BAKU, Azerbaijan, October 11. The International Renewable Energy Agency (IRENA) has released an official report tracking the "Agreed Energy Goals of the UAE," specifically dedicated to Pre-COP29, Trend reports via IRENA's statement.
The report recommends priority actions and investments for the third round of nationally determined contributions (NDCs) from 2025 to 2030 under the Paris Agreement on Climate Change, which is crucial for closing the gap in renewable energy adoption globally by 2030.
"Annual investments in renewable energy need to triple: from a record $570 billion in 2023 to $1.5 trillion per year from 2024 to 2030, as confirmed by IRENA's first official report on progress toward the landmark energy goals set by the UAE Consensus at COP28 in Dubai,'" the statement emphasized.
The document notes that tripling renewable energy capacity and doubling energy efficiency by 2030 are essential factors for achieving the goal of keeping temperature rise within 1.5°C.
IRENA, in collaboration with the presidencies of COP28, COP29, COP30, and the Global Renewable Energy Alliance, published this report today.
"It provides timely and accurate information for future decisions at COP29 in Baku," IRENA explained.
Experts from the agency voiced confidence that renewable energy capacity must increase from the current 3.9 terawatts (TW) to 11.2 TW by 2030 to meet global climate goals.
According to current national plans, the global energy deficit by 2030 will be 3.8 TW, which is 34 percent below the target.
"Moreover, the annual rate of energy intensity reduction needs to rise from two percent in 2022 to four percent per year by 2030. This will require faster implementation of efficiency measures across many sectors, including transport, construction, and industry," noted IRENA.
Experts from the agency also point to the low effectiveness of existing policies and plans to limit global warming to 1.5°C, emphasizing the urgent need for political measures and substantial investments.
"The COP28 goals of tripling the share of renewable energy and doubling energy efficiency are key factors in our global efforts to keep temperatures within 1.5°C, but we risk failing to achieve them," the IRENA report pointed out.
IRENA's Director-General Francesco La Camera, quoted in the report, said that it's necessary to think bigger, act bolder, and move faster together on the path to energy transition.
According to him, the global goals of tripling renewable energy capacity and doubling annual energy efficiency improvements by 2030 are not just benchmarks, but critical factors that support all global efforts to promote sustainable prosperity for all.
"There is an opportunity, but we need more countries to step up by incorporating specific renewable energy and infrastructure targets into their upcoming NDCs, stimulating private investment and streamlining the development and implementation of projects," La Camera added.
President of COP28 Sultan Al-Jaber called on all stakeholders—governments, businesses, and civil society—to intensify their efforts and make progress in support of these crucial goals.
"The central focus of the plan to expand ambitions and stimulate action includes a series of initiatives from Azerbaijan that contribute to global climate action at COP29 and reflect the prospects and opportunities outlined in the IRENA report. These initiatives involve promoting the agenda through the creation of green energy zones and corridors, strengthening electrical networks, increasing energy storage capacities, and developing clean hydrogen.
To take tangible steps and implement these recommendations, we are closely collaborating with international partners to ensure that commitments translate into tangible results benefiting all countries, including those most vulnerable to the impacts of climate change. The time for action is now. We urge all stakeholders—governments, businesses, and civil society—to intensify their efforts and make progress in support of these vital goals," Al Jaber explained.
The IRENA report includes remarks from the COP29 President Designate Mukhtar Babayev, indicating that COP29 will build on the agreements made at COP28, promoting initiatives and priorities that accelerate the development of renewable energy potential and remove barriers to its expansion.
Azerbaijan's Minister of Energy Parviz Shahbazov, welcoming the IRENA report, emphasized that "governments need to seize the opportunity presented by the review of NDCs and develop ambitious, concrete, and actionable plans to close the existing gap and achieve the global goal of tripling the use of renewable energy by 2030."
The preliminary meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), also known as Pre-COP29, began its work in Baku under the motto "Enhance Ambition and Enable Action."
Pre-COP29 carries the theme "Enhance Ambition and Ensure Action.".
This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.
The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Germany's Berlin with its secretariat in Bonn.
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