Earthusiastic’s Post

𝗟𝗲𝘁'𝘀 𝗽𝗵𝗮𝘀𝗲 𝘁𝗵𝗲 𝗳𝗮𝗰𝘁𝘀 As Gulf nations ramp up investments in renewable energy, they continue to leverage their substantial oil and gas reserves for export. Balancing economic growth with sustainable practices and global climate commitments poses a significant challenge. Read the full analysis by John Calabrese, an expert in US foreign policy, to understand the complex equation. To the full analysis: https://lnkd.in/esTe2s9k #EnergyTransition #Sustainability #GCC #RenewableEnergy #ClimateAction #netzero #cop28 #cop29

The Conference of Parties (COP29) Presidency Proposes 1,500 GW Energy Storage Target By 2030 The hosts of this year’s global climate talks will ask over 190 countries to back a Group of Seven target to increase global energy storage capacity more than sixfold by 2030.

This edition of the Global Energy and Climate Outlook (GECO 2023) presents an updated view on the implications of #energy and #climate policies worldwide to reaching the goals of the Paris Agreement, and contributes to JRC’s work in the UNFCCC UN policy process. This report provides insight into the investment and related new jobs required by the transition to a low-#carbon economy. Current climate policy pledges and targets imply a rapid decline in #greenhouse gas #emissions. Still, there remains both an implementation gap in adopting policies aligned with countries' mid-term Nationally Determined Contributions and Long-Term Strategies, and a collective ambition gap in reducing emissions to reach the Paris Agreement targets of pursuing efforts to limit global warming to 1.5°C. Global emissions are projected to peak during the current decade, but failing to implement additional policies puts the world on a trajectory towards a long-term temperature increase of 3°C. The current decade is key for keeping the 1.5°C target possible. GECO 2023 highlights the global investment needs of the 1.5°C scenario. Accelerated #carbonisation efforts are needed across all sectors of the #economy. Energy sector investments need to triple this decade, doubling energy #efficiency rates and bringing renewables deployment to 11 TW by 2030. This transition comes along with substantial investment spill-over and stimulus effects, boosting investment and employment across value chains, e.g. in the construction and electrical and equipment goods

At COP29, wealthy nations pledged $300B/year in climate finance by 2035—just 5% of developing nations' annual energy costs. Strategic investments could yield 2,000+ GW of renewables by 2035. Execution is critical. 🌍 #ClimateAction #COP29

The necessity and great intentions of the energy transition cannot be overemphasized. However, different parts of the world are having varying energy transition experiences. The injustices of the energy transition manifest through an unfair distribution of responsibility and reward from economic, social, and environmental perspectives. The Global North has reaped the greatest economic benefits from industrialization and is almost entirely responsible for the historical emission of GHGs. In contrast, the Global South did not benefit much from industrialization and has insignificant historical GHG emissions. This tension has underlined climate change talks, returning to the earliest Conferences of Parties (COPs). The 1997 Kyoto Protocol, the first significant international agreement on limiting climate change ratified by 197 countries, acknowledged this disparity and established the Clean Development Mechanism (CDM). CDM facilitated a country with an emission reduction commitment to implement an emissions reduction project in a developing country, with the expectation that this mechanism would go some way to bridge the gap and address the historic culpability of the Global North in climate change. Over two decades later, the issue continues to be a point of contention in ongoing climate finance discussions. The economic imbalance means the Global North is equipped to adapt to and mitigate the effects of climate change while the Global South is left at the mercy of the effects of the same. It is worth noting that the injustices of the energy transition are also experienced within national boundaries. Low-income, minority, and indigenous communities tend to be more exposed to the impacts of climate change. https://lnkd.in/d4-iy6Hx

Azerbaijan #COP29 leaders unveil climate funding and energy storage goals. The COP29 #Azerbaijan presidency also hopes to build support around a pledge to increase global energy storage capacity six times above 2022 levels, reaching 1,500 gigawatts by 2030. This would include a commitment to scale up investments in energy grids, adding or refurbishing more than 80 million km (50 million miles) by 2040. https://lnkd.in/ev3mB2ec

