COP28 set the bar. Now it’s time for action and accountability to deliver on 3xRenewables.
Scaling existing investment flows and redirecting investments to countries currently underserved by the energy transition is crucial to triple global renewables by 2030. This involves championing a comprehensive mix of policies and regulations, with a specific emphasis on market incentives, fiscal policy, and the mobilization of public and private finance.
For emerging markets and developing economies, this will require a focus on how to mitigate investment risks and facilitate access to low-cost financing. Reform of the global financial architecture is paramount to support the energy transition in the global south. This includes scaling up climate-related funding from multilateral development banks and redirecting public capital from the fossil fuels sector to renewable energy.
Map, coordinate and align global activities, actors and regional platforms / voluntary initiatives to raise awareness and accelerate the move towards high impact corporate sourcing, including hourly matching of renewables (24/7 CFE).
Permitting process bottlenecks need to be streamlined in order to urgently expedite project development and multiplication to the needed scale.
The time and cost constraints imposed by permitting procedures represent a major bottleneck impacting the deployment of renewable energy projects in many countries.
It is essential that permitting procedures are fit-for-purpose and keep pace with renewable and climate targets without compromising environmental and social impact standards.
Permitting process bottlenecks need to be streamlined in order to urgently expedite project development and multiplication to the needed scale.
The time and cost constraints imposed by permitting procedures represent a major bottleneck impacting the deployment of renewable energy projects in many countries.
It is essential that permitting procedures are fit-for-purpose and keep pace with renewable and climate targets without compromising environmental and social impact standards.
The renewable energy transition will need to be based on strong, robust and diverse global supply chains for renewable energy power security, affordability and reliability. Ensuring fair competition and security of supplies is necessary for orderly transition. If not well managed, completion, security and scarcity challenges in renewable energy supply chains could lead to a disorderly transition, characterized by slower rates of renewables deployment at inflated costs.
Private-public sector exchange on these insights can shift the needle in terms of creating multilateral alignment of supply chain, trade and industrial policies by highlighting what has worked and what has not. That is why this workstream is designed to engage on policy recommendations and continuous dialogue to create robust, secure supply chains as the critical foundations which will enable the scale and speed needed to reach 3xRenewables by 2030.
Urgent scaling of investment in grid infrastructure (transmission and distribution) – this
includes hardware and software/digital. Accelerate grid connections and permitting.
Tripling renewables – especially solar and wind – will require enhancements to and expansion of power systems operations. With VRE (variable renewable energy) sources becoming the main source of power in a 1.5° C compatible world, countries must start upgrading and expanding their power grid infrastructure to prepare for increasing renewable energy capacity and end-user sector electrification.
Existing electricity infrastructure should be expanded and modernized to create an energy system fit for tripling renewables. Multiple measures will be required, including innovative power planning , grid expansion, modernisation and enhancement, changes in grid operation and management, but also growth in electricity storage and integration of demand-side management. There is also an urgent need to boost cross-sector infrastructure planning, increase cross-border cooperation and develop regional power grids. Action is needed to drive grid modernisation and expansion, and ensure supply-side flexibility and demand-side management.
Aligning policies and measures with the principles of a just and equitable transition will facilitate local value creation and socio-economic benefits in host communities, and on a larger scale ensure political and social stability as renewable energy expands.
Education, training, reskilling and up-skilling should be prioritized to create tomorrow’s renewable energy jobs.
Women and under-represented groups including youth must be empowered, and collaboration between industry, civil society, policy makers and other stakeholders must be encouraged.
