More than 75% of countries updating their national climate commitments now include quantified renewable energy targets, signaling momentum toward tripling renewables by 2030.
At the UN Climate Action Summit in New York, close to 100 countries announced or signaled new climate targets under the Paris Agreement. The Global Renewables Alliance and the Global Wind Energy Council (GWEC) welcomed the progress, calling it a critical step in aligning energy systems with long-term security and prosperity goals.
Renewables as Economic Transformation
Renewables now supply more than 30% of global electricity, the highest share on record, and investment in 2024 surpassed $700 billion, according to data compiled by EMBER and BloombergNEF. EMBER estimates that 92% of countries hold renewable potential more than ten times their current demand, underscoring the scale of untapped opportunity.
Kenya’s President H.E. Dr. William Ruto, speaking at the summit, emphasized this imbalance: “Endless debate continues over fossil fuel reserves, while our immense endowments in sunlight, wind and geothermal lie underutilized.”
Financing and Infrastructure Gaps
Despite momentum, challenges remain. A recent release confirms that 89% of 2035 targets are conditional on finance or technical assistance. Barriers such as slow permitting, underinvestment in transmission, and high capital costs continue to delay deployment.
Industry leaders stress the urgency of bridging this gap. “NDCs are much more than climate plans, they are a roadmap for delivering clean jobs, reinvigorated economies and shared global growth,” said Ben Backwell, CEO of GWEC and Chair of the Global Renewables Alliance. “These roadmaps must now be backed up with concrete measures to deliver, so that countries and communities can realise the enormous benefits of renewable energy.”
Market Realities Outpacing Debate
In 2024, more than 90% of newly added renewable power capacity was cheaper than new fossil fuel alternatives, with onshore wind costing less than half of the lowest-cost fossil option. The IEA notes that renewables accounted for 90% of new global power capacity, avoiding an estimated $460 billion in fossil fuel costs.
Wind energy alone now delivers 1.1 TWh of electricity annually, enough to power 500 million homes, and supports 1.5 million jobs in 124 countries.
What’s Next
The Global Renewables Summit in New York showcased how governments and private sector actors are aligning to scale solutions. Attention will now turn to COP30 in Belém, Brazil, where negotiations will focus on turning pledges into implementation and accelerating the phase-out of fossil fuels.
The momentum demonstrates that while markets are delivering, policy frameworks and financing mechanisms must catch up to ensure renewable energy can scale at the pace required for a 1.5°C future.
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