 118 countries have pledged to substantially increase global renewable energy capacity and improve energy efficiency by 2030. This commitment, announced during COP28 in Dubai, includes an initiative to triple global renewable energy capacity from the current 3.4 terawatts to 11 terawatts by the end of the decade. Additionally, these nations aim to double the rate of progress in energy efficiency.

According to Philippines News Agency, the initiative, named the Global Acceleration for Decarbonization, also involves significant participation from the private sector. As part of this effort, 50 companies, accounting for over 40 percent of global oil production, have joined the Oil and Gas Decarbonization Covenant (OGDC). This includes a commitment to provide $1 billion in financing for methane emission reduction projects.

COP28 President Ahmed Al Jaber emphasized the importance of this commitment, urging more countries to join the initiative. Al Jaber highlighted the need for the oil sector to set stronger targets to align with the goal of limiting global temperature increase to 1.5 degrees Celsius. The United Arab Emirates, the United States, Brazil, Japan, the United Kingdom, Mexico, Poland, Germany, Australia, Canada, Denmark, France, Kenya, the Netherlands, Nigeria, and Spain are among the signatories, while Trkiye, China, India, and South Africa have not yet signed the commitment.

Joyce Lee, Head of Policy and Projects at the Global Wind Energy Council, reflected on the consensus, stating that tripling global renewable energy capacity by 2030 is a crucial step in combating climate change. Lee also stressed the importance of complementing renewable energy expansion with the gradual phasing out of fossil fuels, calling for immediate policy, regulatory, and investment actions to realize these ambitious targets.