The Summit brought together leaders from governments, international organizations, finance, and business, including European Commission President Ursula von der Leyen, Prime Minister of Barbados Mia Mottley, President of Kenya William Ruto, COP28 President Dr. Sultan Al Jaber, and COP29 President-Designate Mukhtar Babayev

New York, 24 September 2024 – Today, Bloomberg Philanthropies and the Global Renewables Alliance (GRA) convened leaders from national governments, intergovernmental organizations, finance, and business at the first-ever Global Renewables Summit in New York. The high-level, public-private summit focused on delivering the commitment made at COP28 in the historic UAE Consensus, to triple global renewable energy capacity by 2030.

Hosted by the Global Renewables Alliance and Bloomberg Philanthropies, in partnership with the governments of Barbados and Kenya, the European Commission, the COP28 and COP29 Presidencies, the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), Sustainable Energy for All (SEforALL), and the Center on Global Energy Policy (CGEP) at Columbia University, the summit provided a platform to advance key actions, including mobilizing finance to support the scale-up of renewable energy deployment this decade, with a particular focus on emerging markets and developing economies (EMDEs).

Speakers at the Summit included distinguished leaders such as H.E. Ursula von der Leyen, President of the European Commission, who in March 2023 first called on the world to set global targets to triple renewable energy and double energy efficiency; H.E. Mia Mottley, Prime Minister of Barbados; and H.E. William Ruto, President of Kenya. Additional notable speakers included H.E. Dr. Sultan Al Jaber, COP28 President from the UAE; H.E. Mukhtar Babayev, COP29 President-Designate from Azerbaijan; Michael R. Bloomberg, the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions; Selwin Hart, Special Adviser to the UN Secretary-General on Climate and Just Transition; Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA); and Julia Souder, Chair of the Global Renewables Alliance.

Following the high-level session, two roundtables were held on scaling up finance for renewable energy and building stronger, more resilient supply chains for clean energy. The first roundtable explored steps to mobilize public and private financing to meet the tripling renewables target by 2030 and the Paris Agreement goals, particularly overcoming financing barriers in emerging markets and developing economies. The second roundtable examined ways to strengthen and diversify clean energy supply chains to support the energy transition, while also exploring how policymakers and business leaders can drive progress and boost green energy investments at local, regional, national and global levels.

New research from BloombergNEF, supported by Bloomberg Philanthropies, found while the world is not currently on track to meet the goal of tripling renewable capacity, progress is narrowing the gap. According to the report, an average of $1 trillion per year is needed for renewable energy from 2024 to 2030. To close the investment gap, the report urges governments to address key barriers, including improving access to finance, reducing supply chain bottlenecks, streamlining permitting, and expanding grid infrastructure.

Michael R. Bloomberg, UN Secretary-General’s Special Envoy on Climate Ambition and Solutions and Founder of Bloomberg L.P. and BloombergPhilanthropies, said, “The rise in clean energy production is helping to drive economic growth and create good jobs. Bloomberg Philanthropies is working to accelerate investment in clean energy, and the Global Renewables Summit is one way we are bringing together leaders to unlock more financing. To reach the goal of tripling global renewable energy capacity by 2030, it’s critical that we increase collaboration among private, public, and nonprofit leaders.”

“If we’re serious about meeting the targets for 2030, then we have to be practical,”said H.E. Mia Mottley, Prime Minister, Barbados. “We cannot continue to believe that money is just going to come out of the air. It is not, and while we accept that, there has to be far greater utilization of domestic financing than has been discussed thus far. The reality is that it is the partnership between foreign and domestic capital that is going to get us there.”

H.E. William Ruto, President, Kenya, said, “The world has the means and technologies needed to achieve the tripling goal by 2030, but there are numerous pathways to reach this target. Without a deliberate, disciplined, and an honest approach, the development divide may widen. The power of choice is in our hands, literally and figuratively. Let’s wield it wisely and make it count.”

Julia Souder, Chair, Global Renewables Alliance, said, “The Global Renewables Summit marked a pivotal milestone on the path established at COP28 to triple global renewable energy capacity by 2030. The industry is ready to deliver, but unlocking this potential requires urgent action—particularly on financing, supply chains, permits, power grids, and energy storage. Setting ambitious, specific and actionable targets in Nationally Determined Contributions (NDCs) will facilitate the rapid deployment of renewables. Today, we saw an unprecedented coalition of private sector, civil society, government, and multilateral leaders come together, united in their commitment to accelerate progress and put us back on track to a secure, clean and just energy future.”

“We extend our deep gratitude to the Global Renewables Summit, Bloomberg Philanthropies and all partners for convening us,” said H.E. Mukhtar Babayev, COP29 President-Designate, Azerbaijan. “We are calling all parties to submit 1.5 aligned, nationally determined contributions (NDCs) before the February 2025 deadline. These NDCs should integrate ambitious but achievable renewable energy targets. This is a critical moment to translate global targets into national action plans to enable action. Climate Finance is essential in supporting developing countries in their transition to renewable energy systems, and will be a centerpiece at COP29.”

