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The World Based On 2023 Results May Be On The Way to Exceed COP28 Renewable Energy Targets
Why are countries falling short of hitting COP28 global targets to mitigate global warming? The latest IEA report cites four:
- Delayed creation and implementation of policies to address the low-carbon transition citing challenges in the macroeconomic environment;
- Insufficient investment in grid infrastructure that prevents its faster expansion and the integration of renewable energy sources;
- Cumbersome administrative barriers to building new renewable energy capacity along with nimbyism (not-in-my-backyard) social resistance;
- A lack of adequate sources to finance renewable energy projects, particularly in emerging and developing countries.
The World Based On 2023 Results May Be On The Way to Exceed COP28 Renewable Energy Targets
At COP28 the agreed-to-goal for the 198 countries in attendance was to triple renewable energy capacity and double the annual rate of energy efficiency improvements each year beginning in 2024 and going on to 2030. Tripling renewable energy capacity between now and 2030 can meet the 11,000 GigaWatt/Hours target.
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