118 Nations Commit to Tripling RE Capacity by 2030 at COP28, China and India Yet to Sign

• 17 December 2023
• Construction Focus
• 960 Views

In a landmark move at the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change in the United Arab Emirates (UAE), 118 countries have pledged to triple global renewable energy capacity by 2030. The ambitious commitment, announced as part of the Global Acceleration for Decarbonization initiative during COP28 in Dubai, sets the stage for a transformative shift towards sustainable energy practices.

Notable signatories include the UAE, the US, Brazil, Japan, the UK, and many others, signaling a united front in addressing climate change challenges. However, China, India, South Africa, and Türkiye have yet to join this global renewable energy initiative.

The reluctance stems from reservations regarding the commitment’s advocacy for the closure of specific coal plants, the “phase down of unabated coal power,” and the discontinuation of financing for new coal-fired power projects. The draft document, disclosed by Reuters last month, reveals the potential roadblock as nations weigh environmental commitments against existing energy strategies.

As part of the initiative, 50 major companies, representing over 40% of global oil production, have signed the Oil and Gas Decarbonization Covenant (OGDC). This commitment includes a substantial $1 billion in financing for methane emission reduction projects. The targets set during COP28 aim to triple global renewable energy capacity from the current 3.4 terawatts to 11 terawatts by 2030, aligning with the broader goals of the Paris Agreement.

COP28 President Ahmed Al Jaber expressed optimism about the initiative but urged more nations to join the commitment.

“While many national oil companies have adopted net-zero emission targets for the first time for 2050, I know that they and others can do more.”

“The entire sector needs to set stronger targets for achieving a 1.5-degree global temperature increase,” he added.

The ambitious goal, aimed at elevating renewable energy to 10,000 gigawatts, urgently demands additional financial support from governments and financial institutions worldwide. However, realizing this vision encounters obstacles, notably the capital expenditures that have historically impeded renewable energy projects, especially in developing nations like Cambodia. Overcoming these financial barriers necessitates robust support mechanisms and increased investments from the global financial community.

• Energy and Environment