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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

COP28 chief, groups, urge tripling renewable capacity by 2030

FILE PHOTO:U.A.E. Industry Minister Sultan Al Jaber attends the Bonn Climate Change Conference in Bonn, Germany, June 8, 2023. REUTERS/Jana Rodenbusch/File Photo FILE PHOTO:U.A.E. Industry Minister Sultan Al Jaber attends the Bonn Climate Change Conference in Bonn, Germany, June 8, 2023. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO:U.A.E. Industry Minister Sultan Al Jaber attends the Bonn Climate Change Conference in Bo... FILE PHOTO:U.A.E. Industry Minister Sultan Al Jaber attends the Bonn Climate Change Conference in Bonn, Germany, June 8, 2023. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO:U.A.E. Industry Minister Sultan Al Jaber attends the Bonn Climate Change Conference in Bonn, Germany, June 8, 2023. REUTERS/Jana Rodenbusch/File Photo FILE PHOTO:U.A.E. Industry Minister Sultan Al Jaber attends the Bonn Climate Change Conference in Bonn, Germany, June 8, 2023. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO:U.A.E. Industry Minister Sultan Al Jaber attends the Bonn Climate Change Conference in Bo... FILE PHOTO:U.A.E. Industry Minister Sultan Al Jaber attends the Bonn Climate Change Conference in Bonn, Germany, June 8, 2023. REUTERS/Jana Rodenbusch/File Photo

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As part of attempts to prevent global warming from rising over 1.5 degrees Celsius, the president of the COP28 climate meeting next month and two organizations dedicated to renewable energy asked states on Monday to treble the capacity of renewable energy sources by 2030.

At the most recent round of international climate discussions, which will center on the shortcomings in executing the 2015 Paris Agreement that created the 1.5°C threshold, countries seek to agree on the capacity increase. The round of talks is scheduled to begin in Dubai in late November.

According to a joint study by the Global Renewables Alliance, the International Renewable Energy Agency (IRENA), and the United Arab Emirates’ COP28 chair, renewable energy capacity “must reach more than 11,000 GW” by 2030.

The majority of significant economies already support that objective. Twenty countries, including China, the US, and India, decided in September to work toward tripling the world’s renewable energy capacity by 2030.

Scientists predict that Earth will exceed the 1.5°C barrier in the next ten years, causing significantly more severe consequences of climate change on humans, wildlife, and ecosystems if CO2 emissions are not reduced quickly.

It won’t be simple to get an agreement among the almost 200 nations participating in COP28 sessions, though. European countries and states that are sensitive to climate change contend that merely agreeing to increase the use of renewable energy is insufficient if governments do not also decide to give up the polluting fuel that is driving climate change.

They contend that a deal on renewable energy at COP28 needs to include a commitment to phase out fossil fuels that emit greenhouse gases. This goal has run afoul of Saudi Arabia, Russia, and other nations that depend on fossil fuels.

At a gathering in Brussels on Friday, Wopke Hoekstra, the head of climate policy for the European Union, stated, “You cannot just have the renewables goal and then call the COP a success.”

Sultan al-Jaber of the United Arab Emirates, the head of state oil company ADNOC and the country’s climate envoy, will lead the COP28 negotiations. This decision has been criticized by several MPs in the US and the EU, as well as activists.

In addition, the research recommended tripling energy efficiency and pushed for time-bound goals, robust legal frameworks, financial incentives, and public awareness campaigns.


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