The announcement comes as Australia’s Ambassador for Climate Change Kristin Tilley is attending the World Climate Action Summit in Dubai (COP28) on Dec. 2 where European Commission President Ursula von der Leyen, alongside the COP28 Presidency and representatives from 118 countries, launched the initiative.

‘Today the Albanese Government joins over 100 countries, alongside other major energy exporters the United States, Canada, Norway and more, to support a key push on renewables and energy efficiency,’ Minister for Climate Change and Energy said on Dec. 3.

The Global Pledge, first proposed by the President in April, aims to triple the installed capacity of renewable energy to at least 11 terawatts (TW) and double the rate of global energy efficiency improvements to 4% annually by 2030.

President von der Leyen has emphasised the importance of international cooperation in achieving the Paris Agreement's 1.5°C goal and phasing out fossil fuels. Australia's commitment, along with others to this pledge signifies a diverse and global coalition working towards a decarbonised energy system.

The EU has announced a substantial financial commitment of 2.3 billion euros from its budget over the next two years to support the global energy transition.

This investment is expected to create green jobs, foster sustainable growth, and accelerate the development of future technologies.

The Global Pledge will serve as a crucial tool for monitoring progress and ensuring accountability in the pursuit of the Paris temperature goals, with annual reviews facilitated by the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA).

Further reading:

• EU leads global initiative at COP28 to triple renewable energy capacity and double energy efficiency measures by 2030
• Global Pledge on Renewables and Energy Efficiency
• President Von der Leyen's speech at the launch event of the Global Pledge
• Global targets for renewables and energy efficiency
• Press release on EU priorities at COP28
• The EU at COP28
• EU side events at COP28