Renewables Triumph and Climate Fund Initiated
COP28 kicked off with a flurry as the UAE and key nations injected $420 million into the loss and damage fund established at COP27. This fund aims to aid poorer nations in combatting climate change effects.
Representatives from 118 nations committed to tripling global renewables capacity by 2030, aligning with the COP21 Paris agreement. Francesco la Camera of the International Renewable Energy Agency emphasized renewables’ crucial role in addressing climate urgency.
Calls for Formalizing Renewables Pledges
While the pledge to triple renewables and double energy efficiency was welcomed, industry leaders advocate for moving these commitments from voluntary to formal agreements at COP28. However, the absence of signatures from China and India, citing concerns about coal power phasing, posed a setback.
Francesco la Camera urged commitments to translate into concrete actions, emphasizing the forthcoming round of nationally determined contributions in 2025 as a prime opportunity for transformative progress.
Debates Over Energy Transition and Financing Initiatives
Underlying tensions emerged regarding the role of decarbonized fossil fuels in the energy transition. COP28 president Sultan Ahmed Al-Jaber’s assertion that there is “no science” mandating a complete phase-out of fossil fuels sparked debates. The UAE simultaneously unveiled investments, including a $30 billion climate fund, Alterra, aiming to attract $250 billion by the decade’s end.
As financing takes center stage, a UN-sponsored expert group highlighted the need for increased bilateral climate finance and private sector involvement. The UK, Denmark, Canada, and Sweden launched the Net Zero Export Credit Agencies Alliance, signaling a collective effort to address climate challenges. The World Bank and the International Monetary Fund also pledged increased climate-related funding and debt relief at COP28.
Sourceļ¼upstreamonline.com
