The world needs to triple renewable energy capacity and double energy efficiency by 2030 to meet its climate-change-related goals, finds a United Nations report released today.
The Climate Technology Progress Report said that while some countries have made headway in adopting renewable energy, the transition away from fossil fuels has been uneven. The burning of fossil fuels is the main driver of climate change.
The report was produced by the UN Climate Technology Centre and Network, the UN Framework Convention on Climate Change Technology Executive Committee and the UN Environment Programme (UNEP) Copenhagen Climate Centre. Released on 1 November, it is designed to be a roadmap for policymakers interested in accelerating the adoption of renewable energy technology.
The report comes ahead of a 2025 deadline for countries to submit a second round of Nationally Determined Contributions (NDCs) to the Paris Agreement. These national climate plans are seen as a key opportunity for nations to harness the potentially transformative power of renewable energy.
The new report highlights the pivotal role of innovation, digitalization and finance in accelerating the global transition to clean energy, while outlining how countries can scale up their use of renewable energy. It also spotlights the central role that renewable energy can play in achieving the Sustainable Development Goals (SDGs), humanity’s blueprint for a better future.
“UNEP echoes the report’s call for inclusive investments aligned with the SDGs,” said Dechen Tsering, interim director of UNEP’s Climate Change Division.
The report highlights the falling cost of renewable energy technologies, particularly those that underpin solar and wind power. It also emphasizes the importance of developing energy storage systems and modernizing electric grids, which it called essential to the large-scale adoption of renewable energy.
The Climate Technology Progress Report highlights the need for responsible governance frameworks to manage the increased demand for digital technologies and develop digital skills. The report also encourages governments to implement circular economy strategies and national standards to mitigate the environmental impacts of digital technology expansion.
Despite the maturity of renewable energy technologies, financial barriers continue to hinder widespread adoption, particularly in developing countries. The report highlights the high cost of capital as a significant barrier to investment in renewable energy projects. The report suggests that blended finance solutions — where multilateral development banks provide low-interest loans with guarantees — can help reduce these costs and spur investment.
The report also calls for inclusive investment structures aligned with the SDGs and community leadership in renewable energy projects. The release of the report comes just ahead of the UN Climate Change Conference, known as COP29, in Azerbaijan. The report is designed to be a roadmap for policymakers, negotiators, and stakeholders, helping them to accelerate climate technology development and transfer.
About the UNEP Copenhagen Climate Centre
UNEP Copenhagen Climate Centre is a leading international advisory institution on energy, climate and sustainable development. Its work focuses on assisting developing countries and emerging economies transition towards more low carbon development paths and supports integration of climate-resilience in national development. www.UNEPCCC.org
