Habeck: "We need a clear signal from the COP28 to markets and investors in the energy transition"

At the COP28, the German Federal Ministry for Economic Affairs and Climate Action announced that it would contribute EUR 33 million from the IKI to an international fund to leverage private investments in renewable energy and efficiency projects in emerging and developing countries.

Renewable energies and the efficient use of energy form the backbone of tomorrow's energy systems. At the 28th Climate Change Conference (COP) in Dubai, almost 120 countries, including Germany, have committed today for the first time to collectively triple the worldwide installed capacity of renewable energies and double the improvement rate of energy efficiency by 2030.

These “global targets” are the essential elements in enabling the phase-out of fossil fuels worldwide, gaining access to sustainable and safe energy for all, as well as achieving prosperity and economic growth. The International Energy Agency (IEA) sees the targets as a necessary condition for meeting the 1.5°C target. Germany had promoted the establishment of these global targets within the framework of the G7 and G20, among others.

Federal Minister for Economic Affairs and Climate Action Robert Habeck: 

“Almost 120 countries have committed to tripling the installed capacity of renewable energies and doubling the improvement rate of energy efficiency: this is a great opportunity and a powerful impetus for an ambitious result at the World Climate Conference. Almost 120 countries are showing all actors involved in the energy transition: we are absolutely determined to scale up our efforts to accelerate the expansion of renewable energies worldwide. In the negotiations leading up to the end of COP28, the current aim is to convince as many countries as possible of these global expansion targets, thus sending an indicative signal to markets and investors.”

In specific terms, this means that global generation capacities from renewable energies are to be at least tripled to eleven terawatts by 2030 and the annual increase in energy efficiency is to be doubled from two per cent to four per cent. Germany is making a contribution to the common global targets with its national expansion goals by the end of this decade: by 2030, 80 percent of electricity is to be generated from renewable energies and for this, 115 GW of onshore wind energy, 30 GW of offshore wind energy and 215 GW of solar energy are to be installed by 2030.

EUR 33 million from the IKI to leverage private investments

Political efforts and economic investments must be significantly increased and accelerated in order to boost global expansion. International cooperation with other countries is also a central issue here: Germany works closely with governments all over the world and supports the just transition to an efficient energy supply with renewable energies in many emerging and developing countries, amongst other things as part of the International Climate Initiative and development cooperation. 

Today, at the 28th World Climate Conference, the Federal Ministry for Economic Affairs and Climate Action (BMWK) announced its contribution of EUR 33 million from the IKI to an international fund to leverage private investments in renewable energy and efficiency projects in emerging and developing countries.

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