Francesco La Camera, director-general of the International Renewable Energy Agency (IRENA), recently stated that the 29th UN Climate Change Conference (COP29) will be a pivotal moment in defining future contributions, raising international ambitions, and building on the significant achievements made under the UAE’s presidency of COP28.
In his remarks to WAM on the sidelines of IRENA’s 28th council meeting, held over two days in Abu Dhabi, La Camera said: “We are heading towards COP29, and this is the last opportunity for member states to meet and achieve positive outcomes from this conference.”
Investments in renewable energy
He emphasized that the ‘UAE Consensus’ of COP28 provides a clear and achievable pathway to reaching net-zero emissions by mid-century. In addition, he expressed pride in IRENA’s appointment by the COP28 presidency as a co-custodian to monitor the progress of the ‘UAE Consensus’, which includes tripling renewable energy capacity and doubling energy efficiency by 2030.
La Camera also stressed the urgent need for $31.5 trillion in investments in renewable energy, grids, resilience measures, and energy efficiency by 2030. He added that average annual investments in renewable energy capacity must triple compared to 2023 levels.
La Camera also called for unity in using COP29 as a platform to increase climate finance, collectively raise ambitions, and advance the global energy transition under clear targets.
La Camera also confirmed that IRENA has begun collaborating with Brazil, the host of COP30, to build on these achievements and ensure COP30 becomes another milestone in the global effort to achieve net-zero emissions and address the pressing challenges of climate change.
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28th IRENA council meeting
IRENA recently convened its 28th council meeting in Abu Dhabi, the last before COP29. IRENA members delved into critical topics related to the energy transition, including progress towards tripling renewable energy capacity and doubling energy efficiency by 2030, as outlined in the outcome of the first global stocktake.
“The 1.5°C target is still within reach, but the risk of missing it is becoming increasingly near,” said La Camera.
The 28th IRENA council also engaged in discussions on national experiences in energy transition, challenges and opportunities to enhance the mobilization of finance towards renewables, and innovative technologies and partnerships essential for the energy transformation of small island economies.
“The third round of Nationally Determined Contributions (NDCs) must close the gap towards 2030. With COP29 less than a month away, the gathering of the IRENA council presents another opportunity to re-emphasize the urgent need to approach Baku with significantly heightened ambition,” he added.
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