118 countries commit to tripling global capacity of renewable energy by 2030at COP28

(MENAFN) On Saturday, 118 nations committed to tripling the global capacity of renewable energy by 2030 and doubling advancements in energy efficiency at the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change in the United Arab Emirates (UAE).

The Global Acceleration for Decarbonization initiative was introduced as part of this effort during COP28 in Dubai.

Signatories to this commitment include the UAE, the US, Brazil, Japan, the UK, Mexico, Poland, Germany, Australia, Canada, Denmark, France, Kenya, the Netherlands, Nigeria, as well as Spain.

Notably, Turkey, China, India, and South Africa have not yet signed the pledge.

Tripling global renewable energy capacity involves raising it from the current 3.4 terawatts in 2022 to 11 terawatts by the year 2030. These targets are part of the five key steps outlined by the International Energy Agency for the success of the UN summit.

As an integral component of the initiative, more than 40 percent of global oil production, represented by 50 companies, signed the Oil and Gas Decarbonization Covenant (OGDC).

Furthermore, the commitment includes providing USD1 billion in financing for projects aimed at reducing methane emissions.


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