Context: 

• The report by the 28th session of the Conference of the Parties (COP 28) Presidency, the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance was  recently launched pre-COP event in Abu Dhabi.
  • COP 28 marks the year of the first Global Stocktake, in which the world reflects on its progress in implementing the Paris Agreement.

COP 28 – Key Suggestions From the Report

• Increase In Renewable Power Generation Capacity: Tripling renewable energy capacity for power generation and doubling energy efficiency by 2030 is crucial to limiting the global temperature increase to 1.5 degrees Celsius above pre-industrial levels by the turn of the century.
  • It has to be increased from 3,382 gigawatts (GW) in 2022 to more than three times to reach  11,174 GW by 2030.
  • Over the same period, installed solar photovoltaic capacity need to increase to more than 5,400 GW from 1,055 GW in 2022. 
  • Wind installations need to exceed 3,500 GW (3,040 GW onshore and 500 GW offshore) from 899 GW in 2022.
  • According to IRENA 1.5°C Scenario, by 2030, global installed hydropower capacity (excluding pumped hydro) would need to grow by almost 17 per cent from the 2022 level, reaching 1 465 GW. 
• Share Of Variable Renewable Energy: The combination of solar PV and wind power, a rise from 10 per cent of the total electricity generated in 2021 to 46 per cent by 2030 is needed to meet the 2030 target.
• Increase In Energy Intensity:  The global annual rate of energy intensity improvement should double by 2030 from the current level.

• Technical Energy Efficiency Improvements: It is embodied by heat pumps, more efficient appliances, and electric vehicles — together with flexible, smart electrification strategies and deployment of decentralized energy – are of tremendous  importance in decarbonising end-use sectors such as buildings and transportation.
• Grid modernisation and expansion: Action is needed to drive grid modernisation and expansion and ensure supply-side, flexibility and demand-side management.
• Increase in investment: It has to be increased from $486 billion in 2022 to $1,300 billion by 2030. 
  • To achieve this, the global financial architecture must be reformed to support the energy transition in the Global South.
• Funding from multilateral development banks: It should be increased exponentially, and public capital should be redirected from the fossil fuel industry to renewable energy development.
• Infrastructure: There is an urgent need to boost cross sector infrastructure planning, increase cross-border co-operation and develop regional power grids.

Source: Down to Earth