Global Renewables And Energy Efficiency Pledge

On December 2, a significant development took place at the ongoing COP28 climate summit, with 118 countries signing a renewable energy pledge. The goal is ambitious — to triple the world’s green energy capacity to 11,000 GW by 2030. This initiative aims to decrease reliance on fossil fuels for energy generation and combat climate change.

Doubling Energy Efficiency

As part of the “Global Renewables and Energy Efficiency Pledge,” countries commit to doubling the global average annual rate of energy efficiency improvements. The target is to increase it from around 2% to over 4% every year until 2030. This step is crucial in curbing emissions and limiting the global average temperature rise, aligning with the objectives of the 2015 Paris Agreement.

Non-binding Nature of the Pledge

While the renewable energy pledge is a strong signal of global intent, it’s essential to note that it is neither legally binding nor officially part of the COP28 calendar. However, it reflects the growing determination among world leaders to take proactive measures in addressing global emissions.

IEA’s Optimistic Outlook on Renewables

The International Energy Agency (IEA) predicts that renewables will dominate global electricity capacity expansion, accounting for over 90% between 2022 and 2027. This surge is attributed to countries like China, the EU, the US, and India implementing and accelerating policies and reforms in response to the energy crisis.

Renewables Driving Towards 2050

The pledge envisions that the tripling of renewable energy will virtually eliminate fossil fuels as energy sources by 2050. Solar, wind, hydropower, and biofuels are positioned as the fuels of the future, even in developing countries.

India’s Renewable Energy Ambitions

India, a significant player in the global energy landscape, has set ambitious targets. Last year, it declared itself the world’s third-largest producer of renewable energy, with plans to meet 50% of its electricity demands from renewables by 2030 and achieve net-zero emissions by 2070.

Challenges in Global Renewable Deployment

While the momentum for renewable energy is strong, challenges such as rising costs, labor constraints, and supply chain issues are impeding progress globally. These challenges have led to project delays and cancellations, resulting in substantial financial losses for leading developers.

India’s Stance

India, along with China, has not joined the renewable energy pledge due to its call for phasing down coal and ending investments in new coal-fired power plants. However, India, as part of the G20, had previously committed to working towards tripling global renewable energy capacity by 2030.

Month: Current Affairs - December, 2023

Category: Environment Current Affairs