During the annual Petersberg Climate Dialogue, COP28 President Sultan Al Jaber emphasized the critical importance of significant investment in renewable energy infrastructure. Al Jaber underscored the necessity of a minimum of $12 trillion within the next six years to triple global renewable energy capacity by 2030, aligning with the ambitious targets set at COP28 in Dubai to curb global temperature rise to 1.5 degrees Celsius.
In his address, Al Jaber delineated four primary priorities for climate finance: strengthening infrastructure, advancing technology, investing in human capital, and focusing on the needs of the Global South. He stressed, “Six trillion dollars is needed for renewable infrastructure alone, with an equal amount required to modernize electrical grids worldwide.”
Moreover, Al Jaber deliberated on the role of artificial intelligence in optimizing energy efficiencies and addressing intermittency and storage challenges in renewable energy systems. He called for concerted efforts from both public and private sectors, in conjunction with development finance, to mobilize substantial investments, particularly in developing nations, which currently receive less than 15% of global clean tech investments.
With the upcoming United Nations climate conference (COP29) scheduled in Baku, Azerbaijan, attention will be directed towards the New Collective Quantified Goal (NCQG), aimed at increasing financial contributions from developed countries for climate actions in developing regions.
Al Jaber urged governments to formulate ambitious national climate plans (NDCs) with explicit renewable energy targets and to enact intelligent policies to incentivize industrial and private sector engagement in the green economy.
