Cop29 is ‘make or break’ for global renewables targets, says Irena chief

Agreement on new quantified goal for climate finance at Cop29 is critical to ensure a just transition, Francesco La Camera says

International Renewable Energy Agency director general Francesco La Camera. Photo: Vidhyaa Chandramohan/The National

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While assessments of the success of Cop29 will be pegged to negotiations on a new financial goal aimed at supporting climate-vulnerable countries, Francesco La Camera, director general of the International Renewable Energy Agency (Irena) is hopeful there will also be documentation on how member nations can raise ambitions for their National Determined Contributions (NDCs).

Speaking to The National on the first day of the world's largest climate meeting in Baku, Azerbaijan, Mr La Camera said: "We are now at a critical 'make or break moment'. The NDC 3.0 provides the last opportunity this decade for countries to step up their stated ambitions (to achieve the targets outlined by the Paris Agreement)," he added.

"An agreement on a new quantified goal for climate finance at Cop29 is critical to ensure a just transition, support investments in the Global South and empower countries to step up their NDC ambitions. Their NDCs must match global commitments to triple renewable power capacity and double energy efficiency by 2030.”

In the run-up to Cop29, the UAE was one of the first to release new NDCs, setting a target of reducing emissions by 47 per cent by 2035 compared to the 2019 baseline, paving the way to ensure 1.5°C remains within reach. Mr La Camera told The National that this shows the nation's commitment to going the extra mile.

“You know, some of the most powerful solar plants have been built in the UAE. I think that their efforts should be commended,” he said. A report released on the sidelines of Cop29 by Irena highlighted that even if all Cop announcements to date were to be fully implemented, a significant CO2 emissions gap would still need to be closed by 2050.

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Overcoming systemic barriers

Irena's World Energy Transitions Outlook highlighted that while there was record growth in renewables deployment in the power sector in 2023, progress has been geographically uneven. To expedite growth in renewables, the way co-operation is approached between emerging and developing economies needs to change, Mr La Camera added.

"We need to overcome the systemic barriers that exist," he said, highlighting how the market must be "designed for renewables with the right policies", with the "right legal environment" and the need to "reskill our workforce". He added that infrastructure must be "interconnected, flexible, balanced" and "institutions must look at dealing with the distributed energy system".

Under Irena’s 1.5°C scenario, renewable energy sources would provide the bulk of the power mix, accounting for 91 per cent of the total electricity supply by 2050. Speaking about what the US presidential election results might mean for the renewables energy industry, Mr La Camera said he remained hopeful.

“It's not the first time that Trump is elected president. During his last term, a coal plant closed in the US, renewables were growing, perhaps at a slower pace, but still growing." Irena is currently working with 101 Parties of the Paris Agreement on the upgrade and implementation of NDCs.

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