At the UN’s COP28 climate change conference in December, world leaders agreed to triple global renewable energy capacity by 2030. This historic agreement is the most significant step towards halving global emissions this decade and keeping the 1.5C goal within reach.

Additionally, tripling renewables will provide more stable and affordable energy compared to fossil fuels.

The latest evidence shows rapid renewables growth globally, providing greater confidence to global leaders that more ambitious targets are increasingly attainable. Upgrading the targets in their Nationally Determined Contributions (NDCs) and implementing more effective policies are needed to match the new global reality. 

G20 countries are best positioned to lead the way. They accounted for 84% of global power sector emissions in 2023 and their combined emissions continue to grow. However, the majority of G20 countries are now in a new era of declining power sector emissions, showing what is possible. Brazil’s success story of rapidly reducing its power sector emissions, while also meeting fast-growing electricity demand, underscores what works— early political commitment to renewables growth, strong policy frameworks and effective use of national natural resources. By following Brazil’s example, G20 countries can lead the global transition to a sustainable energy future.