 Announcements at the Summit included:

• The International Energy Agency (IEA) unveiled a new report, From Taking Stock to Taking Action: How to Implement the COP28 Energy Goals. It provides the first comprehensive global analysis of what fully putting the COP28 energy goals into practice would achieve, as well as how it can be done. The report includes a detailed look at what is needed to reach the tripling renewables target – including the rapid build-out of grids and greater energy storage – and provides guidance on how countries can integrate the entire package of COP28 goals into their next round of targets under the Paris Agreement.
• 81% of renewable power additions in 2023 were cheaper than fossil fuels. In light of the world adding a record 473 gigawatts of renewable power capacity in 2023, the International Renewable Energy Agency (IRENA) released its annual report on the cost performance of renewable technologies compared to fossil fuels and nuclear. Overall, the renewable power deployed globally since 2000 has saved up to USD 409 billion in fuel costs in the power sector. The cost-competitiveness of renewables will be key to raising ambition in the next round of Nationally Determined Contributions (NDCs) and achieving the goal of tripling renewable power capacity by 2030, as set by the UAE Consensus at COP28.
• The 32 largest utility companies, as part of the Utilities for Net Zero Alliance (UNEZA) launched at COP28 under the guidance of IRENA and the UN Climate Change High-Level Champions, announced plans to invest over $116 billion annually in clean power generation and grid infrastructure globally. UNEZA’s 39 partners, including the 32 utility companies serving 327 million customers worldwide, are committed to expanding and modernizing grid infrastructure, with a goal of scaling renewables portfolios by 2.6 times by 2030. Additionally, UNEZA members issued a high-level statement with policy recommendations aimed at alleviating supply chain constraints to accelerate the energy transition.
• A report by Climate Analytics and NewClimate Institute, Setting 1.5°C Compatible Wind and Solar Targets: Guidance for Key Countries, dives into the required pace for scaling wind and solar energy in 11 countries, which account for 70% of current wind and solar capacity, to limit warming to 1.5°C. It shows that these technologies must grow five-fold by 2030 and eight-fold by 2035 to meet global climate goals.
• GRA published an open letter, Now Deliver Change, backed by over 100 international organizations and companies, urging world leaders to seize the opportunity of the upcoming NDC revisions under the Paris Agreement. The letter calls for ambitious, actionable renewable energy targets in these updated NDCs and the swift translation of COP28 commitments into national plans and local projects to triple global renewable energy capacity by 2030 and keep the 1.5°C target within reach.
• Global Renewables Alliance and Greening the Islands Foundation rolled out recommendations to speed the clean energy transition on small islands. Key actions include streamlined permitting, transparent policies, and community engagement to unlock the potential for energy security and resilience, while creating replicable models for 100% renewable energy.

“Tripling renewable energy capacity by 2030 was one of the key outcomes of the UAE Consensus, adopted at COP28.” said H.E. Dr. Sultan Al Jaber, COP28 President, UAE. “It is not just a benchmark, it is an essential enabler of all global efforts to keep 1.5 within reach, advance sustainable prosperity and leave no one behind. The opportunity for sustainable economic prosperity through smarter, greener growth has never been greater. Over the last twenty years, renewable energy capacity has grown eight times, while costs have dropped by 80 per cent. The average levelized cost of solar power just reached a new low of four cents per kilowatt hour, basically cheaper than any other form of energy available today. The trends are moving in the right direction. They just aren’t moving fast enough. We urgently need to shift gears in three key areas: Investing in grid infrastructure, investing in AI, and investing in the Global South. ”

“As custodian agency for the tracking of progress towards tripling renewables by 2030, IRENA has continuously raised the alarm,” said Francesco La Camera, Director-General of IRENA. “The record growth in renewables must be significantly topped up in the remaining six years to triple renewable power capacity to over 11 TW by 2030, as modelled by our Outlook and set by the UAE Consensus at COP28. But the good news is that the business and investment case for renewables has never been stronger. Our new cost analysis clearly shows that renewable power remains cost competitive. The outdated view of renewables being expensive is no longer an excuse for the lack of progress. Low-cost renewables represent a key incentive to significantly increase ambition and triple renewable power capacity by 2030.”

“The renewable energy boom is a major energy and climate success story, and new IEA analysis shows that the global target of tripling capacity this decade is within reach,” said IEA Director of Sustainability, Technology and Outlooks Laura Cozzi. “But to fully realise this goal, and ensure we reap the full benefits it offers of lower emissions and more affordable energy, we need to ensure we can convert capacity into electricity. This means building or modernising 25 million kilometres of grids by 2030 and reaching 1,500 gigawatts of storage capacity globally, largely from batteries. Robust international cooperation and greater investment, especially in emerging and developing economies, are key to accomplishing this.”

“The Global Renewables Summit was a landmark event that underscored our collective responsibility to accelerate the transition to renewable energy,” said Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General, Sustainable Energy For All and Co-Chair of UN-Energy. “We must focus on unlocking climate finance, addressing critical issues such as adaptation, and scaling renewable energy solutions with urgency. Sustainable Energy for All is committed to supporting developing countries in their energy transitions, ensuring no one is left behind.”

Learn more about the Global Renewables Summit at: https://globalrenewablesalliance.org/grs24/