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DUBAI/BERLIN: Abu Dhabi National Oil Company CEO and COP28 president Sultan Al-Jaber says he will work with the presidents-designate of COP29 (Azerbaijan) and COP30 (Brazil) to ensure the tripling of investment in renewables agreed in Dubai last December.

Called a Nationally Determined Contribution (NDC), the 197 countries plus the EU who signed the 2015 Paris Agreement are required to update their NDCs every five years.

According to the UN, the plans must include how to reach a target, include systems that monitor and verify progress, and a financing strategy to pay for it.

A new report by think-tank Climate Analytics estimates the cost at US$8 trillion for new renewables and US$4 trillion for grid and storage infrastructure - US$2 trillion a year until 2030.

“US$2 trillion a year sounds like a cost, but it’s really a choice,” said the report’s lead author Neil Grant. “We’re set to invest over US$6 trillion in fossil fuels over this decade – more than enough to close the tripling investment gap. Faced with this choice, I’d go with the safest, best value option – renewables,” he added.

The report calculates how fast different regions need to act to meet their targets based on current capacities and future needs. Sub-Saharan Africa must scale by a factor of seven (double the global average); the OECD needs to triple its investments by 2030; and Asia must almost quadruple its renewable capacity by the end of the decade.

Commenting on the Al-Jaber announcement, UN Climate Change executive secretary Simon Stiell noted: "This is an opportunity to cement what was agreed at COP28, ensure that it is enabled by COP29 and the subsequent actions taken at COP30 with new ambitious NDCs - shifting finance from trickles to torrents and delivering 1.5°C aligned NDCs."
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