COP28 plan to triple renewables is doable, but not easy, companies say

(Reuters, 12 Dec 2023) More than 100 countries at the COP28 climate summit in Dubai have agreed to triple renewable energy capacity by 2030 - one of the least controversial commitments floated at the conference.

But they have given little detail on how they can make an industry running flat out go that much faster.

"It is realistic, but there are elements that need to be solved; permitting, leases, grid connections," Anders Opedal, chief executive of Norway's Equinor (EQNR.OL), a major renewable energy developer, told Reuters.

Renewable energy is key to meeting the 2015 Paris climate agreement to limit global warming. And while renewables are already expanding fast, this latest goal would require solar and wind power deployments to speed up a lot.

The tripling target would bring global renewable energy capacity to at least 11,000 gigawatts (GW) in just six years - more than 20% higher than current projections from BloombergNEF of around 9,000 GW by that time.

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Reuters, 12 Dec 2023: COP28 plan to triple renewables is doable, but not easy, companies say