BAKU, Nov 21 (APP): The pressing need to triple global renewable energy capacity by 2030 dominated discussions at a significant side event during COP29.
The event organized by Renewables First and Green Finance Forum of 60 (GF60), gathered policymakers, financial experts, and youth leaders to devise actionable strategies for accelerating clean energy investments in emerging markets, said a press release issued on Thursday.
With over $1 trillion annually required to meet renewable energy targets, the event spotlighted the alarming gap between commitments and disbursements. Participants underscored that achieving the energy transition demands urgent mobilization of existing pledges and structural reforms in global financing systems.
Turning commitments into action Dean Cooper, Global Energy Lead at WWF, set the tone by emphasizing the urgency of aligning global financial systems with the 3xRE (triple renewable energy) targets.
“We are no longer talking about future risks; the evidence is in the morning news. Finance is at the heart of the solution.” Highlighting the reliance of the Global South on debt-based financing, he noted how such frameworks constrain their ability to ensure a just and sustainable energy transition.
The session also explored innovative approaches to green financing. Liping Cai, a researcher at Ecocycle, shared China’s experience in deploying green financing mechanisms, including groundbreaking initiatives such as “fishery-photovoltaic” systems. “Strategic policies like carbon-reduction support mechanisms are not only reshaping ecosystems but also boosting economies,” she remarked.
Building on these successes, Bo Chao, Communication Director at Lvse Jiangnan, called for equitable global partnerships, stressing that “countries with abundant renewable resources need more than promises—they need accessible finance, capacity-building, and actionable support.”
The spotlight then shifted to the Global South, where speakers addressed the structural inequities impeding energy transition. Hamza Ali Haroon, Regional Director for South Asia at the Climate Vulnerable Forum, identified the high cost of capital as a major hurdle. “The financial architecture disproportionately burdens vulnerable nations, slowing their transition. Reforms rooted in justice and equity are essential for meaningful progress,” he argued.
Adding to this, Ms. Emmanuelle from Climate Champions revealed that while $19 trillion has been pledged globally for the energy transition, a sizable portion remains unrealized. She urged stakeholders to prioritize the mobilization and deployment of these commitments, warning that inaction risks undermining global climate goals.
The event concluded with an earnest call from youth representatives for accountability frameworks to ensure no one is left behind in the energy transition. Richard CiLai Shen, a Climate Champions Youth Fellow 2024, stressed the need for urgency: “Every delay costs lives, livelihoods, and our planet’s future. Leaders must adopt clear indicators and accountability measures that reflect real progress, not just intentions”.
“Tripling renewables is the floor, not the ceiling,” stated Max from the University College London, emphasizing the need for infrastructure upgrades and policy reforms.
As COP29 negotiations advance, the message from this side event is unequivocal: the time for incremental progress has passed. Achieving the climate and energy transition goals requires bold, decisive action, with concrete financial disbursements and tangible outcomes. The global community must rise to the challenge of ensuring a just and sustainable future for all.
