An international alliance in Abu Dhabi stressed the urgent need to develop and deploy cutting-edge solar power solutions at scale, upgrade infrastructure and grids, and triple renewable energy capacity by 2030.
The 5th Meeting of the Asia Pacific Region of the International Solar Alliance (ISA) convened in Abu Dhabi on Tuesday to advance solar energy deployment in alignment with the COP28 Presidency's vision.
The meeting emphasized the transformative actions needed to keep the world on a 1.5°C pathway and address the challenges posed by climate change.
It focused on promoting climate mitigation technologies, enhancing socioeconomic opportunities, and ensuring no one gets left behind in the journey toward a sustainable future.
Pivotal role
UAE Minister of Energy and Infrastructure Suhail al-Mazrouei said solar power is pivotal in shaping the future energy landscape, driving sustainable development, and combating climate change.
"As we set our sights on COP28, it is evident that solar energy is not just a part of the solution. It is the key to unlocking a low-carbon future," said Mazrouei. The UAE will host COP28 in November.
The Emirati official said that by harnessing the potential of solar technologies, "we can make significant strides towards reducing greenhouse gas emissions and charting a course to limit global warming to 1.5°C."
"We must seize this moment to accelerate solar deployment, stimulate innovation, and ensure no one is left behind in the energy transition," the minister stressed, according to Emirati News Agency (WAM).
He noted that by driving collaboration among nations and leveraging solar advancements, "we can usher in an era of clean energy prosperity, foster sustainable economic growth, create jobs, and build resilient energy systems that benefit people and the planet alike."
Investments needed
The meeting also touched on climate finance.
The International Renewable Energy Agency's World Energy Transitions Outlook (WETO) noted that investments worth $150 trillion in renewable energy solutions are needed to keep global warming below 1.5°C by 2050.
Global investment across all energy transition technologies reached a record high of $1.3 trillion in 2022, and annual investment must more than quadruple to stay on the 1.5°C pathway.
Energy security
Director General of the International Solar Alliance Ajay Mathur indicated that solar has already significantly exceeded its projections over the last decade and demonstrated its efficacy in enabling energy access at the lowest cost to the hardest-to-reach populations.
It also provided energy security for vulnerable developing economies and became a critical piece for accelerating energy transitions globally, said Mathur.
"We approach the global stocktake and move closer to the 2030 deadline while also seeing the intensifying climate impacts across the world," said the official.
He asserted that it was critical to approach this challenge collaboratively, bringing together the solutions and resources to ensure universal access to clean energy and commit to a work program to address these challenges further.
Cheap source
The ISA highlighted the importance of diversifying renewable energy investments, as investments are concentrated disproportionately in a few countries, while Least Developed Countries (LDCs) receive less than one percent of the total.
The world must invest $12.5 trillion in renewable energy by 2030 to transition to clean energy and ensure universal access to power. However, global solar investments are only approximately 10 percent of what is needed.
The ISA emphasized the potential of increased solar deployment to drive further cost reductions, as the global cumulative solar PV installed capacity surpassed one terawatt (TW), and solar PV became the cheapest source of new electricity in many regions.
The industry's concentration, however, calls for more countries to increase their manufacturing output to promote global resilience and sustainability in solar supply chains.
Major challenge
The Alliance stressed that access to energy remains a significant challenge, particularly in climate frontline economies.
The ISA acknowledged that nine percent of the global population lacked access to electricity in 2021, and concerted efforts are required to achieve universal energy access by 2030.