Decisive Action Needed to Achieve Net Zero by 2050 According to Wood Mackenzie’s latest ‘Energy Transition Outlook’ report, the world is on a precarious path towards 2.5°C to 3°C global warming, far exceeding the Paris Agreement targets. However, if we act decisively now, there is still hope to reach net-zero emissions by 2050. Key findings from the report: > $78 trillion investment is needed across the power supply, grid infrastructure, critical minerals, and emerging technologies. > Energy demand is growing due to rising incomes, population growth, and new demands like data centers and transport electrification. > Renewables will grow strongly, but current efforts fall short of the global pledge to triple capacity by 2030. > Oil and gas will continue to play a role, but innovation in carbon capture and low-carbon hydrogen is crucial. > Policy certainty and global cooperation are essential to unlock demand for new technologies and increase capital flow. First-mover companies like Air Products are leading the charge in this transition. By investing in low-carbon hydrogen and carbon capture technologies, they set a precedent for others to follow. Let’s push for the policy changes and investments needed to secure a net-zero future. The time to act is now!

The aim is to support policy makers as they turn climate promises into action. How is your government doing? Recent roll-backs on commitments locally really emphasize that to ACT you need a PLAN. Setting targets is marketing, delivering on promises requires strategy.

🌍 As we stand at a critical juncture in the fight against climate change, the pledges made at COP28 remind us of the urgent need to transform our global energy systems. The commitment to triple renewable energy capacity to at least 11,000 GW and double the rate of energy efficiency improvements by 2030 marks a pivotal step towards a sustainable future. These goals, ambitious yet crucial, reflect a collective determination to not only meet but exceed the targets set by the Paris Agreement. They highlight the critical role of renewable energy and efficiency in mitigating climate impacts and safeguarding our planet for future generations. As global citizens and professionals, we must consider our role in this transformative journey. How can industries, communities, and individuals contribute to achieving these lofty objectives? What strategies should be employed to ensure the successful implementation of these commitments? Your insights and experiences are invaluable. How do you see these changes unfolding in your sector? What actions do you think are most critical right now to propel us towards these 2030 targets? #COP28 #Sustainability #ClimateAction #RenewableEnergy #EnergyEfficiency

Global decarbonization may not be as costly as commonly believed. Many current estimates overstate the price of the energy transition by making four key miscalculations: aiming for overly rapid emission cuts, assuming rapid economic and population growth, underestimating technological advancements, and neglecting the necessary investments in energy, regardless of the fuel source. Studies show the cost could be under $1 trillion a year, less than 1% of global GDP. The UN climate summit in Baku highlights both sides of the climate debate—activists who consider the high costs necessary to prevent catastrophic climate impacts and figures like Donald Trump, the U.S. president-elect, who views such expenses as a burden on Americans. Trump, who previously withdrew from the Paris agreement, may do so again, stirring concerns among climate advocates. Yet, a positive outlook emerges from recent trends. The International Energy Agency (IEA) reports record investments in energy in 2024, with a shift towards cleaner technologies. Solar energy alone received $500 billion this year, surpassing other energy sources combined. However, the clean energy investment includes areas like electric vehicles (EVs), heat pumps, and grid upgrades, which, while not directly reducing emissions, pave the way for substantial cuts. There’s optimism in the global temperature outlook as well. The 2015 UN Emissions Gap Report predicted a potential 5°C temperature rise, but updated forecasts project around 2.4-3°C, thanks to current policies and cost reductions in green technologies. However, achieving the ambitious 1.5°C Paris target remains daunting. The IEA estimates that net-zero emissions by 2050 will require $5 trillion annually by 2030, twice the current clean energy investment, though projections from Rupert Way and others suggest that costs may drop faster than anticipated. Challenges remain, especially for poorer countries where high borrowing costs make clean energy projects more expensive. Matt Burgess from the University of Wyoming points out that overly optimistic growth assumptions inflate the projected costs of decarbonization. Additionally, achieving lower warming may not be as cheap as models suggest, given the real-world obstacles like political constraints, varying costs across regions, and limits on fast-deploying technologies. Despite these challenges, the data suggests that a carefully managed, realistic approach to decarbonization can keep warming under 2°C without extreme financial burdens. Reducing emissions to slow climate change may not be as out of reach as previously thought, giving hope for a more sustainable, affordable path forward. Summary produced with help from ChatGPT https://lnkd.in/dWaaYQDV