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Abu Dhabi, United Arab Emirates, 30 April 2024 - Today, G7
leaders tasked the International Renewable Energy Agency (IRENA) to track
and monitor the group’s collective contribution toward the global
renewable tripling target by 2030. The target was established by the UAE
Consensus last November at COP28, aligning global climate ambitions with
IRENA’s 1.5°C pathway, mapped out by the Agency’s World Energy Transitions Outlook.
“Trust and transparency go hand in hand,” said IRENA Director-General
Francesco La Camera, who is attending the G7 Ministers’ Meeting on
Climate, Energy and Environment. “IRENA will respond swiftly to the
request by G7 members to track the group’s progress toward the global
target to triple renewable power capacity by 2030.”
Citing an IRENA brief for the G7, the communiqué
indicates that the group’s solar PV expansion target by 2030 is on track
if some enhancements to existing policies are made in a timely manner. It
notes the need for further acceleration in offshore wind deployment
through enhanced and flexible policy efforts, faster permitting, and
offshore grid extension.
“The G7 is making notable strides in accelerating solar PV deployment,
and there is commitment to the development of offshore wind. Advancing
all forms of renewables, along with infrastructure modernisation, will be
essential for G7 nations to realise their energy transition aspirations,”
Mr. La Camera added.
The G7 communiqué commits the group to increase system flexibility
through grid reinforcement, in line with IRENA analysis of key metrics
that suggests efforts need to be accelerated. The group also called for
the significant expansion of energy storage capacity, by more than
six-fold by 2030, from 230 GW in 2022. This falls within the range of
IRENA’s recommendations for energy storage capacity by 2030.
It also calls on international organisations, including IRENA, to
continue their work on industrial decarbonisation particularly standards
and technology development for hard-to-abate sectors as outlined in a second brief published as a contribution to the G7
discussions.
G7 countries also recognised the urgent need to increase the group’s
efforts in developing countries, committing to supporting the Accelerated
Partnership for Renewable Energy in Africa (APRA). Under the auspices of
APRA, Kenya and IRENA will convene the first APRA Investment Forum in September
2024 to accelerate the deployment of renewables-based energy systems
and green industrialisation in APRA Member countries.
In a third IRENA brief, published at the G7
Ministers’ Meeting on Climate, Energy, and Environment, under the request
of the Italian G7 Presidency, informs that the flow of public money into
the African energy sector continued to decline, and the necessary
conditions for low-cost finance are not in place. This must be reversed,
according to the brief.
In line with these findings, IRENA recently launched a call for developers working in APRA member countries
to submit projects for inclusion at the upcoming APRA Investment Forum
for an opportunity to engage with financial institutions, potentially
opening funding opportunities.
At the request of the Italian G7 Presidency, IRENA issued key inputs to
the G7 Ministers’ Meeting on Climate, Energy and Environment.
Click on the different links below to read the three briefs.
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