Renewable energy, sourced from replenishable natural elements like sunlight and wind, plays a pivotal role in the global pursuit of sustainable energy solutions.
The G20 nations have committed to tripling the global renewable energy capacity by 2030, signifying a crucial step in addressing climate change concerns.
1. Ambitious Target and Annual Capacity Addition:
The G20’s commitment entails adding nearly 1,000 GW of new renewable energy capacity annually to achieve the tripling target by 2030.
This ambitious goal requires substantial financial mobilization and the creation of conducive environments for infrastructure, policy development, and skill enhancement, particularly in nations with low energy access.
2. India and China’s Role:
India and China have been instrumental in global renewable capacity additions, contributing over 50% of new capacities in the last five years.
In 2022, China alone added a significant 140 GW, representing almost half of the total global additional capacity installed.
3. Expansion to Developing Countries, Especially Africa:
The success of the tripling target hinges on the rapid growth of demand from other developing regions, particularly in Africa.
The inclusion of the African Union in the G20 is anticipated to stimulate the necessary momentum for renewable energy expansion in these areas.
4. Hydrogen and Knowledge Building:
Achieving the tripling target necessitates the development of knowledge and capacity across nations to produce, transport, and utilize low and zero-carbon hydrogen.
IRENA estimates an annual investment requirement of about 5.3 trillion USD until 2050 to facilitate the energy transition, limiting the global temperature rise to 1.5 degrees Celsius.
Even if the doubling target is met by 2030, it falls short of meeting the 1.5 degrees Celsius goal, with forecasted greenhouse gas emissions exceeding acceptable levels.
The G20 meeting, while addressing the commitment to renewable energy, left aside contentious issues like deeper emission cuts, fossil fuel phase-out, and significant financial mobilization, adhering to established positions. The journey toward a sustainable energy future remains complex and demands concerted efforts on multiple fronts.