Partner and Head of Energy Infrastructure at Actis, Lucy Heintz, comments in reaction to the Global Decarbonisation Accelerator and Global Renewables and Energy Efficiency Pledge commitments at COP28:
“The agreement on the Global Decarbonisation Accelerator marks an important development at COP28. More than 100 countries have signed up to the action plan, designed to help put the global economy back on track with the 1.5C pathway of the Paris Agreement by rapidly accelerating renewable energy deployment and increasing energy efficiency while also tackling sources of greenhouse gas emissions such as methane.
“A key part of this plan is the Global Renewables and Energy Efficiency Pledge, which aims to triple global renewable generation capacity to a minimum of 11,000GW and double the average rate of energy efficiency improvements globally by 2030. What’s particularly encouraging about this agreement is the buy-in, with 116 countries signing up to the Pledge. If nations are able to deliver on this commitment, then the impact could be tremendous, and it is achievable! We’ve seen this in countries like India for example, where renewables capacity has risen from 28GW in 2013 to 125GW in 2023, with a 2030 target now set for 500GW.
“But as ever, there are no silver bullets, and as difficult as it is to reach international agreements on such issues, the real challenge comes with implementation. Governments, private sector players and NGOs must now work together to make this ambition to triple renewable energy capacity in little over six years a reality. This means tackling regulatory and market barriers to clean energy and scaling capital flows into sustainable infrastructure.
“This is the bread and butter of our work at Actis. We’re already playing a major part in helping the world meet its climate goals through our investments, as a leading investor, developer and owner of clean energy in growth markets, having owned and operated around 20GW of clean energy across Africa, Asia and Latin America, helping to avoid more than 30 million tonnes of CO2 emissions. We’re working to accelerate renewable energy deployment every single day, in the markets where it is most needed. It’s excellent news that an agreement has been reached – it’s now time to roll up our sleeves and get on with the work.”