Expected to triple renewable energy output; $450 million for methane reduction support

Reports show that the world has made progress in the use of renewable energy. From 2015-2022, global renewable energy production increased by an average of 11% per year.

COP28: Hơn 110 quốc gia tán thành kế hoạch tăng gấp 3 sản lượng năng lượng tái tạo vào năm 2030

COP28: Adopted the target of tripling renewable energy production and doubling energy efficiency worldwide by 2030. (Source: Bloomberg)

On December 1, President of the European Commission (EC) Ursula von der Leyen said that more than 110 countries have expressed their hope that the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) taking place in Dubai (United Arab Emirates - UAE) will be an opportunity to adopt the goal of tripling renewable energy production and doubling energy efficiency worldwide by 2030.

The European Union (EU) first called for the international community to adopt the new target earlier this year. This was subsequently echoed by the COP28 host UAE, the Group of Seven (G7) and the Group of 20 (G20) leading developed and emerging economies. Current reports show that the G20 countries alone are responsible for nearly 80% of global greenhouse gas emissions.

Speaking to leaders at COP28, Von der Leyen stressed that it was “fantastic” that more than 110 countries had endorsed the targets. She said it was now “time to include these targets in the COP declaration, because this will send a strong message to investors, as well as consumers” around the world.

Discussions on renewable energy targets are being held separately at COP28, but are linked to whether the COP28 joint statement will include a commitment for countries to phase out – or phase out – all fossil fuels.

In September, G20 nations pledged to “encourage efforts” to triple renewable energy capacity. But their final statement was silent on the future of fossil fuels, which account for the vast majority of greenhouse gas emissions.

Currently, any credible path to achieving global carbon neutrality by mid-century depends on a massive increase in wind, solar, hydropower and other renewables such as biomass, to replace the demand for oil, gas and coal that are “heating up” the Earth. The International Energy Agency (IEA) considers this the “most important lever” to reduce carbon pollution from burning fossil fuels and limit the rise in global average temperatures to the ambitious Paris Agreement threshold of 1.5 degrees Celsius above pre-Industrial Revolution levels.

The latest reports show that the world has made progress in the use of renewable energy. Between 2015 and 2022, global renewable energy production increased by an average of 11% per year.

Amid soaring oil prices and energy insecurity related to the conflict in Ukraine, the IEA forecasts unprecedented growth of around 30% by 2023.

Not all countries will have to make the same effort to cut emissions. Of the 57 countries analyzed by strategy consultancy Ember, more than 50% are on track to meet or exceed their 2030 targets. But major emitters like Australia, Japan, South Korea and the UAE still have room to improve.

Then on December 2, also at COP 28, charitable funds also plan to spend 450 million USD to support efforts to reduce methane - the second largest greenhouse gas today and has become a new focus in global climate negotiations.

Philanthropies including the Bezos Earth Fund, Bloomberg Philanthropies and the Sequoia Climate Fund said they hope the support will help accelerate the reduction of methane and other greenhouse gas emissions.

The announcement by the group of charities comes as the US, the United Arab Emirates (UAE) and China prepare to make announcements at COP28 about mobilizing more financial resources to tackle methane, while countries move towards new targets to curb emissions.

Climate experts say that including efforts to cut methane in a legally binding, high-level agreement is a top priority. Scientific studies show that methane can cause more warming than CO2. In addition, methane disappears from the atmosphere in just a few years, while CO2 can persist for decades. Therefore, curbing methane emissions can have an immediate impact on limiting climate change. The gas comes from a variety of sources, including oil and gas extraction, agriculture, landfills and food waste.

“Given the limited time available, we must be smart and decisive in our approach to limiting global warming to 1.5 degrees Celsius,” said Barbados Prime Minister Mia Amor Mottley. “The smartest approach for all parties is to commit to ending methane emissions now and urgently controlling emissions of all other superpollutants.”

Under the 2021 Global Methane Reduction Pledge led by the US and the European Union (EU), more than 150 countries have agreed to cut methane emissions by 30% from 2020 levels by 2023. However, few have announced details on how they will achieve this goal.

Research firm Kayrros, which tracks methane emissions, said on December 1 that despite the commitments, methane emissions have not improved. In some areas, methane concentrations have even increased. “We have called for a complete ban on super emitters of methane,” said Kayrros CEO Antoine Rostand. “Rapid reductions in fossil fuel methane emissions could reduce global warming by 0.1 degrees Celsius by mid-century.”

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