Industry Leaders Highlight Key Policy Actions Needed to Deliver Global Renewables Target

The Global Renewables Alliance (GRA) has released a detailed set of policy recommendations to ensure the full potential of renewables is realised, and, crucially, the tripling renewable energy goal set at COP28 is delivered. The historic commitment in Dubai set out how the world could be steered back onto the 1.5°C pathway, but current national policies risk falling short of this target. Ambitions alone will not build turbines, install solar panels or develop energy storage. It’s Time for Action. 

GRA has also announced the support for its broader Time 4 Action campaign by 16 leading multinational companies, including Fortescue, Orsted, EY, Vestas,  CIP,  SSE plc, EDP, Corio Generation, ERM and Iberdrola. This diverse coalition, from energy suppliers to energy buyers, highlights the broad support for a clean, secure, and just energy system. 

"The renewables industry stands ready to deliver, having consistently shattered annual installation records despite significant headwinds and constraints. In 2023 alone, renewable capacity surged by 36 percent,” said Bruce Douglas, CEO of GRA.  

“However, at the current pace, renewable capacity will fall far short of the COP28 commitment, taking the world further off the 1.5 degree pathway and missing huge opportunities for socio-economic development, energy security, green industrialisation and affordable access to clean energy.”

The agenda, titled ‘Actions to Deliver 3x Renewables by 2030,’ provides detailed recommendations for policymakers to unlock the key barriers and accelerate renewable energy deployment. It builds on the collaborative report by GRA, the COP28 Presidency, and the International Renewable Energy Agency (IRENA), setting the foundation for the global renewables target secured at COP28. The agenda emphasises action in four core areas:

1. Finance: Mobilising USD 10 trillion in renewables investment, especially in emerging markets.

2. Supply Chains: Enhancing supply chain resilience and sustainability.

3. Permits: Accelerating permitting processes to expedite project development.

4. Grids: Optimising and expanding grid infrastructure to integrate renewable energy.

“Tripling renewable power capacity by 2030 is technically feasible and economically viable but requires commitment, policy support and investment at scale. As the custodian agency, IRENA has long advocated this approach in its World Energy Transitions Outlook reports. There are no ‘magic bullets’ or shortcuts available; global action must be focused, disciplined and aligned around key priorities. We must overcome the structural and systemic barriers that impede progress by modernising and expanding infrastructure, establishing regulatory frameworks and market design fit for the renewables era and building institutional and human resource capabilities,” said Francesco La Camera, Director-General of the International Renewable Energy Agency (IRENA).

“The phenomenal support for the trebling up and doubling down agenda from countries all over the world was hugely important, but signalling intent is the easy bit. The scale of the task at hand is enormous and the emphasis now has to be on delivery of projects on the ground at an unprecedented pace. That will require an urgent focus on unlocking finance, mobilising supply chains, accelerating permitting and building grid capacity. Moving into practical implementation mode is now critical and we’re pleased to be supporting this policy agenda while continuing to deliver our own £20bn plus investment programme,” said Alistair Phillips-Davies, Chief Executive of SSE plc.

“EY has long been engaged in driving energy transition globally and as such we are delighted to support the Global Renewables Alliance campaign ‘Time 4 Action’. It is essential to pave the way to leave a sustainable planet to the future generation,” said Arnaud de Giovanni, Global Renewables Leader at EY.

“Delivering the 3xRenewables goal requires a sustained focus on investment in energy infrastructures to integrate massive renewable energy and achieve transport, heating, and industry electrification. This highlights the need for an enabling policy framework to unlock adequate levels of investments based on anticipatory planning criteria, ensuring efficient and stable remuneration for capital involved,” said Gonzalo Sáenz de Miera, Director of Climate Change and Alliances at Iberdrola.

“Decisive action is required to meet the greatest challenge of our times. That's why we are proud to support the Global Renewables Alliance and its Time4Action campaign to triple renewable energy by 2030. If we are to remove barriers to clean energy deployment, we need to move swiftly to de-risk project development, streamline permitting, prioritise grid infrastructure investment, foster a sustainable supply chain and mobilise public and private finance. By taking swift action on these priority areas now we can keep the energy transition on track and make a real difference to the future of our planet,” Jonathan Cole, CEO of global offshore wind developer Corio Generation, and Chair of the Global Wind Energy Council. 

"Climate targets set in the next 12 months will be the last which can meaningfully alter the damaging emissions trajectory the world is on. By Baku, we want to see companies bringing updated transition plans that are properly aligned to 1.5 degrees, and we need to see countries significantly enhancing their ambition to meet the temperature goals of the Paris Agreement. It is for that reason Fortescue is resolutely committed to the Global Renewables Alliance and its goals in the lead up to COP 29. We look forward to a year of practical action and to demonstrating how our zero-emissions solutions can promote a secure and prosperous world,” said Mark Hutchinson, Energy CEO of Fortescue. 

 “At COP28 in Dubai last year, world governments agreed on a tripling renewables target. Today, we send a strong message to policymakers: it is crucial to prioritize the global delivery of renewable energy, balancing long-term goals with short-term action. CIP welcomes the policy recommendations of the Global Renewables Alliance. It is time for Action," said Michael Hannibal, Partner at Copenhagen Infrastructure Partners (CIP).

“The Global Renewables Alliance is leveraging the power of industry voices to accelerate the deployment of renewables after its initial efforts on the agreement at COP28 recognizing the need to triple global renewable energy capacity and double energy efficiency by 2030. We have joined the Time 4 Action campaign as it is critical to show the business case for renewable energy. Investment incentives such as coherent and stable policy frameworks are required to scale the technologies of a clean energy system, develop and modernize grids and upskill talent – all critical drivers to a just energy transition,” said Miguel Stilwell d’Andrade, CEO of EDP.

“The window to peak emissions is closing fast, and tripling renewable energy capacity is key to meeting climate goals.  While last year's COP28 agreement marked a pivotal first step toward expanding renewables, we now need to focus on concrete actions. To ensure that we deliver on the decarbonisation potential of renewables, we must address key questions about how to reform permitting and revise auction designs,” said Morten Dyrholm, Group Senior Vice President, Marketing, Communications, Sustainability and Public Affairs at Vestas.

GRA | https://globalrenewablesalliance.org/