EU climate commissioner calls for urgent action, investment to achieve renewable energy targets

European Climate Action Commissioner, Wopke Hoekstra, emphasized the need for concrete action to meet renewable energy targets as he addressed the event on the margins of COP29 in Baku.

In his remarks at the event Ministerial Dialogue: Scaling up Investment for Tripling Renewables and Doubling Energy Efficiency, Hoekstra stressed that achieving these ambitious targets, such as tripling the use of renewable energy, will require significant upgrades to existing energy infrastructure, Caliber.Az reports citing local media.

“According to the International Energy Agency, by the end of this decade, 25 million kilometres of new and improved grid lines will be needed,” Hoekstra explained.

“Global demand for minerals like lithium and cobalt is also expected to triple by 2030. Meeting this demand will require scaling up both extraction and processing capacities.”

The climate action commissioner also highlighted the importance of investment in reaching these targets. “Europe is leading the way in climate finance, contributing $31 billion in public funding annually. However, this is not enough. The private sector must also step up its efforts,” he said.

Hoekstra further noted that 760 million people worldwide currently lack access to electricity, with the majority living in sub-Saharan Africa. “These regions hold significant clean energy potential. It is our collective responsibility to support them, reduce capital costs, and create the necessary conditions for a global energy transition,” the European commissioner concluded.

By Vafa Guliyeva