Renewables are renewing economies
Developed countries must honor their promise to double adaptation finance to at least $40 billion a year, by this year.
Daily TribuneDeveloped countries must honor their promise to double adaptation finance to at least $40 billion a year, by this year.
Just this morning, the International Renewable Energy Agency (IRENA) officially confirmed that 2024 was a record year for renewables additions to global power capacity. Renewables represented more than 92 percent of all new electricity generation capacity installed last year. The amount of renewables added represents more than the total electricity capacity of Brazil and Japan combined.
Europe’s capacity grew by 9 percent — with Germany contributing more than one-quarter of that growth. Africa’s capacity grew by almost 7 percent.
All of this is another reminder of a 21st century truth: Renewables are renewing economies. They are powering growth, creating jobs, lowering energy bills and cleaning our air. And every day, they become an even smarter investment.
Since 2010, the average cost of wind power has plunged 60 percent. Solar is 90 percent cheaper.
In 2023, clean energy sectors accounted for five percent of economic growth in India and six in the US. It accounted for a fifth of China’s GDP growth, and a third of the EU’s.
The economic case for — and opportunities of — climate action have become ever clearer — particularly for those who choose to lead. And leadership is what we need — as today’s IRENA report shows: To accelerate the shift to renewables. And to correct the imbalances in the transition, which is still starving developing countries — outside China — of the investment needed to fully embrace clean energy.
In the ten years since Paris, we have seen other important progress. Ninety percent of global emissions are now covered by net-zero targets.
A decade ago, the planet was on course for a global temperature rise of over four degrees Celsius. Today, countries’ national climate plans — or NDCs — if fully delivered — will take us closer to a 2.6-degree rise.
At the same time, climate challenges are piling up. It seems records are shattered at every turn — the hottest day of the hottest month of the hottest year of the hottest decade ever. All of this is hitting the vulnerable hardest, and everyday people in their pockets — with higher living costs, higher insurance premiums and higher food prices.
Just last week, the World Meteorological Organization confirmed that 2024 was another alarming year: Almost every climate indicator reached new and increasingly dangerous heights — inflaming displacement and food insecurity and inflicting huge economic losses.
And, for the first time, the annual global temperature was 1.5 degrees Celsius hotter than pre-industrial times.
Scientists are clear — it is still possible to meet the long-term 1.5 degrees limit. But it requires urgent action. And it requires leadership.
I see two critical fronts to drive action. First, new national climate plans — or NDCs — due by September.
Investors need certainty and predictability. These new plans are a unique opportunity to deliver — and lay out a coherent vision for a just green transition. They must align with the 1.5-degree limit, as agreed at COP28. And cover all emissions and the whole economy. Together, they must reduce global emissions 60 percent by 2035 — compared to 2019. And contribute to the COP28 global energy transition goals.
All this must be achieved in line with the principle of common but differentiated responsibilities and respective capabilities, in the light of national circumstances but everybody, everybody must do more. The G20 — the largest emitters and economies — must lead. Every country must step up and play their part.
The United Nations is with you all. President Lula and I are working to secure the highest ambition from the largest economies. The United Nations Climate Promise is supporting a hundred countries to prepare their new climate plans. And we will convene a special event in September to take stock of the plans of all countries, push for action to keep 1.5 within reach, and deliver climate justice.
Second, we must drive finance to developing countries. The COP29 finance agreement must be implemented in full. I count on the leadership of the COP29 and COP30 Presidencies to deliver a credible roadmap to mobilize $1.3 trillion a year by 2035.
We need new and innovative sources of financing, and credible carbon pricing. Developed countries must honor their promise to double adaptation finance to at least $40 billion a year, by this year. And we need serious contributions to the fund for responding to Loss and Damage, and to get it up and running.
We can only meet these goals with stronger collaboration — between governments, and across society and sectors. Those that will lag behind need to be not a reason for us to be discouraged but an increase in our commitment to move forward. The rewards are there for the taking, for all those ready and willing to lead the world through these troubled times.
We are at a turning point. I urge you to seize this moment; and seize the prize.
(Excerpts of United Nations Secretary-Genera Antonio Guterres’ remarks to the Virtual High-Level Segment of the 16th Petersberg Climate Dialogue on 26 March 2025.)