More than 2,500 gigawatts of renewable energy projects are currently stalled in grid-connection queues worldwide, posing a significant challenge to global efforts to tackle climate change.
The initiative will bring together governments, financial institutions, and technology providers to support priority grid projects from preparation and capital mobilization to implementation, with an initial focus on Africa and Southeast Asia.
The UN also announced a support mechanism for countries rich in critical minerals essential to the energy transition, while continuing to advance the “Early Warnings for All” initiative. The goal is to ensure that everyone on Earth has access to early warning systems by the end of 2027.
UN Secretary-General António Guterres said, “The world is crying out for climate justice – in mitigation, in adaptation, in finance. We must answer that call with action. And we don’t have a moment to lose. A super El Niño is supercharging the impacts. And science tells us the world is heading for an overshoot of the 1.5 degree limit. We must make that overshoot as small and as short as possible.”
One of the major challenges is funding. The UN called for the mobilization of at least 300 billion USD annually for developing countries, with the aim of reaching a total climate finance package of 1.3 trillion USD per year by 2035.
