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G20 Leaders Affirm IRENA Recommendations for Global RE Adoption

In a declaration adopted, the group mentions a joint report between IRENA and India’s G20 Presidency, titled 'Low-Cost Financing for Energy Transitions', which evaluates a requirement for over USD 4 trillion in yearly investments by 2030.

September 13, 2023. By EI News Network

The leaders at the G20 Summit agreed to triple total renewable energy capacity and underscore the global requirement for over USD 4 trillion of annual investments until 2030.

G20 leaders agreed to accelerate efforts to triple global RE capacity by 2030, in line with recommendations from the International Renewable Energy Agency (IRENA) on how the world can move in line with the Paris Agreement targets.

In a declaration adopted, the group mentions a joint report between IRENA and India’s G20 Presidency, titled 'Low-Cost Financing for Energy Transitions', which evaluates a requirement for over USD 4 trillion in yearly investments by 2030.

According to IRENA’s 'World Energy Transitions Outlook 2023', released earlier this year in June, the world needs to triple global renewable power capacity to just over 11.000 GW by 2030 to maintain the possibility of limiting global warming to 1.5°C. The agreement taken by G20 supports this objective.

Francesco La Camera, Director-General of IRENA, stated, “The adoption of a renewable energy target aligned with the goals of the Paris Agreement is a significant milestone for the energy transition.”

He said, “Over the past decade, thanks to rapidly falling costs, renewable energy has emerged as the most cost-effective energy solution for meeting the growing needs of global populations while simultaneously combating climate change.”

He added “IRENA is proud to have played a role in the G20’s decision to adopt this target. We will maintain close collaboration with our member countries to deliver on this ambition.”

IRENA’s ‘Low-Cost Financing for Energy Transitions’ report, assessed in close collaboration with India’s Ministry of New and Renewable Energy (MNRE), gives a toolbox to grow the availability of low-cost capital in G20 nations and beyond.
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