World leaders called on Tuesday for more investment in renewable energy to combat climate change, with African countries saying they needed financial support to change the landscape.
Kenyan President William Ruto, speaking at the World Energy Summit, laid out the case for investing in Africa’s renewable energy, following international commitments made at last year’s COP28 conference to triple the amount of clean energy by 2030.
Ruto told the conference that despite Africa having 60 per cent of the world’s best solar energy, it has received less than 50 per cent of the world’s investment in renewable energy.
He said the country was rich in resources needed for development, but these resources were currently untapped because they were “unreliable or expensive.”
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Meanwhile, Barbados Prime Minister Mia Mottley said fossil fuel subsidies were more than just subsidies for renewable energy, making it more expensive for small countries to develop clean energy projects.
Recent reports, including from the International Energy Agency, suggest it is possible to triple the world’s renewable energy capacity within a year. But the effort would require strict controls, including strict rules on issuing permits and investments in home connectivity and battery storage.
Azerbaijan, which hosts this year’s COP29 climate conference in November, said it planned to negotiate with the government on new international commitments to increase energy storage by 6%.
Earlier today, the Mission 2025 coalition, made up of some of the world’s largest companies, financial institutions and cities, called on the government to implement policies they say could unlock up to $1 trillion in clean energy by 2030. That would include setting new capacity long-term targets and offering tax credits or renewable energy contracts to encourage investment.
