Dr. Sultan bin Ahmed Al Jaber, President of COP28 and UAE Minister of Industry and Advanced Technology, highlighted the urgent need to triple global investment in renewable energy by 2030 to limit global warming to 1.5°C.

Speaking at the Global Renewables Summit, held alongside the UN General Assembly, Dr. Al Jaber emphasized that increasing renewable capacity is not just a goal but an essential step toward sustainable prosperity that ensures no one is left behind.

While global renewable energy capacity has increased eightfold over the past two decades, and costs have dropped by over 80%, Dr. Al Jaber cautioned that this progress is insufficient. He urged accelerated action in three critical areas: investment in infrastructure, advancements in technology—particularly artificial intelligence—and increased support for the Global South.

“We need to more than triple overall investment over the next six years to meet our 2030 target of 11,000GW,” Dr. Al Jaber said.

Dr. Al Jaber also urged governments to incorporate renewable energy targets into their Nationally Determined Contributions (NDCs) and implement policies encouraging private investment.

He emphasized that artificial intelligence could address critical challenges in renewable energy, including intermittency and storage. AI has the potential to optimize grid management and improve usage mapping. Additionally, predictive maintenance can extend battery life, reinforce transmission infrastructure, and increase storage capacity.

Additionally, AI could facilitate the integration of baseload and renewable energy sources, improving carbon efficiency and energy security.

Addressing equitable access to renewable energy, Dr. Al Jaber emphasized the urgent need for increased investment in developing countries. He pointed out that over 120 developing nations receive less than 15% of global renewable energy investment. He urged international financial institutions and private investors to embrace innovative financing models that make renewable energy more accessible and affordable.

Dr. Al Jaber highlighted the UAE’s Africa Green Investment Initiative, which aims to develop 25 renewable energy and storage projects across 14 African nations, as a model for encouraging investment. He also mentioned ALTÉRRA, a climate investment fund launched at COP28, which has already invested $6.5 billion in projects totaling 40 GW.

“There is still much to be done to address the power development gap in the Global South,” he stated, urging collaboration with like-minded partners. He called for a new model of public-private engagement based on solidarity and optimism, emphasizing that renewable energy should be viewed as a high-return investment.

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