Global Calls for Renewable Energy Investments Intensify at Summit

World leaders urged for increased investment in renewable energy, highlighting the financial needs of developing nations to transition. Kenyan President William Ruto and Barbados PM Mia Mottley emphasized the economic disparities. U.S. President Joe Biden praised his climate law's success, while experts discussed AI's potential in clean energy.

World leaders on Tuesday called for significantly higher investment in renewable energy to combat climate change, with developing nations stressing the need for financial support to transition. Speaking at a Global Renewables Summit, Kenyan President William Ruto advocated for investing in renewables in Africa, aligning with last year's COP28 summit pledge to triple clean energy capacity by 2030.

"Africa receives less than 50% of global investment in renewable energy despite being home to 60% of the world's best solar opportunities," Ruto told the summit, held on the sidelines of the U.N. General Assembly. He emphasized that although the continent is rich in necessary resources, it struggles to access them due to unreliable or expensive energy.

Barbados Prime Minister Mia Mottley pointed out that fossil fuel subsidies exceed those for renewable energy, making it costly for small states to develop clean energy projects. "Small states face the reality that the cost of renewable energy ... will probably be higher than traditionally fossil fuels," she stated.

Reports, including one from the International Energy Agency, suggest that tripling global renewable capacity is achievable within this decade but requires strong regulation and investment in transmission and battery storage. A coalition named Mission 2025 called for policies that could release up to $1 trillion in clean energy investments by 2030.

U.S. President Joe Biden, in his final major climate speech, celebrated the achievements of his $369 billion climate law. "We were told it couldn't get done and we did it," he said about the Inflation Reduction Act, crediting it with spurring innovation and creating jobs.

On the topic of technological advancements, some companies show optimism about AI's potential solutions, despite concerns over the energy requirements of data centers. AES Corporation CEO Andres Gluski noted AI's dual role in generating and solving energy issues.

(With inputs from agencies.)