ROAD TO COP28: Germany calls for binding global renewables targets

Germany wants to see concrete global targets for the expansion of renewables discussed at the COP28 UN Climate Change Conference in November in Dubai, foreign minister Annalena Baerbock said May 3 at the Petersberg Climate Dialogue in Berlin.

The annual meeting was attended by COP28 president-designate Sultan al-Jaber and US climate envoy John Kerry.

"Together with the EU we want to reduce global emissions and lay the foundations for an end to the fossil age through concrete targets for the expansion of renewables ahead of COP28," Baerbock said.

In a joint press conference with the German minister, COP28 chief Jaber repeated a call for a tripling in global renewables capacity by 2030, and a doubling thereafter by 2040.

Both leaders agreed every effort was needed to keep the Paris Agreement alive, requiring a 43% reduction in global CO2 emissions by 2030.

For its part, Berlin planned to bring forward Germany's coal exit to 2030, Baerbock said.

COP28 would focus on the global stocktake of climate actions made since 2015, Jaber said, adding this would "galvanize collective momentum towards meeting the goals of the Paris agreement."

Also speaking in Berlin, the EU's lead climate negotiator Frans Timmermans agreed with Baerbock that "on the transition to renewables, I think we should be able to set global goals."

International Renewables Agency IRENA estimates some 295 GW of new renewables capacity were added in 2022.

Analysts at S&P Global Commodity Insights forecast almost 300 GW of wind and solar capacity will be added this year.

In April G7 leaders meeting in Japan signed up to achieve collective capacity of 150 GW of offshore wind and 1 TW of solar by 2030, while expressing concern at current deployment rates.

"A global renewables target would really help to focus leaders on what matters most," said Dave Jones of climate think-tank Ember, noting 1 TW of new capacity per year would have to be added to get on trajectory with the Paris Agreement's 1.5 degree Celsius global warming limit.

Germany meanwhile indicated that the pledge for $100 billion of annual climate finance by industrialized nations for the developing world was on track to be secured this year.

Germany itself has pledged some Eur6 billion by 2025, with Chancellor Olaf Scholz announcing May 3 another Eur2 billion for the Green Climate Fund (GCF-2) ahead of an October conference in Bonn to mobilize commitments to the fund for the period 2024 to 2027.

The EU's Timmermans welcomed the initiative while stating the financial needs for the energy transition ran into the trillions. According to IRENA, some $150 trillion is required by 2050 to limit warming to 1.5 degrees C.