IRENA and Global Renewables Alliance endorse MEDSEC’s TeraMED Initiative at Global Renewables Summit, igniting momentum on the pathway to COP29

Developing a shared vision to tap into great potential and realise shared benefits through an accelerated and just energy transition, can frame the Mediterranean as a first mover to make the goal to triple renewable energy capacity by 2030 a reality, inspiring progress in other regions.

This was a key outcome of the Mediterranean Dialogue on Sustainable Energy and Climate (MEDSEC) session “From global ambition to regional vision: 1TW RES in the Mediterranean by 2030 contributing to the world’s 3x goal. Accelerating a sustainable energy transition through climate diplomacy” held in New York on Monday 23 September 2024, on the side lines of the 79th UN General Assembly and the Summit of the Future.

The event was part of the Global Renewables Summit, with the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance (GRA) endorsing the initiative as a relevant regional transposition of the global ambition expressed in the UAE Consensus set at COP28. Through the TeraMED Initiative, MEDSEC promotes accelerated deployment of renewable energy towards a 1-Terawatt RES capacity target in the Mediterranean region by 2030, contributing the global goal to triple renewable energy capacity to 11 terawatts by 2030.

Francesco La Camera, the Director-General of IRENA said: “The Mediterranean has significant untapped potential for the deployment of renewables and this initiative stands for the bold commitment of the region to translate pledges made at COP28 into tangible progress on the ground. Despite renewables becoming the fastest growing source of power worldwide with new record additions of 473 gigawatts in 2023, the world risks missing the global tripling renewables pledge of the UAE Consensus. To stay the course, the world will have to add 1044 gigawatts on average every year till 2030. We need all hands on deck. The next round of national climate plans in 2025, the NDCs 3.0, must mark a turning point to bring the world back on track to meet 1.5C pathway.”

Ana Rovzar, Head of Policy and Partnerships of GRA said: “Delivering the tripling renewables target by 2030 requires urgent action at regional and national levels. The Global Renewables Alliance strongly supports the TeraMED Initiative’s goal of achieving 1TW of renewable energy in the Mediterranean by 2030. This effort is key not only to the global tripling goal but also to advancing climate action and sustainable socio-economic development in the region.”

Francesco Corvaro, Special Envoy For Climate Change of Italy said: “Climate diplomacy is called to a great task at a time when the world is highly fragmented politically, reminding everyone that climate change concerns the entire planet, and no one can think they can solve it alone. Only a rapid and united response can ensure a prosperous and sustainable future for all of humanity. From this perspective, the work carried out by MEDSEC with the TeraMED Initiative is crucial.”

“We are glad to receive the support of IRENA and GRA at the New York Climate Week, the two key promoters of the tripling goal by 2030, as our objective is to frame the TeraMED Initiative as the first regional transposition of that target. The climate diplomacy effort of MEDSEC will engage diverse stakeholders to ensure socio-economic benefits on the Mediterranean territories”, said Gianni Chianetta, Chair of Greening the Islands Foundation, which manages MEDSEC’s Secretariat.