1 market signal rules
At COP28 we achieved the first global renewables target of tripling total installed capacity by 2030, as well as a commitment to transition away from fossil fuels. This sends a powerful signal to global investors and financial markets regarding the direction of travel of the global energy system. Financiers need to continue to stay ahead, and the way to do this is clearly now by investing in renewable energy. Oil and gas finance is already in decline, and this will further strengthen it. From here we can make the most of these goals when negotiating finance for each solar project. With this new target, there is a clear signal to the market that renewables are in and fossils are out.Thank you for reading this post, don't forget to subscribe!
2 geopolitics is king
The global climate ‘social contract’ that the 2015 Paris Agreement represents is a delicate balance of different groups of countries and geopolitical powers, as well as financial commitments to reduce emissions, adapt and adapt to climate impacts and harms. There is a balancing act on transfer. Loss. Of course, what happens in negotiations does not dictate what happens in the ‘real economy’ in which we operate as a solar industry. However, the signals coming from the COP set the overall mood and direction of the journey. As a solar industry we need to engage in these diplomatic processes, becoming a ‘maker’ of energy and economic diplomacy rather than a ‘taker’ of diplomatic barriers and headwinds. This means that we need to be proactive in educating and engaging with countries, regions and international institutions such as the World Bank, WTO, IEA and IRENA to ensure that they accelerate the solar transition in the most efficient way. Ready to bring success. Where everyone can win. That’s what the Global Solar Council is doing and plans to do more.
3 The power of renewable energy speaks together
This was the first COP where all renewable technologies and supporters spoke together with one voice, under the leadership of the newly formed Global Renewables Alliance. This was extremely powerful – allowing us to have greater impact and be recognized as serious players at the table. Solar, wind and storage were clearly identified in the final text for the first time.
We’re moving away from fossil fuels, and tripling renewable energy. decided by #COP28, Very big day. The world is already investing $1 billion a day #solar – My guess is that it’s going to climb and climb now. #3xrenewable @GSolarCouncil
– Sonia Dunlop (@soniakdunlop) 13 December 2023
Working with our renewables and storage partners, we need to work towards a balance of technologies to achieve maximum and optimal decarbonisation of the energy system. No single technology or industry can get us to 1.5°C alone, and this level of global collaboration is critical to decarbonizing the world’s energy system as quickly as possible.
4 Solar energy can be distributed rapidly
Time is of the essence. We are in a race to save 1.5C and avoid uncontrolled climate change. Solar PV offers a practical, real-world and – most importantly – rapid deployment solution for the energy transition. The solar deployment forecast numbers are incredible – we’re on track to have anywhere between 6TW and 8TW of solar PV by the end of the decade. But this rapid growth in solar energy will only happen with the right finance and grid, and with an open, free and fair supply chain – and that’s what we as the Global Solar Council are doing by working with our members to create the right environment. is required. So that solar energy can reach its full potential. At COP28, we heard ministers and government representatives from countries around the world saying they want to deploy more solar power – and now we need to work with them to help deliver their ambition. This is especially important in emerging markets, where we need to support access to cheap finance and policies that can promote the deployment of cost-effective solar projects.
5 The power of a positive story
We all know the gravity of the climate crisis we face. But to overcome the challenge, we need to be able to paint a picture of what a new economic system, a new energy system, could look like. We need to show the world what an alternative way of living could be. And solar is in many ways the epitome of this – a clean, equitable and secure energy source for a clean, equitable and secure world. We need to sell our vision for what the solar future could look like so that it is no longer a fantasy of the future, but becomes a present reality. We need to shout it from the rooftops, from the ground, and from floating solar installations around the world. join us!
Sonia Dunlap is the CEO and Alyssa Peck Is Strategy and Communications Director Global Solar Council, The Global Solar Council is looking for leading solar companies from around the world to join the association and work with us to address the challenges outlined above – membership details are available here.