From fortune:

COP28 has formed a new agreement on moving away from fossil fuels, tripling renewable energy capacity by 2030, and new language to push energy reform. Though it will come with challenges, industry leaders believe these goals are achievable if started today.

Global investment in renewable energy reached a record $1.75 trillion and looks set to continue growing, driven by the need for additional energy sources to support economic growth.

Cost inflation has affected the industrial sector, creating pain for companies affected by the changes in policy, but policymakers are recognizing this and creating new mechanisms to combat it. The AR6 offshore turbine auction in the U.K. will allow for price increases in supply chain costs and lending rates and create massive cost reductions experienced in the renewables sector over decades.

Achieving the goals set at COP28 will not be easy, but we are already seeing massive shifts in the right direction and are the position to deliver a global revolution in energy. Ignacio Galan is executive chairman of Iberdrola and believes that progress rests on urgent action to address barriers and promoting the consumption of green products.



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