Installing 1TW Photovoltaic Systems By 2030
As part of the urgent need to accelerate the clean energy transition and transform the global energy system, G7 members have also committed to install 150GW of offshore wind installations by the end of 2030 to achieve net-zero emissions from the energy system by 2050 at the latest.
After two days of talks in the northern Japanese city of Sapporo, G7 officials issued a 36-page communiqué detailing their commitments.
G7 officials said, “We will significantly increase the power generation of renewable energy. The G7 is committed to scaling up global renewable energy deployments and reducing the cost of power generation by scaling up, adding 150GW of offshore wind installations by 2030 and more than 1TW of PV systems by 2030, building on each member’s existing targets. ”
They also pledged to promote the improvement of innovative technologies, including the adoption of perovskite photovoltaic cells and wave energy, as well as the introduction of international standards for evaluation methods for new technologies.
The G7 includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, which account for a quarter of global carbon emissions and 40% of the world’s economy.
In their communiqué, they stressed that “accelerating the clean energy transition is key to improving the security, stability and affordability of global energy supplies, and there is a real need to improve energy security and accelerate the clean energy transition through the diversification of supply, sources and routes.”
We reaffirm the importance of significantly increasing the pace and scale of renewable energy deployment in decarbonizing the economy as an effective means of enhancing our energy security by diversifying our energy supply, reducing our dependence on fossil fuels, and achieving net-zero emissions by 2050. ”
John Kerry, the U.S. Special Envoy for Climate of the United States, attends the meeting
The renewable energy deployment targets outlined in their communiqué are backed by an agreement to accelerate the phase-out of fossil fuel facilities, particularly coal-fired power generation facilities.
The G7 agreed to prioritize concrete and timely measures to accelerate the phase-out of coal-fired power generation facilities as part of a commitment to major decarbonization of the power sector by 2035.
“We will work with other countries to phase out coal-fired power generation facilities globally as soon as possible and accelerate the clean energy transition in a just way,” the communiqué said. ”
In its official statement, the Canadian Renewable Energy Association said, “Supported by these new investment tax credits, we expect the development of new wind, solar and energy storage to accelerate significantly.” “
Stefano Romanin, CEO of Westbridge Renewables, a Canadian renewable energy company, at a presentation to PV “With Canada’s electricity consumption expected to double by 2050, it is imperative to invest in clean technologies to help us meet this demand in a sustainable way,” a Tech statement said. These measures will not only further support companies working directly in this area, but also help attract nearly $150 billion in investment to help Canada meet its goal of net-zero emissions by 2050. “
The Inflation Reduction Act (IRA), passed last year in the United States, sets aside huge credits for investments in the energy transition. Canada’s Finance Minister Cristia Freeland Freeland) pledged to support Canada’s green energy stimulus, saying the bill provides a huge incentive for those investing in clean technology in the United States.