118 countries and the European Union have endorsed the Global Pledge on Renewables and Energy Efficiency at the World Climate Action Summit in Dubai.
This initiative sets global targets to triple the installed capacity of renewable energy to at least 11 terawatts (TW) and to double the rate of global energy efficiency improvements from roughly 2 percent to an annual figure of 4 percent, by 2030. Achieving these targets will support the transition to a decarbonised energy system, and help to phase out unabated fossil fuels.
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Business News
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.