Irena: Global renewable capacity must triple annually until 2030
UAE has set an 18% emissions reduction target, minister says
The Abu Dhabi Sustainability Week 2023 began yesterday with the launch of a global energy transition stocktake at the 13th Assembly of the International Renewable Energy Agency (Irena).
Franceso La Camera, Irena director-general, said installed renewable capacity must triple every year until 2030 to meet the global warming limit set in Paris. This can include well known renewable energies like wind and solar, complemented by hydrogen and ammonia technologies.
Addressing the gathering, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, said: “The world must move much faster and Irena has a critical role to play in leading the global acceleration across all regions, sectors and communities… The UAE will continue to be Irena’s closest partner and strongest advocate.”
He added: “The Early Transition Accelerator Platform [ETAF] launched on the sidelines of COP26 is helping gather funding for emerging economies. The UAE has already committed $400 million in initial funding.”
In addition to ETAF, an innovative financing tool that aims to attract joint investments towards renewable solutions in developing countries, the UAE is also exploring green bonds and sukuk.
Addressing media on the sidelines of the Irena Assembly, Mariam Al Muhairi, Minister of Climate Change and Environment, said: “We see potential for a domestic green bond and sukuk market in the UAE. It is important to see climate action not as a cost to bear but an opportunity to seize.” She added that the UAE has set an 18 per cent emissions reduction target based on a 2019 baseline.
“As a result of doing this, we can [cumulatively add] three per cent to the GDP, and add 200,000 jobs between 2025 and 2050,” the minister said.
Raj Kumar Singh, Indian Minister of Power and New and Renewable Energy, and President of the 13th Irena Assembly, urged greater financing towards the decarbonisation of electricity, and a steady progress towards the decarbonisation of other sectors.
We see potential for a domestic green bond and sukuk market in the UAE. It is important to see climate action not as a cost to bear but an opportunity to seize.”
Mariam Al Muhairi | Minister of Climate Change and Environment