Renewable energy has more leverage from the COP28

the COP28

The introduction of a green finance platform, climate investment funds, and over 120 nations’ commitment to triple global renewable energy capacity by 2030… These are the highlights of the COP28 Conference, which have been recognized as important milestones in reducing global carbon emissions and promoting renewable energy development.

Nearly 120 countries commit to renewable energy goals

During the COP28 Conference, nearly 120 countries committed to treble renewable energy capacity and double the global average annual rate of energy efficiency improvements (from around 2% to 4% per year) until 2030.

The European Union (EU) proposed this goal earlier this year, urging the international community and countries to adopt it. The United States, the United Arab Emirates (COP28 host), and the European Union proposed it; the Group of Seven – G7 (Group of industrialized countries) and The G20 (Group of 20 leading developed economies in the world) expressed their support.

According to the goal, the world must achieve 11,000 GW of renewable energy by 2030, with 7,800 GW projected in the next seven years. According to the International Renewable Energy Agency (IRENA), solar and wind energy will play a significant role, expanding by five and four times, respectively, compared to 2022, reaching 4,000 and 2,600 GW.

the COP28 openingOverview of the COP28 opening ceremony in Dubai, UAE (Photo: Vietnam News Agency)

According to Ember’s analysis, doubling energy efficiency and tripling clean energy sources like wind and solar could decrease 85% of the necessary fossil fuel use in this decade to meet global climate goals.

According to the President of the European Commission, this gives the renewable energy industry a clear, predictable future and is instrumental in mobilizing capital worldwide, particularly assistance from individuals or organizations for agreements.

The European Union has called for these targets to be included in the final decision of COP28, requiring the commitment of nearly 200 participating countries.

Introduction of green finance platform and climate investment fund

The Capacity-building Alliance of Sustainable Investment (CASI) was launched on the sidelines of the COP28 Conference in Dubai, UAE, on December 5. This international cooperation platform provides sustainable financial capacity-building services for emerging markets and developing nations. With 20 founding members, the Institute of Finance and Sustainability (IFS) in Beijing, China, launched this worldwide collaboration platform on green financial capacity-building.

The platform is set to launch in 2024, aiming to train and develop 100,000 experts for emerging market and developing economies (EMDEs) by 2030. Direct events will be in Asia, Africa, the Middle East, and Latin America.

In the opening ceremony, the Alterra investment fund was announced to be established inside the COP28 framework. The UAE announced a $30 billion investment in this fund to stimulate investments totalling $250 billion by 2030.

Sheikh Mohamed Bin Zayed Al NahyanSheikh Mohamed Bin Zayed Al Nahyan – UAE’s president, launches Alterra at COP28 opening

Alterra’s primary purpose is to focus on climate investments in emerging and developing economies. The initial investments would go toward developing more than 6 GW of clean energy capacity in India. It also intends to support over 5 GW of solar and wind projects in Africa and a Latin American rural electrification platform.

From November 30 to December 12, 2023, Dubai, the United Arab Emirates (UAE), hosted the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28). It was attended by about 140 Heads of State and Prime Ministers and approximately 97,000 registered delegates.

Other major conference highlights include:

  • Over 130 countries committed to include food, agriculture, and nutrition in their national climate action plans.
  • 63 nations, including Vietnam, have signed the “Global Cooling Pledge,” committing to reduce cooling-related emissions (including refrigeration, pharmaceuticals, and air conditioning) by at least 68% by 2050 compared to 2022. This involves establishing minimum energy efficiency standards by 2030.
  • Vietnam, along with the group of countries including the EU, the UK and Northern Ireland, the United States, Japan, Germany, France, Italy, Canada, Denmark, and Norway (IPG), approved a plan to mobilize $15.5 billion in resources over the next 3-5 years to address urgent needs, facilitating Vietnam’s equitable energy transition.

Vu Phong Energy Group

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