Geneva — Negotiators from more than 90 countries finalised a new international accord on Friday committing signatories to triple installed renewable energy capacity by 2035, building on a similar pledge made at COP28 for the 2030 target.
The agreement includes a $40 billion fund, financed jointly by developed economies and multilateral lenders, to help lower-income countries expand grid infrastructure needed to absorb new solar and wind capacity. Unlike earlier pledges, the accord includes a reporting mechanism requiring annual progress disclosures.
Energy analysts called the fund the accord's most consequential feature, since previous renewable-capacity pledges have often gone unmet due to grid bottlenecks rather than a lack of generation investment. Several major emitters, including some large coal-dependent economies, signed on only after securing carve-outs delaying their reporting obligations until 2028.