In the run-up to COP28, Ajay Mathur, the Director-General of the International Solar Alliance (ISA), highlighted the imperative to triple global renewable energy goals by 2030. He emphasised the need for substantial financial commitments, estimating a requirement of $2.4 trillion per year to facilitate the transition towards renewable energy.

As nations embark on their individual renewable energy journeys, stocktaking becomes crucial, with a specific focus on decarbonizing the electricity sector. However, Mathur raised an alarm that the goal of 1.5 degrees would not be met as per the agreement despite all the efforts taken globally.

Mathur stressed the significance of international collaboration to achieve ambitious renewable energy targets. He called for increased investment, especially in developing regions like Africa, where resources are essential for a successful transition. The creation of a Global Solar Facility that provides guarantees for private investments in Africa is a significant step toward ensuring financial flows into the continent.

Highlighting the UAE's leadership in renewable energy, Mathur pointed out the country's commitment to solar energy. The UAE is set to receive a substantial investment of $380 billion in solar energy alone. He said there are no concerns with Dubai hosting COP this year.

He emphasised the need for large solar farms to become primary sources of affordable electricity. India already has 180GW of non-fossil fuel energy and can reach 900MW if we have affordable storage systems in place.

Addressing the financial aspect of the transition, Mathur stressed the need for an accelerated green financing process. The creation of a platform for green financing via bonds can be a pivotal step in facilitating the transition to renewable energy. The cost comparison between coal and renewable energy projects underscores the economic viability of the latter, making a compelling case for swift financial decisions.

Mathur highlighted the financial attractiveness of solar and wind projects, which are seeing returns in the range of 12-14%. To ensure the sustainability of renewable energy, he emphasized the need to triple storage capacity by 2030. This points to the importance of investing in innovative storage solutions to address the intermittency challenge associated with renewable sources.

(Edited by : Akanksha Upadhyay)

First Published:Nov 22, 2023 11:35 AM IST