Tripling Renewable Energy by 2030 - Time 4 Action: Status and Next Steps

Recording of Tuesday, June 18, 2024 | The smarter E Europe 2024 | Conference Program | Language: English | Duration: 10:23 .

Global Renewables Alliance CEO Bruce Douglas Highlights Need for Accelerated Renewable Energy Deployment and Massive Financing to Meet COP28 Commitments by 2030

Bruce Douglas, CEO of the Global Renewables Alliance (GRA), highlights the organization's mission to triple global renewable energy capacity by 2030. The GRA supports a broad spectrum of renewable sources including solar, wind, geothermal, and hydropower. Emphasizing the necessity for long-duration energy storage and green hydrogen to meet their goals, Bruce discusses past achievements such as securing commitments at COP28. The target involves installing around 7,000 gigawatts in seven years or roughly three gigawatts per day. The GRA’s agenda includes urgent reforms in permitting processes, grid infrastructure development, supply chain management, financing solutions amounting to $10 trillion cumulative investment by 2030 ($1.5 trillion annually), and workforce skill enhancements. While there has been record-breaking growth in renewables deployment globally—evidenced by new investments outpacing fossil fuels—fossil fuel subsidies persistently drain resources needed for renewable expansion. Douglas stresses significant regional disparities: some areas like sub-Saharan Africa need up to twelve-fold increases in renewable installations. Despite positive trends such as declining costs leading to higher capacity installations with equal investments and exponential growth highlighted by recent reports from RMI on solar EVs and battery technology advancements—the transition away from fossil fuels remains insufficiently addressed.

_{Automated summarization by AI Conver}

Speaker

Bruce Douglas
CEO
Global Renewables Alliance
Belgium

Talk of session: Global & European Decarbonization Strategies: Challenges & Solutions on Solar's Path to Become the World's Major Power Source

As solar energy continues its strong global growth trajectory, exceeding all expectations, more and more obstacles are appearing on the long way towards completing the energy transition. The question is: what is needed to unleash solar's full potential in Europe and globally, and what can realistically be achieved? This session will discuss: