World’s Largest Companies Call for Global Renewable Power Capacity Target

A group of leading companies, including Amazon, Apple, EY, Google, Huawei, PepsiCo, and Unilever, have published a joint letter urging governments attending the COP28 Climate Summit to establish a global target for renewable power capacity by 2030. The letter, coordinated by the Global Renewables Alliance, also has the support of organizations such as the International Renewable Energy Agency, the United Nations Industrial Development Organization, and the Climate Group.

The companies call for a tripling of global renewable power capacity and a doubling of energy efficiency improvement rates by 2030. They argue that achieving these targets would represent a significant step towards tackling climate change. The letter emphasizes that renewable energy growth, combined with increased energy efficiency, is the most effective and cost-efficient way to decarbonize the global economy.

COP28 President-Designate, Sultan Al-Jaber, has made the target to triple renewable power a central focus of the Dubai Summit. The letter has received backing from major energy suppliers as well, including Vestas, SSE, ReNew, and Adani.

Francesco La Camera, director-general of the International Renewable Energy Agency, believes that tripling renewables capacity would help align decarbonization efforts with the goal of limiting global warming to 1.5 degrees Celsius. He stressed the need to overcome barriers in infrastructure, policy, and institutional capabilities to build a new energy system powered by renewables.

According to the Global Renewables Alliance, around $4 trillion of annual investment in transition technologies would be necessary to deploy wind, solar, hydropower, geothermal, and other renewable energy sources.

This joint effort by global companies and organizations highlights the urgency and importance of transitioning to renewable energy sources. By setting ambitious targets, leaders and policymakers can work towards a sustainable and livable future for all.

– Global Renewables Alliance
– International Renewable Energy Agency (IRENA)
– United Nations Industrial Development Organization
– The Climate Group
– We Mean Business
– World Business Council for Sustainable Development