COP28: Although China and India have expressed endorsement for the threefold increase in renewable energy by 2030, neither of them formally supported the comprehensive pledge
India and China both chose not to sign the commitment at the COP28 climate summit on Saturday, which aimed to triple the world's renewable energy capacity by 2030. Despite India's earlier commitment during its G20 presidency, both countries refrained from formally supporting the initiative, which garnered backing from 118 nations, including Japan, Australia, Canada, Chile, Brazil, Nigeria, and Barbados.
The goal of tripling global renewable energy capacity by 2030 is a significant step towards reducing dependence on fossil fuels in the global energy production landscape. The commitment involves a scale-up of clean power while simultaneously decreasing reliance on fossil fuels. It specifically calls for the reduction of unabated coal power and the discontinuation of financing for new coal-fired power plants.
The International Energy Agency underscores the necessity of tripling renewable energy capacity and doubling energy efficiency by 2030 to curb demand for fossil fuels and limit global warming to 1.5 degrees Celsius by the end of the century.
India, through its 14th National Electricity Plan (NEP), has set ambitious targets to more than triple its renewable energy capacity by 2030. However, a report from global energy think tank Ember indicates that achieving this goal requires a substantial investment of USD 293 billion. An additional USD 101 billion is deemed necessary to align with the International Energy Agency's proposed net-zero scenario.
India's current objective is to reach 500 GW of installed electricity capacity from non-fossil fuel sources by 2030, a target that has received mixed reactions from experts within the country. Some, like Madhura Joshi from E3G, express disappointment in India's decision not to sign the global pledge, especially considering that these commitments were initially championed by the Indian G20 presidency.
Vibhuti Garg from the Institute for Energy Economics and Financial Analysis notes India's commitment to the renewable energy target as part of the G20 but highlights the country's silence on coal phase-down. Achieving India's renewable energy goals will require significant investments, prompting the country to seek additional funding support from the Global North through various financial mechanisms.
Ulka Kelkar, Executive Director of Climate at World Resources Institute (WRI) India, emphasises the global target of tripling renewable energy capacity adopted during India's G20 presidency. She underscores the transformative impact on various sectors and the importance of energy efficiency in the clean energy transition.
Dr. Ajay Mathur, Director General of the International Solar Alliance, expresses delight at the global commitment to tripling renewable capacity by 2030, emphasizing the dual benefits of fostering development and mitigating climate change.
Shradhey Prasad from Global Energy Monitor acknowledges India's significant push for solar and wind development but highlights the need for successful completion of its targets to establish itself as a global leader in renewable energy.
Manjeev Puri, former Permanent India Representative to the UN, applauds India's leadership in renewables but emphasises the importance of ensuring affordability, accessibility, and availability of critical minerals for renewable energy development.