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During the G7 Ministers’ Meeting on Climate, Energy, and Environment, the leaders of the Group of Seven (G7) nations have assigned the International Renewable Energy Agency (IRENA) the responsibility of tracking and overseeing the collective efforts of the group towards achieving the global renewable energy tripling target by 2030. This target was initially established during the UAE Consensus at COP28 last November, aiming to align global climate ambitions with IRENA’s 1.5°C pathway as outlined in the Agency’s World Energy Transitions Outlook.
Francesco La Camera, the Director-General of IRENA, who attended the G7 Ministers’ Meeting, emphasized the importance of trust and transparency in this endeavor. He reiterated IRENA’s commitment to promptly responding to the request by G7 members to monitor the progress towards the global target of tripling renewable power capacity by 2030.
The G7 communiqué, referencing an IRENA brief, indicates that the group is on track to meet its solar PV expansion target by 2030 with some necessary enhancements to existing policies. However, it underscores the need for accelerated deployment of offshore wind through improved policy efforts, faster permitting, and offshore grid extension.
Mr. La Camera highlighted the G7’s commendable progress in accelerating solar PV deployment and its commitment to offshore wind development. He stressed the importance of advancing all forms of renewables and modernizing infrastructure to realize the energy transition aspirations of G7 nations.
Furthermore, the G7 communiqué commits the group to enhance system flexibility through grid reinforcement, consistent with IRENA’s analysis, and calls for a significant expansion of energy storage capacity by more than six-fold by 2030, in line with IRENA’s recommendations.
In addition, the G7 countries acknowledged the urgent need to intensify efforts in developing countries, pledging support for the Accelerated Partnership for Renewable Energy in Africa (APRA). Under APRA’s auspices, Kenya and IRENA will host the first APRA Investment Forum in September 2024, aiming to accelerate the deployment of renewables-based energy systems and green industrialization in APRA member countries.
IRENA’s briefs presented at the G7 Ministers’ Meeting highlight the decline in the flow of public money into the African energy sector and stress the importance of establishing conducive conditions for low-cost finance, calling for urgent action to reverse this trend.
In response to these findings, IRENA has launched a call for developers operating in APRA member countries to submit projects for inclusion at the upcoming APRA Investment Forum, providing an opportunity to engage with financial institutions and potentially access funding opportunities.
IRENA’s crucial contributions to the G7 discussions were made at the request of the Italian G7 Presidency, reflecting the Agency’s pivotal role in advancing global renewable energy goals. |
