At the Global Renewables Summit, coinciding with the U.N. General Assembly, global leaders stressed the critical need for heightened investment in renewable energy to address climate change. Kenyan President William Ruto noted that Africa, home to 60% of the world’s top solar resources, receives less than half of global renewable investments. He pointed out that the continent struggles with access to its abundant resources due to unreliable and costly energy.
Barbados Prime Minister Mia Mottley highlighted the imbalance in funding, stating that fossil fuel subsidies currently exceed those for renewable energy, complicating the transition for smaller nations. She cautioned that the cost of renewable energy might be higher than fossil fuels for these states.
Reports, including one from the International Energy Agency, suggest that it is possible to triple global renewable capacity by 2030, provided there are strong regulations, streamlined permitting processes, and investments in transmission and battery storage. Azerbaijan, set to host COP29 in November, plans to advocate for a sixfold increase in electricity storage capacity.
Additionally, a coalition called Mission 2025, comprising major corporations and financial institutions, urged governments to adopt policies that could generate up to $1 trillion in clean energy investments by 2030. These policies would include setting new capacity goals and offering tax incentives.
U.S. President Joe Biden, in what may be his final major climate speech, celebrated the accomplishments of the $369 billion Inflation Reduction Act, which he argued has fueled innovation and job creation. He reported that private investments in clean manufacturing have exceeded $1 trillion.
While there is excitement about the role of artificial intelligence in enhancing clean energy solutions, concerns remain about the energy consumption of the data centers that support AI. Andres Gluski, CEO of AES Corporation, recognized AI as both a challenge and a potential solution for developing better battery materials and managing energy demand.
Every country should advocate for increased Renewable Energy Investment and adopt a sustainable power supply for a better world tomorrow.