COP28 RENEWABLE ENERGY TARGETS

TAG: GS 3: ECOLOGY AND ENVIRONMENT

THE CONTEXT: The renewable energy pledge, signed by 118 countries during the COP28 climate summit, aims to triple the world’s green energy capacity to 11,000 GW by 2030.

EXPLANATION:

• This initiative is crucial in reducing reliance on fossil fuels for energy generation.
• The objective is to limit the global average temperature increase, striving to stay below the 2-degree Celsius temperature rise since pre-industrial times, in alignment with the 2015 Paris Agreement goals.

Goals and Implications

• The pledge requires countries to double the global average annual rate of energy efficiency improvements from about 2% to over 4% each year until 2030.
• This ambitious target signifies a collective effort by world governments to mitigate the rise in emissions and shift away from fossil fuel dependency.
• The intention is to contribute to curbing the temperature rise and ideally achieve the more ambitious 1.5-degree Celsius goal set in the Paris Agreement.

Unbinding Nature of the Pledge

• It’s essential to note that while this pledge is a significant indicator of global leaders’ intentions to tackle emissions, it is not legally binding and is not officially part of the COP28 calendar.
• However, it signals a strong commitment to combatting global emissions.

ROLE OF RENEWABLE ENERGY IN CLIMATE MITIGATION

• Renewable Energy’s Growing Dominance
  • The International Energy Agency (IEA) forecasts that between 2022 and 2027, renewables will constitute over 90% of global electricity capacity expansion.
  • Countries like China, the EU, the US, and India are key drivers behind this acceleration, implementing policies, regulatory reforms, and market changes to address the energy crisis.
• Transitioning Away from Fossil Fuels
  • Solar, wind, hydropower, and biofuels are recognized as the primary future energy sources, even in developing nations.
  • The ambitious aim to triple renewable energy by 2050 is expected to significantly diminish reliance on fossil fuels for energy generation.
• Global Efforts and India’s Role
  • Various countries are actively increasing their renewable energy capacity.
  • India, for instance, is the world’s third-largest renewable energy producer and aims to fulfill 50% of its electricity demands from renewables by 2030, with a net-zero emissions target by 2070.
  • However, challenges such as rising costs, labor constraints, and supply chain issues are impeding renewable energy projects globally.

GLOBAL ENERGY TRANSITION CHALLENGES

• Expanding Renewables Beyond Electricity
  • While the electricity sector is experiencing substantial growth in renewables, accounting for only a fifth of global energy consumption, integrating renewable sources into transportation and heating remains a critical challenge in the overall energy transition.
• Hurdles in Renewable Deployment
  • Despite the enthusiasm for renewable energy, deployment faces obstacles like rising costs, labor shortages, and supply chain disruptions.
  • These challenges have resulted in delays and cancellations of projects, causing substantial financial losses for leading developers worldwide.

GEOPOLITICAL CONSIDERATIONS AND STANDPOINTS

• Initiatives and Opposition
  • The pledge spearheaded by the EU, US, and UAE received support from several countries but faced opposition from major coal-dependent nations like India and China.
  • These countries expressed concerns about the initiative’s stance on phasing down coal and halting investments in new coal-fired power plants.
• India’s Position
  • India, while initially staying away from the initiative due to its implications on coal, had previously supported a G20 commitment to triple global renewable energy capacity by 2030.
  • This reflects the complexity of balancing energy transition goals with existing economic dependencies on coal.

CONCLUSION

• The renewable energy pledge at COP28 represents a significant commitment by numerous countries to accelerate the global shift towards renewable energy sources.
• Despite challenges and diverging perspectives, this initiative highlights the urgent need for collaborative efforts to mitigate climate change by transitioning away from fossil fuels.
• However, the practical implementation and overcoming of geopolitical differences pose significant challenges on the road to achieving these ambitious targets.

SOURCE: https://indianexpress.com/article/explained/explained-climate/cop28-tripling-renewable-energy-target-9062282/