COP28 Plan To Triple Renewables Is Doable, But Not Easy, Companies Say  

• Over 100 countries at COP28 in Dubai agreed to triple renewable energy capacity by 2030, a crucial step in meeting the Paris Agreement's climate goals. The target aims to achieve a global renewable energy capacity of at least 11,000 gigawatts in six years, exceeding current projections by over 20%.
• The industry faces obstacles such as permitting, leases, and grid connections, which concerns raised about the feasibility of rapidly increasing solar and wind power deployments.
• Shortages in supplies and labour, rising project costs, and local opposition to large energy projects contribute to the strain in the renewables sector.
• To achieve the 2030 target, a sustained growth rate of 17% annually is required, necessitating more than doubling the annual investment in renewables to over $1.2 trillion by 2030.
• Infrastructure investors have reduced funding due to higher interest rates, highlighting the importance of continued government support and discussions on overcoming barriers in permitting, grid development, and auctions after COP28.

(Source: Reuters)