Publication Date: 25-09-2024

The climate community, meeting this week once again on the margins of the UN General Assembly, is continuing to explore ways to triple the world’s installed renewable generation capacity by 2030, a target agreed at last year’s COP 28 international climate negotiations. Much of this discussion has been about mobilizing finance and otherwise getting the private sector, with its massive resources and competence, to step up to the challenge … and what government policies and incentives are needed to spur more investment.

This discourse, however, hides an important reality: much of the power sector is controlled by governments and their state-owned power companies and utilities (SPCUs). This is particularly true in emerging market and developing economies (EMDEs) where most of the future growth in global electricity demand is projected to occur. Consequently, tripling renewables by 2030 will need to involve SPCUs. More thought must be given to how to get these companies to contribute to the effort.

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