The curtain has fallen on COP29 in Baku, a summit where multilateralism survived, but the final agreement fell short of delivering substantive progress. In a year where global carbon emissions hit a record 41.6 GtCO₂ and the hottest temperatures ever recorded, Baku should have marked a turning point. Instead, it exposed the persistent gap between ambition and the mechanisms needed to achieve it.
The outcomes of COP29 reflect both progress and persistent barriers. While the summit reaffirmed the global stocktake goals, including the need to triple renewables by 2030, it failed to deliver the finance and accountability needed to unlock the full potential of renewable energy globally. The new collective quantified goal (NCQG) of $300bn annually offers a starting point, but remains a bare foundation rather than a comprehensive solution to deliver international support at the scale required.
A fair, fast, and fully funded transition must now take centre stage. Governments must prioritise substantial international support for renewables, made up of high quality finance, coupled with a decisive shift away from fossil fuel subsidies, which paradoxically amounted to $620 billion last year for consumption alone.
Despite COP29’s shortcomings, key outcomes emerged to help accelerate the transition:
The renewable energy revolution continues to outpace political inertia. In 2023 alone, renewable power capacity additions reached a record 473 GW, accounting for 86% of all power capacity added that year. Solar power is growing fast, having just surpassed 2 TW globally, yet wind, geothermal, long duration storage and other key technologies need to accelerate to exploit their full potential and balance the power system. Market dynamics are also resilient to political turmoil, helping to drive deployment. For instance, more wind capacity was installed under President Trump (48 GW) during his first term, compared to Biden (42 GW).
This momentum underscores the resilience and scalability of renewables, with the private sector contributing some 75% of global investment in renewable projects to date in the 2013-2020 period. Overall, this progress is not merely driven by responses to the climate crisis; they signify a profound economic transformation—a growing shift from petro-states to electro-markets, as the world increasingly electrifies and enters the “age of electricity”.
However, this momentum alone is insufficient to displace fossil fuels at the pace needed to drive green growth, industrialisation, energy security, and climate resilience. Governments must step up with bold policies and targeted investments to unlock this potential, making the tripling of renewable energy capacity by 2030—established at COP28—not just an aspiration but a realistic outcome.
As the GRA, representing the private sector, we recognise our critical role in driving the 3xRenewables. With deep expertise and understanding of what is needed to scale renewables effectively, see GRA’s action agenda, we know this transformation demands a range of policy solutions. It requires significant acceleration permitting, grid expansion and optimisation, fundamental to integrating renewable energy at scale, along with scaling finance to where it is most urgently needed.
At COP29, we re-launched the Green Grids Initiative, designed to coordinate international action and expertise behind the development of renewable-compatible grids. We also introduced our Finance Principles to unlock much-needed investment in renewable infrastructure and co-hosted the Global Renewables Hub, with the International Renewable Energy Agency. This became a focal point for collaboration and showcasing leadership and innovation. These initiatives exemplify our commitment to catalysing the transition.
We are ready to work with governments to develop the policies, regulations, investment plans, and market reforms necessary to create the enabling conditions for rapid and equitable renewable deployment. The market is already moving at an unprecedented pace; it is time for governments to catch up.
As we look toward COP30 in Belém, the focus must shift from agreements and target setting to actionable outcomes. To ensure that COP30 is the “Renewable COP,” we call for:
The Global Renewables Alliance remains committed to driving progress through innovation, investment, and collaboration. While COP29 fell short of expectations, the renewable energy revolution offers the foundation for a resilient, equitable and prosperous future.
The age of electricity is here, and the renewable industry stands ready to lead the way. Now, it’s time for governments to rise to the challenge.
The Global Renewables Alliance ( GRA) represents the leading international industry players and provides a unified renewable energy voice. Comprised of founding members the Global Wind Energy Council, the Global Solar Council, the International Hydropower Association, the International Geothermal Association, the Long Duration Energy Storage Council and the Green Hydrogen Organisation, the Alliance aims to increase ambition and accelerate the uptake of renewable energy across the world. #3xRenewables.
