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The world is edging closer to its ambitious goal of tripling renewable capacity and doubling energy efficiency by 2030. At COP29 in Baku, clean energy surged into the spotlight with new actions and pledges driving the global energy transition. With renewables on course to meet half of global electricity demand, the commitments announced are poised to accelerate progress toward a sustainable energy future.
Key Announcements on Energy Day:
1. Utilities for Net Zero Alliance (UNEZA):
Launched initially at COP28 under IRENA and the UN Climate Change High-Level Champions, UNEZA doubled its membership, now spanning five continents. Members have committed to increased annual investments in renewable power and grid enhancements, bolstering the COP29 Global Energy Storage and Grids pledge.
2. Global Energy Storage and Grids Pledge:
Backed by the UK, Uruguay, Belgium, and Sweden, this initiative gained momentum with calls from the Global Renewables Alliance for broader participation among nations and organisations.
3. Latin America’s Bold Steps:
- OLADE (Latin America Energy Organization) introduced a Regional Target for Energy Efficiency aligned with the Global Stocktake.
- Member countries agreed on a regional commitment to phase out coal-fired power plants.
- The Hydro4NetZero-LAC initiative aims to modernise hydropower infrastructure, enhancing energy system flexibility and resilience.
4. Africa’s Energy Efficiency Push: The African Energy Commission (AFREC) unveiled a comprehensive Energy Efficiency Programme, Strategy, and Action Plan targeting sectors like electricity, transportation, and agriculture, creating a roadmap for the continent’s energy transition.
These developments follow earlier announcements made during COP29:
Mediterranean Initiative: Seven Mediterranean nations committed to generating one terawatt of renewable capacity by 2030 through the TeraMed initiative, which has an estimated investment of $700 billion and the potential to create three million jobs in solar industries alone.
- Breakthrough Agenda Updates:
- More than 60 countries responsible for 80% of global emissions supported new "Baku Priority International Actions" to advance clean technologies in key sectors.
- A Hydrogen Action Declaration was launched to expand clean hydrogen production, with Kazakhstan and Singapore joining the efforts.
Mobilising Investment for Emerging Economies:
At COP29, urgent calls were made to prioritise renewable energy investment in emerging and developing economies (EMDCs). While clean energy investments globally are at an all-time high—accounting for 87% of power sector investment in 2024—developing nations remain underfunded.
Africa, for instance, received less than 2% of global clean energy investment in 2023 despite hosting 60% of the world’s most promising solar resources. According to an updated Independent High-Level Expert Group analysis, EMDCs (excluding China) need annual investments to increase sixfold to $1.6 trillion by 2030 to meet the Paris Agreement goals.
Nigar Arpadarai, UN Climate Change High-Level Champion for COP29, said:
“At COP29, we’re seeing the surge of real economy progress towards accelerating the clean energy transition. This demonstrates that delivering the UAE Consensus is not only possible but that countries are harnessing the clean energy transition as a route to long-term sustainable growth, resilience and energy security – critically including emerging and developing economies. We now need to urgently focus on mobilising investment at scale and ensuring finance is accessible, available, and affordable where it is needed most. We must ensure that the transition is fair and equitable so that no country is left behind.”
A Renewables Revolution Within Reach
COP29 has demonstrated a united push to embrace clean energy solutions from global energy pledges to targeted regional actions. For the first time, the renewables revolution appears achievable even for historically overlooked nations. However, scaling investment, removing trade barriers, and fostering international collaboration remains essential to delivering a fair and inclusive energy transition.
The path to a sustainable energy future is becoming clearer, but the question remains: will nations and organisations seize this historic moment to ensure no one is left behind?
Razan Al Mubarak, UN Climate Change High-Level Champion for COP28, said:
“A massive increase in renewable energy, alongside energy efficiency measures and grid infrastructure, is the cornerstone of the clean energy transition for emerging and developing economies that deliver on both Paris and development goals. It’s in everybody’s interest that developing and emerging economies succeed: there is otherwise no viable route to achieving the Paris Agreement or UAE Consensus. Investors and governments can take confidence from the momentum that’s already underway and work to unleash finance at the scale required.”
Woochong Um, CEO of Global Energy Alliance for People and Planet (GEAPP), said: “Negotiations at COP29 and the convening of the G20 must prioritize an equitable energy transition and universal energy access for emerging economies – where the high cost of capital, and the impacts of climate change hinder progress. Far too many nations remain excluded from the benefits that renewable energy can bring. Only through radical collaboration between the public and private sectors can we break down barriers and accelerate investment.”
Tariye Gbadegesin, Chief Executive Officer of Climate Investment Funds, said: “The first-of-its-kind Climate Investment Funds Capital Markets Mechanism (CCMM) is our most ambitious step forward yet. But to accelerate the global clean energy transition, bold and innovative solutions are required. By offering private investors high-quality, high-impact clean technology and clean energy investment bonds, CCMM is expected to unlock billions in climate capital in the next ten years, which will be used to power energy transitions in emerging markets and developing economies around the world.”
Madalena Callé Lucas, Head of Climate & Global Partnerships, EDP, said:
“As a global leader in renewable energy, EDP emphasizes the crucial importance of COP29 in delivering the actionable outcomes needed to accelerate the energy transition. We urge Parties to the Paris Agreement to adopt ambitious, timebound NDCs with clear renewable energy targets and plans to phase out fossil fuels. Achieving consensus on financial mechanisms to unlock private investment is essential for a just and inclusive transition that leaves no one behind. EDP remains committed to driving renewable energy growth globally and collaborating for impactful climate action.”
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