Firms call on world leaders to accelerate wind and solar development

More than 100 organisations – including corporations like Amazon and non-profits such as the Nature Conservancy – are calling on governments to accelerate wind and solar development in line with a 1.5ºC future as part of their next round of climate targets.

In an open letter published today, the Global Renewables Alliance urges countries to incorporate renewable energy targets into their next nationally determined contributions (NDCs), which are set to be announced by next year’s COP30 in Brazil. 

Reminding governments that over 86% of renewable energy investments so far has come from the private sector, the organisations note that “a decisive commitment from national governments to incorporate renewable energy targets into their NDCs, alongside building the enabling policy conditions, will send a strong political and market signal, providing greater investment security”. 

Signatories include Amazon, Adani, Fortescue, CIP, Corio Generation, EDP, EY, Iberdrola, Invenergy, Octopus Energy, SSE, Topsoe, and Vestas, as well as the International Renewable Energy Agency (IRENA), ​​Climate Group, C40 Cities, GEAPP, REN21, RMI, SEForAll, The Nature Conservancy, WBCSD and the We Mean Business Coalition.

Wind and solar energy should be deployed three times faster than current rates

Wind and solar energy should be deployed three times faster than current yearly rates until 2030 in order to limit warming to 1.5ºC, according to a new report by Climate Analytics.

The think tank analysed wind and solar development in 11 key countries that account for over 70% of current renewable power generated from these two sources: Australia, Brazil, China, Germany, Indonesia, India, Mexico, Nigeria, Türkyie, South Africa and the United States.

It concluded that despite tremendous recent growth and upcoming developments – wind capacity alone is set to double by 2030 – the pace must pick up dramatically in the next decade if the world is to meet the goals of the Paris Agreement.

Across the 11 countries, wind and solar need to grow five-fold by 2030 (that is, three times faster than now) and eightfold by 2035 to meet global climate goals. 

“Wind and solar are the bread and butter of the energy transition and represent the most powerful tools in our toolbox. As countries update their climate targets, sending a strong, clear message on the central role of wind and solar could be the defining policy action in getting the world on track for 1.5°C,” says Climate Analytics CEO Bill Hare, encouraging countries to show ambition in their next round of nationally determined contributions (NDCs), to be announced next year at COP30.

China leads wind and solar development

China has already hit its 2030 target to install 1.2 TW of wind and solar capacity, and if it maintained the current pace of development, the country would have 4.5 TW of renewable capacity installed by the end of the decade – the level needed to limit the temperature rise to 1.5ºC.

But despite being on “the verge of peak emissions”, China still needs to accelerate solar and wind development to outpace its growing electricity demand and ensure it transitions away from large volumes of coal for power generation, Climate Analytics warns.

Meanwhile, India will require more international climate finance to multiply its current wind and solar capacity by five by 2030, bringing it to over 600 GW.

“Enhanced international cooperation, including the provision of grants and concessional finance to help mobilise private capital, is urgently needed to ensure emerging and developing economies benefit equally from the renewables rollout,” the report’s authors comment.

In the US, wind and solar capacity needs to grow to 1.4 TW of installed capacity – five times the current level – to align with 1.5°C and achieve the country’s goal of providing 100% ‘carbon-free’ electricity by 2035.

Only Germany’s 2030 targets for wind and solar are deemed by the think tank as “broadly where they need to be for 1.5°C”.