Over 110 countries set to join COP28 deal to triple renewable energy
investing.comBy Kate Abnett and Valerie Volcovici
DUBAI (Reuters) — A pledge to triple the world's installed renewable energy by 2030 is poised to win support from more than 110 countries at the COP28 climate summit on Saturday, with some pushing to make the deal global by the end of the U.N. conference.
The European Union, United States and COP28 host the United Arab Emirates have been rallying support for the pledge as a means to the sharp drop in planet-warming emissions needed this decade to avoid unleashing more severe climate change.
«More than 110 countries have joined already,» European Commission President Ursula von der Leyen told the COP28 summit on Thursday of the renewables pledge. «I call now on all of us to include these targets in the final COP decision.»
Whether governments and companies will rally the huge investments needed to hit the goal is an open question. While deployment of renewables like solar and wind has been surging globally for years, rising costs, labour constraints and supply chain issues have forced project delays and cancellations in recent months, costing developers like Orsted (CSE:ORSTED) and BP (NYSE:BP) billions of dollars in writedowns.
Getting the deal into the final U.N. climate summit decision would also require consensus among the nearly 200 countries present. While China and India have signalled support for tripling global renewable energy by 2030, neither has confirmed it will back the overall pledge — which pairs the ramp-up in clean power with a reduction in fossil fuel use.
South Africa, Vietnam, Australia, Japan, Canada, Chile and Barbados are among the countries already on board, officials told Reuters.
The renewables pledge will be among several other energy-related announcements
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