For battling against climate change, multiple nations have pledged on tripling renewable energy capacity by 2030. This was declared during the UN climate summit held in Dubai last December. This is also an approach to accomplishing the goals set on during the Paris agreement (COP21), which was held on December 12, 2015.
A cut on fossil fuels is needed to succeed in net-zero greenhouse gas emissions by 2050. This requires a significant infrastructure expenditure. By 2030, upgraded electrical grids are also to be made.
The tripling of global renewable energy capacity, which ranked as a significant outcome of the UAE consensus, has decreased the cost by 80% while the usage of renewable energy has increased eightfold.
About COP28
It is the 28th United Nations climate change conference that was held on 30 November to 13 December 2023 in Dubai, United Arab Emirates. It was attended by the EU and its 27 member states.
The main topics of this conference were global stocktake, mitigation, adaptation, and climate finance.
Climate sector
The stocktake has emphasized the need to peak emissions by 2025, reduce them by 43% by 2030, and 60% by 2035 in order to limit the global warming by 1.5 degrees Celsius. Since the implementations were not going according to what was expected, the parties have committed to state revised plans by COP30 by 2035.
Energy sector
At the COP28, it was agreed on:
- Countries agreed to cut off fossil fuels in the energy sector by 2050.
- Countries agreed on tripling renewable energy capacity and doubling the rate of energy efficacy by 2030.
Finance sector
All the parties have agreed to double the adaptation financing to reach the $100 billion target set in the Paris Agreement. They have committed more than 400 million euros during the COP28. This makes up more than half of the fund’s original capital.
Tripling renewable energy capacity
The tripling renewable energy goal is said to be within reach, although countries are slow in accomplishing the task. The task of achieving the goal is aided and smoothened by strong manufacturing prospects, favorable economic conditions, and supportive regulations.
However, this does not mean that increased capacity will result in cheaper consumer prices or cleaner power systems. More than 60 countries aim to produce variable renewable energy sources, and 47 countries, among them, aim for hydropower as their renewable energy source.
According to BNEF, an average of $1 trillion per year will be required for renewable energy, $193 billion for storage, and $607 billion for system improvement by 2030. In the first half of 2024, $312 billion was given for renewable energy, with $91 billion for wind projects and $221 for solar projects.
Statistics of the countries
After reviewing the policies of about 150 countries, 8000 GW of renewable power capacity is aimed to be achieved by 2030. China leads in this with plans to use solar photovoltaics and wind power. Solar photovoltaics appears to be the most used and popular renewable energy source.
Countries like the United States, India, Germany, and Spain have doubled their renewable energy capacity by 2022.
The Middle East and North Africa aim for 4.5 times their existing levels of renewable energy capacity. Sub-Saharan Africa and Eurasia aim for 3.2 and 1.3 times of their current capacity, respectively.
China and Brazil are said to almost reach their global target, while countries like Europe, the United States, and India have to step up their game. Countries like Japan, Indonesia, the Middle East, North Africa, Turkey, and sub-Saharan Africa are well behind in terms of investment and implementation of renewable energy.
Growth factor
For the tripling renewable energy goal of 2030 to be accomplished, the growth of advanced economies should increase from 1.9 to 2.5, and the growth of developing economies should increase from 2.4 to 3.4.
If the growth factor does not increase, then it is assumed that the globe would fall short of tripling renewable energy capacity to over 11,000 GW by 2030 despite achieving its present goals.
Management to accelerate the plans
To meet the set criteria for 2030, countries have to submit their nationally determined contributions (NADCs). It is crucial to address the difficulties that are hindering their goals for tripling renewable energy.
150 nations focus on the following four main issues:
- The commitment to renewable electricity in the NDCs
- Are nations on the path to accomplishing said goals?
- In what ways do these targets fit the 2030 capacity triple commitments made at COP28?
- What are the policy priorities required for implementation?
According to BloombergNEF, countries are not on track to meet their goals set for tripling renewable energy by 2030. Hence certain measurements, such as investments in energy networks and battery storage and assistance for developing and emerging countries, are to be taken to reach the goal.
Measurements
Measurements such as the construction of 25 million kilometers of energy infrastructure and 1,500 gigawatts of energy storage capacity will be required. Of this 1500 GW, 1200 GW will require battery storage.
These measurements can be aided by the falling costs of lithium-ion batteries and solar and wind energy. The positive outcome of such a goal is the reduction in global energy costs by 10% and reduced emissions by 6.5 billion metric tons.
While solar energy is smoothly expanding in the triple of renewable energy plans, its lower capacity factor may cause outages during winters. Hence, assistance for underfunded sectors will be needed.
Other initiatives
As a part of strict initiatives to be taken by the government, electrification, with a goal of bringing the world energy consumption by 30% in 2030, should be prioritized. Other options, such as electric cars and heat pumps, are also advantageous.
By providing universal access to clean cooking supplies in areas without modern energy sources, lower energy consumption, lives can be improved, and reduction of premature deaths can be achieved.
As the light sheds on the act of implementation, nations are said to set new targets for 2035 as well as 2030, indicating their reaffirmations for the commitments made at COP28. The President of COP28, Dr. Sultan AL Jaber, states, “We need to more than triple overall investment over the next six years to meet our 2030 target of 11,000 GW.”
Frequently asked questions
What is the triple renewable energy plan?
Tripling renewable energy is the initiative agreed upon by all the countries that attended the COP28. It aims to cut off other energy sources, such as fossil fuels, that cause global warming and to stick to eco-friendly energy systems.
What is COP28?
It is the 28th United Nations climate change conference held on 30 November to 13 December 2023, in Dubai, United Arab Emirates.
What are the issues to be focused on to reach the goal set for 2030?
To accomplish the tripling renewable energy goal by 2030, the issues to be focused on are the renewable electricity commitments in the NDCs, the course of action, the targets relevant to the commitments made, and the policy priority for implementation.
Conclusion
Despite commitments such as tripling renewable energy made during COP28 to save the planet, the speed at which the plans are being executed and implemented needs a strong push. To accelerate these ambitions, initiatives such as strong policy support for wind energy sources along with solar energy, storage, and grid improvements are to be taken for a sustainable future.
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