Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 266

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 266
---
 197 countries agreed at the COP21 Conference in Paris to develop national strategies consistent with limiting the increase in global temperature by 2050 to less than two degrees Celsius above pre-industrial levels.

Since signing, the Paris Agreement has been ratified by over 190 countries. The COP28 Conference in the UAE in December 2023 saw further commitments made by the international community, and notably participants undertook the first ever global “stocktake”. The global stocktake is a process for countries and stakeholders to see where they are collectively making progress towards meeting the goals of the Paris Agreement. Part of the outcome of the stocktake was a proposal that further recognized the need for a reduction in greenhouse gas emissions and called on parties to contribute to the global effort to triple renewable energy capacity globally and double the global average annual rate of energy efficiency improvements by 2030. At the recent COP29 in Azerbaijan, one of the key outcomes was an agreement to triple climate financing to developing countries to $300 billion annually, building on the momentum of previous conferences to accelerate the transition globally.

Supportive policy and regulation. Regulatory support for the development of clean energy typically includes renewable portfolio standards (“RPS”), which require electricity distributors to obtain a minimum percentage of their power from renewable energy resources by specified target dates, and tax incentives or direct subsidies. Globally, at least 170 countries have renewable energy targets for electricity generation, and around 145 countries covering 90% of global emissions have announced or are considering net-zero targets. To achieve these goals there will need to be significant investment to increase the supply of energy from renewables. In 2022, the U. S. government passed the largest federal climate bill in U. S. history, the Inflation Reduction Act. The climate bill has helped increase investment in renewables and decarbonization technologies in the U. S. and has had a knock-on effect for policy makers globally looking to attract investment in their jurisdictions. For example, in February 2023 the E. U. presented the Green Deal Industrial Plan to enhance the competitiveness of Europe's net-zero industry and accelerate the transition to climate neutrality. As of 2024, there were at least 110 carbon pricing initiatives (carbon taxes, crediting mechanisms and emissions trading schemes) that have been implemented worldwide covering 53 national jurisdictions and approximately 24% of global GHG emissions. Additional carbon pricing initiatives continue to be considered throughout South America, Southeast Asia and Central Asia. These policies help enable investment in renewables and clean energy, but it is the cost competitiveness of renewables