The global goal to triple renewable energy capacity by the end of the decade was agreed by all countries at COP28 with the support of international energy institutions. However, with less than seven years until the deadline, action is now urgently needed.

To turn the Double Down, Triple Up statement into a reality, the Global Renewables Alliance (GRA) has launched the ‘Time 4 Action’ campaign, stating that $10 trillion must be mobilised to reach the target.

In addition, the campaign calls for policy frameworks to be established to facilitate 11,000 GW of renewables by 2030.

“There is no energy transition without action. World leaders have committed to the tripling goal and now it’s time to deliver. This means taking urgent action on finance, permits, supply chains and grids,” said Bruce Douglas, CEO of the GRA.

The GRA is specifically calling for more action to deliver affordable energy access, clean air, high-quality jobs and to redirect financial resources to renewables, primarily in emerging markets and developing economies.

On this, Bruce Douglas added: “De-risking renewable investments, especially in emerging economies, is now a crucial step to delivering on the global target. The global south is where we must see massive upscaling of renewables deployment in order for the energy transition to be just and equitable – and it needs to happen now.”

The International Hydropower Association (IHA) is a founding member of the GRA. Eddie Rich, IHA CEO, commented: “The sustainable hydropower community welcomes this campaign focused on volume and on urgency. We also need the right renewables mix to ensure we get the most from new capacity. That means flexibility and storage. Water, wind and sun get the job done!”