Minister Habeck: “We need a clear signal from COP28 to markets and investors of the energy transition”

Federal Minister for Economic Affairs and Climate Action Robert Habeck: “Nearly 120 countries are committed to tripling the installed capacity of renewables and doubling the rate of improvement in energy efficiency. This is a major opportunity and provides a strong tailwind for achieving an ambitious outcome at the UN Climate Change Conference. Nearly 120 countries are making it clear to all stakeholders in the energy transition that we are determined to accelerate the expansion of renewables on a large scale throughout the world. The aim for the negotiations up to the end of COP28 now is to win over as many countries as possible in favour of these global expansion targets, which would send a decisive signal to markets and investors."

Specifically, the global renewable generation capacity is to be at least tripled to eleven terawatts by 2030 and the annual increase in energy efficiency is to be doubled from two to four per cent. Germany has set itself national expansion targets to contribute to achieving the joint global targets by the end of this decade: by 2030, 80 per cent of electricity is to be generated from renewables and 115 GW of onshore wind energy, 30 GW of offshore wind energy and 215 GW of solar energy are to be installed by 2030.

Political efforts and economic investments must be significantly stepped up and accelerated to boost the global expansion of renewables. International cooperation with other countries is also key to this: Germany works closely with governments around the world and supports the just transition to an efficient renewable energy supply in many newly industrialising and developing countries, including as part of the International Climate Initiative and our development cooperation. At the 28th UN Climate Change Conference today, the Federal Ministry for Economic Affairs and Climate Action announced that it would contribute 33 million euros from the ICI to an international fund to leverage private investment in renewable energy and efficiency projects in newly industrialising and developing countries.