Achieving the goal to triple global renewables by 2030

Climate Focus

By Sharon Kimathi, Energy and ESG Editor, Reuters Digital

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Today's newsletter ends on a message of hope as two major reports show that the world is still within reach to triple renewables by 2030 and phase out fossil fuels.

That's right, the International Energy Agency said in a report that a goal to triple global renewable energy capacity by 2030 and cut fossil fuel use is within reach.

The catch is that this will require a huge push to unlock bottlenecks such as permits and grid connections.

The report comes as leaders from government and business met at New York Climate week to try to drive forward action against climate change.

Almost 200 countries at the COP 28 climate summit in Dubai last year agreed to reach net zero emissions from the energy sector by 2050 and pledged to triple renewable energy capacity like wind and solar.

The IEA said the renewable energy goal "is within reach thanks to favorable economics, ample manufacturing potential and strong policies," but said more renewable capacity by itself would not slash fossil fuel use and reduce costs for consumers.

Over three quarters of new renewable energy capacity added last year was cheaper than fossil fuels, showing the competitiveness of solar, wind and other sources, a report by the International Renewable Energy Agency (IRENA) showed.

New renewable power capacity last year reached a record of 473 gigawatts (GW), of which 382 GW or 81% of newly commissioned, utility-scale renewables projects had lower costs than fossil fuel alternatives, the report showed.

This was despite fossil fuel prices returning to near historical cost levels following the energy crisis of 2022, it added.

Keep on scrolling for the Ethical Corp Magazine's top 10 young climate trailblazers list.

California's lawsuit accusing Exxon of fueling global plastic waste pollution by misleading the public about the limitations of recycling is the latest in a line of recent cases based on a centuries-old legal theory known as public nuisance.

Click here for a look at how public nuisance claims work, how such claims have fared and what it might mean for California's effort.

A U.S. Coast Guard Air Station crew rescues a man and his dog during Hurricane Helene off Sanibel Island, Florida, U.S. US Coast Guard/Handout via REUTERS 

Hurricane Helene roared through Florida and into Georgia on Friday as one of the most powerful storms to hit the U.S., with fears of deaths and widespread destruction in its wake.

At least one fatality in Florida was blamed on the hurricane so far, authorities said, as the Category 4 storm made landfall. Even before its arrival, the storm had caused power outages for over 1 million customers and severe flooding in several areas.

Over on Mexico's southwestern coast, Hurricane John strengthened as it hurled rain across ports and tourist hotspots, an area already soaked by the slow-moving storm system over the past several days.

A raging wildfire filled Ecuador's capital of Quito with smoke and threatened homes this week as authorities rushed to control the blaze at a time when a historic drought has stretched resources and patience.

In Argentina, wildfires have burned through 40,000 hectares (400 square kilometers) of the nation's central farming region of Cordoba, according to officials, leaving charred cattle, houses, forests and fields in their wake.

Elsewhere in South America, a widespread drought in Brazil has halted the transport of grains through the Madeira river, an important northern waterway linking key croplands with the country's ports, regional port terminals association Amport said.

Deaths from massive floods in southwest Poland this month have risen to nine, police said, reporting two more bodies found in the clean-up. At least 26 people died across central Europe in the worst floods to hit the region in at least two decades this month.

At least five African countries are working on what could be the world's first joint "debt-for-nature" swap to raise at least $2 billion to protect a coral-rich swathe of Indian Ocean, according to a global conservation group.

Could the humble oyster help the construction industry reduce its carbon footprint? London-based architect and designer Mooka Srisurayotin may have an answer. Click here to learn more.

More than 40% of major companies, cities and regions have still not set any targets to cut greenhouse gas emissions, according to an annual "stocktake" report by Net Zero Tracker, a coalition of research groups at the University of Oxford.

The report looked at net-zero commitments and action plans from 198 countries, 706 sub-national regions, 1,186 cities and nearly 2,000 publicly-listed companies.

They found that while 1,750 entities out of more than 4,000 had made formal net-zero pledges, nearly 1,700 hadn't set targets of any kind. Among the listed firms, just under 60% had set net-zero targets, up 23% since last year's report, with a significant rise in pledges from Asia.

Global debt rose by 2.1 trillion in the first half to $312 trillion - a new high point after previous data was revised lower, according to data by the Institute of International Finance (IIF), a financial services trade group.

A big chunk of the borrowing was driven by energy transition in the face of climate change which was expected to account for over a third of the projected rise by 2050.

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