World leaders are stepping up their efforts to significantly expand global renewable energy capacity, aiming for 11 terawatts by 2030. This target is pivotal in reaching net-zero emissions by 2050 and adhering to the climate commitments of the Paris Agreement. The upcoming United Nations climate summit will spotlight this goal, with COP28’s president spearheading efforts for international consensus to overcome obstacles and hasten the shift to renewable sources.

Wind and solar energy, as the most cost-effective new power solutions in numerous countries, are at the forefront of this endeavor. However, current projections still fall short of the ambitious 2030 target. The report underscores the necessity of maintaining a technological balance, cautioning against excessive reliance on solar energy to prevent potential impacts on electricity production and emissions reduction.

To fulfill these objectives, the upcoming COP28 commitments need to address renewable energy development hurdles, advocate for competitive auctions, and endorse corporate power purchase agreements.

The contributions to this global initiative will vary across regions. Pioneers like China, the United States, and Europe plan to triple their renewable capacities. Meanwhile, regions with smaller renewable bases, including South Asia, Southeast Asia, the Middle East, and Africa, face the challenge of increasing their capacity more than threefold by 2030. This expansion is vital not only for the energy transition but also for extending the energy supply to millions.

Brazil and similar markets, already reliant on renewable or low-carbon sources, will contribute less to the global target but play a crucial role in reducing emissions in various sectors and tackling the remaining emissions in the power sector.