Brussels, 14^th June 2024: In response to the G7 communiqué, the Global Renewables Alliance (GRA), released a statement to increase ambition and concrete action on achieving the global renewables target by 2030.

“We welcome the G7’s continued support for a global tripling of renewable energy and a sixfold increase in storage by 2030, however, they have fallen short by not committing to triple their domestic renewable energy capacity,” said Bruce Douglas, CEO of the Global Renewables Alliance.

“It is now time for action. The G7 countries need to show leadership in the run up to COP29 and present ambitious NDCs. They need to include sector specific targets aligned with the tripling goal and concrete action plans, combined with policy frameworks to get it built. The renewables industries are ready to deliver. It is now time for the G7 countries to help unleash the full potential of a clean, secure and just transition,” he added.

GRA statement:

• At COP28, world leaders, including all G7 members, reached a historic agreement to triple global renewables capacity by 2030. Now more than ever, ambition and delivery are necessary to keep limiting warming to 1.5°C alive.

• The G7 Leaders and Ministerial Communiqué show that G7 countries are taking this commitment seriously, outlining measures for delivery and recognising the need to take decisive action across grids, permitting and supply chains [see GRA’s Action Agenda]. These are encouraging signals that demonstrate the G7’s path to implementation and place a spotlight on the G20 to raise ambition on this agenda, alongside the phase out of fossil fuels.
• However, the G7 have fallen short of demonstrating real leadership by not committing to triple their domestic renewable energy capacity, to meet the Global Stock Take (GST) outcome. As it stands, the G7 are collectively only targeting a doubling (2.0TW), leaving a gap of 0.7TW by 2030 [Ember]. This goal is not only essential for boosting business confidence and international ambition, but it paves the way to a fully decarbonised power sector by 2035, as reaffirmed by the G7 this year.
• To meet this leadership gap, we call on the G7 to include a sector-specific renewable energy target in their new and updated NDCs, informed by the GST and which will shape national energy plans. This is essential to providing clarity on the future energy mix, allowing businesses to align their strategies with national goals and ensuring a robust pipeline of renewable energy projects. We welcome the assertion in the text that the scaling up of clean energy and the phase out of fossil fuels will be included in G7 NDCs.
• We strongly endorse the new G7 global goal for energy storage. Given strengthened global investments to develop wind and solar energy, the G7’s support for a sixfold increase in storage capacity by 2030 underscores the technology’s importance to enable the global energy transition. It also charts the pathway to secure a similar commitment at the G20 and COP, while providing clarity and direction for industry and investment. We would welcome further development of targets for 2035 and 2040 which would encourage the development of long-term energy duration solutions alongside chemical batteries – we need to ensure the optimal mix of long and short duration energy storage over the medium term.
• The G7 must also play its part in unlocking untapped renewable potential in emerging and developing economies, particularly as part of its “Energy for Growth in Africa” initiative. This must prioritise renewable development and swiftly unlock high quality finance that is concessional, accessible, predictable and effective. We call on the G7 to present action plans on this agenda by COP29.