Some 117 governments they committed triple global renewable energy capacity by 20230 at the climate summit UN COP28as a way to reduce the share fossil fuel in global energy production.

This commitment is part of a series of announcements made on Saturday at COP28 to decarbonize the energy sectorsource of nearly three-quarters of the world’s greenhouse gas emissions, including expansion of nuclear power, reduction of methane emissions And restriction of private financing coal energy.

“This can and will help the world move away from coal.”This was stated by Sultan Al Jaber, the representative of the United Arab Emirates at the COP28 summit.

The commitment, led by the European Union, the United States and the UAE, also states that triple renewable energy will help eliminate CO2-emitting fossil fuels from the global energy system by 2050 at the latest.

Brazil, Nigeria, Australia, Japan, Canada, Chile and Barbados supported the pledge on Saturday. Although China And India expressed support for tripling renewable energy by 2030, Neither supported Saturday’s general commitment.which combines increased clean energy with reduced use of fossil fuels.

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The EU and the UAE, among others, want a commitment to renewable energy included in the final decision of the UN climate summit to make it a global goal. This will require consensus from the nearly 200 countries present.

A draft commitment in which Reuters first reported last month, also called for ” phase out of coal energyand ending funding for new coal-fired power plants. It also included a goal to double global energy efficiency levels by 2030.

Countries vulnerable to climate change have insisted that these goals must be accompanied by an agreement between countries at COP28 to phase out the global use of fossil fuels.

“This is only half the solution. This commitment cannot wash the face of countries that are at the same time increasing fossil fuel production,” said Tina Stege, climate envoy for the Marshall Islands.

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Although the use of renewable energy sources such as solar and wind has been growing throughout the world for many years, Rising costs, labor shortages and supply chain problems in recent months have forced projects to be delayed and cancelled, costing developers such as Orsted ORSTED.CO and BP BP.L billions of dollars in losses.

Achieving the target of installing 10,000 gigawatts of renewable energy globally by 2030 will also require governments and financial institutions increase investment and address the high cost of capital that is hampering renewable energy projects in developing countries.

“There is still a mismatch between our potential and our limitations to attract investment.“Said Najib Ahmed, consultant to Somalia’s climate ministry.

Africa just received 2% of global investment in renewable energy According to the International Renewable Energy Agency, over the past two decades.

Nuclear power

More than 20 countries also signed a declaration on Saturday to triple nuclear power capacity by 2050. America’s Climate Envoy John Kerrydeclared that the world could not reach “net zero” emissions without building new reactors.

“We’re not saying this will be the ultimate alternative to any other energy source,” Kerry said during the COP28 presentation ceremony. “But you can’t achieve net-zero emissions in 2050 without some nuclear power, just like cannot be achieved without some use of carbon capture, utilization and storage.“.

Global nuclear capacity currently stands at 370 gigawatts. 31 countries that have reactors. Tripling this capacity by 2050 will require a significant increase in new permitting and funding.

Other commitments concern coal, the fossil fuel that emits the most CO2.

France announced that it would convene a group of countries to ask the OECD to assess the climate and financial risks of investing in new coal assetsto dissuade private investors from supporting projects.

Coal consumers Kosovo and the Dominican Republic also agreed to develop plans to curtail production coal based electricity.

At the same time almost 50 oil and gas companiesincluding Exxon Mobil, signed the Charter for the decarbonization of oil and gasan initiative promoted by Al Jaber to reduce operational emissions by 2050.

The letter was criticized by environmental groups, who said the commitment They’re nothing more than a distraction and not addressing emissions caused by burning fossil fuels.

“The liability does not cover a single drop of the fuel they sell, which amounts to up to 95% of the oil and gas industry’s contribution to the climate crisis“Said Melanie Robinson from the World Resources Institute.

(Reuters)