COP28: 118 countries agree to triple renewable energy, to push out fossil fuels

Governments initiated fresh programmes on Saturday during the UN climate summit in Dubai, striving to fortify clean energy and reduce reliance on fossil fuels. At COP28, a gathering of nations addressing the relentless surge in planet-warming emissions, 118 governments committed to tripling global renewable energy capacity by 2030. This move aims to diminish the proportion of fossil fuels in the world's energy output.

The pledge forms a part of several declarations made at COP28 to decarbonise the energy sector, which accounts for approximately three-quarters of worldwide greenhouse gas emissions. Measures encompassed broadening nuclear power, curtailing methane emissions, and curtailing private investment in coal power.

Driven by the European Union, United States, and UAE, the commitment aims to eliminate CO2-emitting fossil fuels from the global energy system by 2050 at the latest.

Supporters on Saturday included Brazil, Nigeria, Australia, Japan, Canada, Chile, and Barbados. Despite indications from China and India of backing the tripling of renewable energy by 2030, neither supported the overarching commitment that pairs the surge in clean energy with a reduction in fossil fuel usage.

Advocates, including the EU and UAE, seek to incorporate the renewable energy pledge into the final UN climate summit resolution, transforming it into a universal objective, contingent upon consensus among the nearly 200 participating countries.

The draft of the pledge, initially disclosed by Reuters last month, also advocates for "the phase down of unabated coal power" and the cessation of financing for new coal-fired power plants. It additionally includes a target to double the global rate of energy efficiency by 2030.

While renewable deployment like solar and wind has been ascending worldwide for years, recent challenges such as escalating costs, workforce constraints, and supply chain disruptions have led to project setbacks and cancellations. This situation has incurred substantial losses for developers such as Orsted and BP.

Achieving the goal of 10,000 gigawatts of globally installed renewable energy by 2030 necessitates increased investments from governments and financial institutions. Addressing the high cost of capital, which has hindered renewable energy projects in developing nations, remains crucial.

(With Agency inputs)

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