At a press conference at the fifteenth session of the International Renewable Energy Agency (IRENA) Assembly in Abu Dhabi, IRENA Director-General, Francesco La Camera, said that investment in renewables had reached a tipping point and the world was moving in the right direction to create a new energy system.

He noted that this year’s conference had a record attendance with more than 2 000 people charting the direction for the year ahead.

“Investment in renewables has reached a tipping point and what needs to be determined is the speed and scale of transformation. This is why 2025 is so important as countries submit their updated Nationally Determined Contributions (NDC) next month,” he said.

NDCs are national climate action plans by each country under the 2015 Paris Agreement. A country's NDC outlines how it plans to reduce greenhouse gas emissions to help meet the global goal of limiting temperature rise to 1.5 Celsius (C) above the pre-industrial level and adapt to the impacts of climate change. To stay below 1.5 °C of global warming, emissions need to be cut by roughly 50% by 2030, but in 2024 global temperatures moved above this threshold.

In response to a question from Business Report, La Camera said the move above 1.5 C was not irreversible and he hoped that as renewables took up an increasing share of the energy mix, so temperatures would move back below 1.5 C.

“I believe that investment in renewables can make a difference, and we look forward to engaging with African countries at our meeting in Botswana next month,” he added.

In the plenary opening session, La Camera said that renewables offered the path forward, a means to reduce dependency on finite sources, stabilise energy costs and empower countries to harness their domestic resources on energy dependence.

He reminded participants that moving to a net zero world by 2025 was the world’s collective responsibility. In his view, the renewable energy transition represents a unique convergence of economic opportunity, social equity and environmental stewardship.

In his video address to the plenary, United Nations Secretary-General Antonio Guterres called for urgent action to increase the transformation to clean energy in the future. This meant that governments should reflect clean energy plans in the next round of the NDCs. This should include the mobilisation of increased financing in developing and emerging economies, while the private and public sectors as well as civil society should work hand-in-hand to achieve a just energy transition.

Her Excellency Dr Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, United Arab Emirates (UAE) delivered the welcome of the Host Country,

“The world around us is changing, constantly and rapidly. Climate change is no longer on the way, it is knocking on the door,” noting that the world had been ravaged by droughts, floods and wild fires in recent years.

She highlighted the key enablers of the energy transition, including technology, financing and skills development as core components for a holistic approach towards tripling renewables by 2030 and to achieve a just energy transition.

“While the challenges we face are immense, so is our potential to overcome them. Together, we have the tools, the knowledge, and the determination to shape a future where renewable energy powers prosperity and sustainability for all. Let us move forward with ambition and shared purpose,” she added.

She said the UAE were at the forefront of the just energy transition and that is why the UAE aims to provide 14.2 Gigawatts of renewable energy by 2030 as the UAE is committed to leading by example.

BUSINESS REPORT