We, a group of committed companies which purchase clean energy, call for world leaders and Parties to the Paris Agreement to agree on a global target to triple renewable electricity capacity by 2030 at COP28 this year. 

Corporate renewable energy procurement continues to be a major driver behind the rapid expansion of wind and solar electricity generation. According to BNEF[1], corporate renewable electricity buyers have been crucial to helping scale clean energy development around the world. Since 2010, we have cumulatively added over 150GW globally to the grid through corporate renewable energy procurement. Further demonstrating the crucial contribution of corporate procurement, the International Energy Agency’s scenarios predict that over 70% of clean energy investments in emerging markets will be privately financed[2].

While numerous countries have passed laws to establish renewable energy targets, a unified global effort to meet a shared renewable energy target remains unprecedented. Setting this target will unite countries in pursuit of a faster energy transition.

International organisations are also calling for this tripling: International Renewable Energy Agency, European Commission, COP28 Presidency, International Energy Agency, and the Global Renewables Alliance[3].

Corporate clean energy buyers can accelerate the efforts of countries and international organisations to achieve this target, in support of the Paris Agreement’s objective to limit global warming to 1.5 degrees.

In order for corporates to rightly play their part in achieving this target, it is crucial that the remaining regulatory barriers are removed in order to establish markets that enable corporates to accelerate renewable energy deployment. Regulatory best practices must be applied in countries where direct clean energy purchasing is currently not possible. This will open the door for us to invest private capital to support the clean energy transition in more of the countries where we have operations.

We support setting a global renewable energy target to triple renewable electricity capacity by 2030. Working in partnership with governments and international organisations, companies can play a key role in helping the world meet this ambitious goal and accelerate decarbonisation of the global energy system in this critical decade.

Sincerely,

[1] ‘150 GW later: The dizzying rise of the power purchase agreement’, https://www.greenbiz.com/article/150-gw-later-dizzying-rise-power-purchase-agreement

[2] ‘Financing clean energy transitions in emerging and developing economies’, IEA, June 2021: https://www.iea.org/reports/financing-clean-energy-transitions-in-emerging-and-developing-economies

[3] A call to triple global renewable energy capacity by 2030 – https://globalrenewablesalliance.org/open-letter/