Bruce Douglas talks on urgent need to translate global ambition into national plans

The global community needs to urgently translate global ambitions into national plans and local projects, Bruce Douglas, CEO of the Global Renewables Alliance (GRA), said at a panel session during the second day of Pre-COP29 in Baku, Report informs.

He noted that annual installations of renewable energy sources should more than double to reach a level of over 1,000 gigawatts per year.

"Today, there is significant inequality in different geographical regions regarding renewable energy. Less than 20% of renewable energy sources were installed in developing markets and emerging economies last year, mainly due to high costs," he said.

He added that despite record growth in renewable energy capacity, the global community is still lagging behind the course to triple capacity by 2030.

"In the period up to 2030, investments should increase more than twofold annually. But we need not only quantity but also quality of financing," Douglas said.