QAZAQ GREEN.  If the global community is to hit its net-zero goals, renewable energy capacity must triple by 2030. That’s the genesis behind the new partnership between the International Renewable Energy Agency (IRENA) and Masdar, a clean energy powerhouse doing business globally, Forbes reports.

The United Arab Emirates (UAE -1.6%) assumes the COP28 presidency this year, propelling the two organizations to create a practical roadmap. The goal is to vastly expand the solar, wind, hydropower, geothermal, and battery storage foundation — a hard push to prepare for the worldwide climate talks in Dubai in December. COP28 will zero in on the so-called “global stocktake,” which takes stock of national actions and assesses the collective progress — a way to ensure countries fulfill their promises.

“The world needs to commit to tripling global renewable energy capacity by 2030 and to double it again by 2040. In the 17 years since the UAE’s leadership established Masdar in 2006, the cost of a kilowatt hour of solar energy has plummeted to under 2 cents, and we need to harness this pioneering spirit of innovation now more than ever,” said Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, in a press release.

 “Masdar has already committed to growing its total capacity five-fold to 100 gigawatts by the end of the decade, and this joint research project with IRENA will emphasize the vital role of renewable energy in limiting global warming when the world comes together at COP28,” his excellency added.

Paris aims to keep temperature rises to no more than 1.5 degrees Celsius by mid-century compared to pre-industrial levels to mitigate such things as droughts, floods, and food and water shortages. Scientists say we are nearing the 1.2 degrees mark and on track to hit 2.7 degrees. Before Paris, the trend was 4 degrees Celsius. Rising temperatures lead to more frequent natural disasters. Adding significantly more renewables provides an energy boost — one accessible to developing countries.

A key highlight of COP27 in Egypt was a loss-and-damage fund, which compensates less developed nations. Indeed, 138 countries with less than 1% of annual CO2 emissions are at the mercy of 20 nations that make up 80% of those releases. While the agreement is historical, it must still determine what countries get funded and who contributes. No country is immune, and decarbonization is more critical than ever.