New Delhi: G7 economies are currently aiming to double renewable energy capacity by 2030, less than the triple target agreed at the UN climate conference in Dubai last year, according to an analysis by global energy think-tank Ember. Is.
At the UN's COP28 climate change conference in December, world leaders, including all G7 members, reached a historic agreement to triple global renewable energy capacity by 2030.
"The G7 needs to set a target of tripling its renewable capacity," said Katy Altieri, Amber's electricity analyst.
“Last year, the G7 agreed targets for solar and offshore wind. Given the COP2 agreement, these targets are now out of date and need to align with the global renewable energy tricycle.The boom in solar energy shows that renewable energy targets are increasingly being achieved," she says.
According to the International Energy Agency, tripling global renewable energy capacity and doubling energy efficiency is critical to limit average temperature rise to 1.5 degrees Celsius.
A tripling of growth globally doesn't mean every country needs to triple its renewable capacity – some will do more, some will do less – but the evidence suggests that countries overall need to triple. Will happen.
According to Amber's 2030 Global Renewable Target Tracker, the G7 economies are collectively aiming to double the capacity from 0.9 terawatts (TW) at the end of 2022 to 2 TW of renewable energy capacity by 2030.
Tripleting renewable capacity would require the G7 to reach 2.7 TW by 2030, leaving a gap of 0.7 TW between the current target and the Triple-aligned target.Italy, host of the G7 this year along with Germany and Britain, leads the way with 2030 targets that more than double the 2022 potential.
However, France and Japan are lagging behind their G7 partners with three times less targets.
The US and Canada do not have official targets, although modeling studies indicate that US policies would provide about three times the increase while Canada would see hardly any increase.
This weekend, the G7 ministerial meeting on climate, energy and environment in Italy presents an opportunity to translate the COP28 target of tripling renewable capacity into concrete action.
The Amber report recommends that the G7 commit to increasing its collective renewable capacity from 0.9 TW in 2022 to 2.7 TW in 2030, while acknowledging the gap in current ambition.Earlier this week, an analysis by Climate Analytics, a global climate science and policy institute, showed that none of the G7 members are on track to meet current emissions reduction targets for 2030.
The G7's collective goal is to achieve emissions reductions of 40-42 percent by 2030, but current policies suggest it will only achieve 19-33 percent by the end of the decade.
This is about half of the requirement and would exceed GHG emissions in 2030 by about 4 gigatons or carbon dioxide equivalent above 1.5°C compatible levels.
Researchers at Climate Analytics said such a lack of ambition does not provide the necessary leadership signal for the world's richest countries, which make up about 38 percent of the global economy and account for 21 percent of total GHG emissions in 2021. Are.
It said G7 economies need to cut their emissions by 58 percent by 2030 compared to 2019 levels to contribute to limiting temperature rise to 1.5 degrees Celsius.The G7 is composed of the United States, Britain, Canada, France, Germany, Italy, and Japan. Representatives of the European Union also attend its annual summit.
At the UN's COP28 climate change conference in December, world leaders, including all G7 members, reached a historic agreement to triple global renewable energy capacity by 2030.
"The G7 needs to set a target of tripling its renewable capacity," said Katy Altieri, Amber's electricity analyst.
“Last year, the G7 agreed targets for solar and offshore wind. Given the COP2 agreement, these targets are now out of date and need to align with the global renewable energy tricycle.The boom in solar energy shows that renewable energy targets are increasingly being achieved," she says.
According to the International Energy Agency, tripling global renewable energy capacity and doubling energy efficiency is critical to limit average temperature rise to 1.5 degrees Celsius.
A tripling of growth globally doesn't mean every country needs to triple its renewable capacity – some will do more, some will do less – but the evidence suggests that countries overall need to triple. Will happen.
According to Amber's 2030 Global Renewable Target Tracker, the G7 economies are collectively aiming to double the capacity from 0.9 terawatts (TW) at the end of 2022 to 2 TW of renewable energy capacity by 2030.
Tripleting renewable capacity would require the G7 to reach 2.7 TW by 2030, leaving a gap of 0.7 TW between the current target and the Triple-aligned target.Italy, host of the G7 this year along with Germany and Britain, leads the way with 2030 targets that more than double the 2022 potential.
However, France and Japan are lagging behind their G7 partners with three times less targets.
The US and Canada do not have official targets, although modeling studies indicate that US policies would provide about three times the increase while Canada would see hardly any increase.
This weekend, the G7 ministerial meeting on climate, energy and environment in Italy presents an opportunity to translate the COP28 target of tripling renewable capacity into concrete action.
The Amber report recommends that the G7 commit to increasing its collective renewable capacity from 0.9 TW in 2022 to 2.7 TW in 2030, while acknowledging the gap in current ambition.Earlier this week, an analysis by Climate Analytics, a global climate science and policy institute, showed that none of the G7 members are on track to meet current emissions reduction targets for 2030.
The G7's collective goal is to achieve emissions reductions of 40-42 percent by 2030, but current policies suggest it will only achieve 19-33 percent by the end of the decade.
This is about half of the requirement and would exceed GHG emissions in 2030 by about 4 gigatons or carbon dioxide equivalent above 1.5°C compatible levels.
Researchers at Climate Analytics said such a lack of ambition does not provide the necessary leadership signal for the world's richest countries, which make up about 38 percent of the global economy and account for 21 percent of total GHG emissions in 2021. Are.
It said G7 economies need to cut their emissions by 58 percent by 2030 compared to 2019 levels to contribute to limiting temperature rise to 1.5 degrees Celsius.The G7 is composed of the United States, Britain, Canada, France, Germany, Italy, and Japan. Representatives of the European Union also attend its annual summit.
