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A vibrant poster from the CARICOM Pavilion at the COP29 venue highlighting the importance of Just Transition. Credit: Aishwarya Bajpai/IPSby Aishwarya Bajpai (baku)Thursday, November 21, 2024Inter Press ServiceBAKU, Nov 21 (IPS) - As the world intensifies its fight against climate change, the clean energy transition—shifting from fossil fuels to renewable sources—has become a linchpin for sustainable development.
This transition is not only crucial for the environment but also a chance to transform global energy systems, echoing the strong call at COP29.
However, the scale and urgency of this task demand global cooperation, bold policies, and massive investments.
COP29 Energy Day: Driving Ambition
On November 15, 2024, in Baku, COP29 brought together public, private, and civil society representatives to advance efforts on energy, peace, relief, and recovery.
The launch of three transformative pledges on clean energy designed to accelerate the transition:
Green Energy Zones and Corridors Pledge: This pledge commits to establishing green energy zones and corridors to boost investment, drive economic growth, modernize infrastructure, and foster regional cooperation.
Global Energy Storage and Grids Pledge: This ambitious commitment targets a sixfold increase in global energy storage capacity by 2030, reaching 1,500 gigawatts—critical for integrating renewable energy into power systems. Supporters will increase funding for energy grids to build or upgrade over 80 million kilometers by 2040, creating strong systems to handle renewable energy.
Hydrogen Declaration: The declaration aims to unlock the potential of clean hydrogen and its derivatives through collaboration between the public and private sectors. By addressing regulatory, technological, and financial barriers, this pledge seeks to catalyze a global hydrogen market. While green hydrogen holds promise for industrial decarbonization, its success hinges on meeting renewable energy targets. It should complement, not delay, efforts to phase out fossil fuels.
Financing the Transition
The global shift to clean energy requires substantial investment. To meet climate goals, an estimated USD 4.8 trillion per year by 2030 and USD 5.3 trillion per year by 2035 is needed.
Emerging and developing economies, excluding China, will require USD 1.6 trillion annually by 2030 and USD 2.1 trillion by 2035. Without such funding, the world risks falling short of its clean energy targets.
Multilateral Development Banks (MDBs) play a crucial role in this process by providing technical assistance, catalytic capital, and financing for coal-to-clean transitions.
Public finance mechanisms can incentivize private investments by clarifying regulatory pathways for emissions reductions in existing coal power plants.
Ensuring that transition finance is equitable, accessible, and transparent is vital to fostering global trust and cooperation.
The Case for Vulnerable Nations
Small Island Developing States (SIDS) exemplify the transformative potential of clean energy transitions.
Energy security and just transitions remain central to the Nationally Determined Contributions (NDCs) of Small Island Developing States (SIDS).
These nations are striving to achieve net zero emissions before 2050 by leveraging renewable sources like solar, wind, and geothermal energy.
SIDS have consistently played a significant role in international climate discussions, influencing key advancements through platforms such as the Alliance of Small Island States (AOSIS), the G77, and the High Ambition Coalition.
Alongside Least Developed Countries (LDCs), they have been instrumental in driving the dialogue on loss and damage, leading to the creation of a dedicated fund at COP27.
Their advocacy was also crucial in securing the 1.5°C goal in the Paris Agreement, highlighting the severe risks a 2°C rise poses to their survival.
The Role of Nuclear Power
On November 14, 2024, at COP29 in Baku, discussions highlighted the growing acknowledgment of nuclear energy's pivotal role in clean energy transitions.
As part of COP28's First Global Stocktake outcomes, in addition, 25 countries pledged to work towards tripling global nuclear power capacity to reach net zero by 2050.
Currently providing 23.5% of global low-carbon electricity, nuclear energy must expand by 2.5 times by mid-century to meet climate goals. Today, 415 reactors operate across 31 nations, with 17 countries expanding their nuclear programs and 32 more, including Saudi Arabia, exploring its integration.
This groundbreaking dialogue under the Saudi Green Initiative also examined the challenges and opportunities for scaling up nuclear energy to support climate objectives by 2050.
Phasing Out Fossil Fuels
Progress in reducing fossil fuel dependence was a key theme at COP29. On November 15, discussions centered on phasing out inefficient fossil fuel subsidies.
Establishing clear timelines for transitions and addressing inefficiencies are vital steps toward eliminating fossil fuel reliance. These measures reflect growing global recognition of the need to realign energy systems with climate goals.
Just Transition: Leaving No One Behind
The Second Annual High-Level Ministerial Round Table on Just Transition, held on November 18, underscored the importance of inclusive transitions.
Business and industry leaders emphasized the need for ambitious Nationally Determined Contributions (NDCs) that integrate just transition considerations into policies and investment frameworks.
Such approaches are essential for accelerating corporate commitments to mitigation and adaptation while ensuring that vulnerable communities are not left behind.
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© Inter Press Service (2024) — All Rights ReservedOriginal source: Inter Press Service
