Tripling Renewable Power by 2030: A Legislators Dialogue
PRESS RELEASE
5th December 2023 | 17:30 – 18:30 GSTÂ
           Global Renewables Hub (GRH) – Blue Zone, Dubai Expo 2020 City
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Dubai, 05 December 2023: The Legislators Dialogue at COP28 in Dubai, United Arab Emirates, centred around the theme of “Tripling Renewable Power by 2030,” took place on 05 December 2023. The event was hosted by the International Renewable Energy Agency in collaboration with the Climate Vulnerable Forum Global Parliamentary Group, the United Nations Office for Disaster Risk Reduction, and the Global Renewables Congress. Legislators, decision-makers, and key international stakeholders convened to deliberate on elevating legislators’ role in achieving the global objective of doubling renewable energy by 2030.
The dialogue aimed to cultivate a comprehensive awareness of the importance of tripling global targets for renewable energy. It emphasised the need for collaboration among legislators, NGOs, CSOs, specialists, and other stakeholders dedicated to ensuring a sustainable future by mitigating global emissions. The meeting served as a knowledge-sharing platform, exchanging best practices and expertise to implement effective renewable energy laws and regulations. Furthermore, it generated momentum to expedite the adoption of renewable energy as a crucial countermeasure to climate change.Â
Discussions underscored the substantial gaps hindering progress towards global renewable energy objectives and the inadequacy of current efforts to limit the rise in global temperatures to less than 1.5°C. Participants highlighted the imperative to double energy efficiency regionally and globally while tripling the capacity of renewable energy sources worldwide. The dialogue explored options to make significant strides towards a future powered by renewable and sustainable energy sources, emphasising the role of renewable energy in preventing climatic disasters, ensuring energy sustainability, and promoting global economic growth.
The meeting commenced with statements emphasising the central role of legislators in holding governments accountable and supporting investment de-risking through regulatory certainty. Allocating sufficient resources and directing them appropriately to fulfil commitments were equally stressed, along with the importance of streamlining regulatory frameworks for clarity and simplicity. Political leadership in scaling up renewable energy as a crucial means to implement policy decisions was highlighted.
The Renewable Energy Tripling Target Report was launched during the meeting.The report highlights that energy transition has accelerated in recent times, although it has yet to align with the imperative of limiting the global average temperature increase to below 1.5°C. The Report provides that in order to achieve a threefold increase in renewable energy and beyond, additional measures are required since the conventional policy tools for renewables are no longer adequate. Tripling renewable energy offers numerous co-benefits, encompassing energy security, economic prosperity, and public health. Establishing a virtuous cycle involves removing obstacles to market growth, empowering bottom-up market forces, implementing policies for all market segments, leveraging flexibility, reducing capital costs, and providing the necessary workforce training. By adopting these strategies, policymakers can foster a flourishing investment environment, facilitating rapid and sustained growth in renewable energy. Therefore, the Report aims to promote the role of renewable energy as a pivotal strategy for governments and investing in renewables was attributed to be an ideal path to combat the climate crisis.
The event progressed to an expert panel discussion, focusing on the tripling of renewables target and its correlation with legislators providing enabling regulatory frameworks. The discussants emphasised the interconnectedness between renewables and disaster risk reduction and called on decision makers to ensure an all of society approach to reducing risk. Legislators’ pivotal role in regulating and incentivising the use of renewable sources was underscored. Financial aspects were also addressed, with mention of the IMF’s Resilience and Sustainability Trust (RST) aiding low-income and vulnerable middle-income countries in building resilience. The meeting emphasised the need to address tax revenue issues for imported fossil fuels and highlighted the instrumental role of Climate Prosperity Plans (CPPs) in this regard. The urgent need to put financing on track within the next 2-3 years was stressed, with parliamentarians playing a central role in ensuring action from finance and energy ministers. The meeting concluded by affirming that legislators are catalysts in establishing fit-for-purpose regulatory frameworks, emphasising that sufficient financing is crucial for grid modernisation.
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