Investment Takes Centerstage at COP29 Ministerial to Triple Renewables

"COP29 is giving us a key opportunity to deliver a just and equitable energy transition in line with the goals of the Paris Agreement and the outcome of the UAE Consensus", said IRENA Director-General Francesco La Camera today, calling "the years from 2024 to 2030 pivotal in reorienting the world towards the 1.5^°C pathway."

He added that a robust global finance deal and the next NDCs in 2025 are 'make or break' moments to keep 1.5^°C alive.

The ministerial dialogue, jointly convened by the COP29 Presidency of Azerbaijan, the EU and the COP28 Presidency of the United Arab Emirates provided an opportunity to reflect on progress and refocus on the commitments made by governments at COP28, to triple global installed renewable power capacity and double energy efficiency by 2030.

The presidential event took place during the World Leaders Climate Action Summit in Baku. Following the launch of IRENA's custodian report 'Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030' at the pre-COP29 earlier this year, participants took stock and discuss how to scale up investment.

Although investments in renewable capacity reached a record high of USD 570 billion in 2023, the report sees a significant shortfall of USD 1.5 trillion each year between 2024 and 2030.

31.5 trillion USD in cumulative investment in renewables, grids, flexibility, efficiency and conservation is required to meet the UAE Consensus energy goals by 2030, according to IRENA.

La Camera called for an ambitious consensus at COP29 to collectively commit to the possible highest ambition in the 2025 round of NDCs. "This is the last opportunity in this decade for countries to step up their ambitions" he said.