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But the authors warned that the wind industry must increase its annual growth to at least 320 gigawatts by 2030 in order to meet the COP28the world’s installed renewable energy generation capacity by 2030, as well as to meet the Paris Agreement’s ambition of capping global warming to 1.5 degrees Celsius .
“This increased renewable energy supply supports climate goals in line with ensuring sustainable development,” he said. The report notes that growth in wind power installations is highly concentrated in a few big countries and links that to strong market frameworks to scale wind installations in those countries. The top five markets at the end of last year remained as China, the U.S., Germany, India and Spain.
But building wind power installations is expensive and entails high up-front investments, and emerging and developing countries face higher cost of capital and pay higher loan rates to build out their wind, the report said.