Leaders and delegates from around the globe gathered in Dubai for COP28, the annual climate change conference. The UN secretary general emphasised the urgency of phasing out fossil fuels within a reasonable time frame. However, the host country, the United Arab Emirates (UAE), faced scrutiny due to reports suggesting the summit’s Emirati president used his position to pursue fossil fuel deals.
One key focus of the conference is the commitment to renewable energy. The Indian government, along with many other nations, aims to triple its renewable energy capacity by 2030.
Sumant Sinha, chairman and CEO of ReNew, shared insights with CNBC-TV18, stating, “India had set a target to reach 500 gigawatts of installed renewable capacity by 2030, putting it ahead of the curve.”
Sinha highlighted the need for financing but expressed confidence that with appropriate risk management in place, India would attract global capital from insurance companies, pension funds, sovereign wealth funds, private equity funds, and public markets.
Addressing the broader perspective of phasing out fossil fuels, Sherry Madera, CEO at CDP, emphasised the importance of aligning targets and timelines with science rather than electoral cycles or the location of COP. She stated, “It’s a much bigger picture than that.”
For full interview, watch accompanying video
