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
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- 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
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- 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
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- 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.
