(GERMANY)

A host of new renewable energy initiatives have been announced today at the UN Climate Change Conference (COP23) in Bonn.

And the message from industry leaders is clear, it is time to accelerate and capitalise on clean energy technologies to combat climate change.

“With the price of renewable and storage technologies tumbling, and greater understanding on how to set the policy table for a cleaner energy mix and more integrated energy planning, the question before decision makers is, why wait?” said Rachel Kyte, Special Representative of the UN Secretary-General and CEO, Sustainable Energy for All.

A new report released at Energy Day, by the International Renewable Energy Agency (IRENA), also calls on countries to raise their ambitions in relation to the Nationally Determined Contributions (NDCs) established by the Paris Agreement. It wants the NDCs to better reflect the increasing pace of the energy transition and to be aligned with delivering on the targets agreed in France, to keep temperature rises ‘well below 2 degrees Celsius’.

“As the global community prepares for a new round of climate negotiations under the Paris Agreement, it is critical we go in with a clear understanding of the trajectory required to avoid the worst effects of climate change,” said Adnan Z. Amin, IRENA Director-General. “Our analysis finds that the convergence of innovation, falling costs and positive socioeconomic impacts of renewable energy – together with the climate imperative – make a compelling case for accelerating action.”

And among today’s announcements, the growing trend among big business to invest in clean energy continued, with HSBC becoming the 114th corporate to join the influential RE100 campaign – led by The Climate Group and CDP. The bank has pledged to shift to 100% clean power across its global operations by 2030.

Today’s Energy Day event at COP23 is backed by The Climate Group, International Energy Agency IEA, International Renewable Energy Agency (IRENA) and Sustainable Energy for All (SEforALL).