Hydrogen Intelligence - H2lligence’s Post

Global investments in renewable energy reached $303.5 billion in 2020. But we still need $3 trillion annually to meet climate targets by 2030. We're a long way from this number, and consequently, far from our goal to halt climate change. The world urgently needs climate finance or Green Finance (GreenFi) to bridge this gap, facilitating projects that reduce greenhouse gas emissions and enhance climate resilience. According to the World Bank, scaling up sustainable solutions could require up to $90 trillion by 2050. For a future that's viable and livable, GreenFi tools and mechanisms that are transparent, secure, and inclusive are essential. Know more about how we can achieve efficiencies in climate finance here -> https://bit.ly/4c2xE02

The International Energy Agency (IEA)’s Net-Zero Roadmap to keep global temperature rise under 1.5 degrees Celsius states that the world has to invest $4.5 trillion annually by the early 2030s to be on a path toward achieving this goal. This same report notes that “annual concessional funding for clean energy in emerging market and developing economies will need to reach around $80-100 billion by the early 2030s. https://lnkd.in/ez3sgMpC #energy #utilities #COP29 #energytransition #financing #energyfinancing #climatechange #economics

Boosting Clean Energy: COP29-IEA Dialogue in London - High-level COP29-IEA event in London addresses the urgent need to double global clean energy investments to $4 trillion annually by 2030. - Discussions focused on unlocking financing for clean energy projects, especially in emerging and developing economies, to achieve net zero emissions. - Over 50 energy, finance, and climate leaders, including prominent figures from the UN, African Union, and various governments, participated to strategize on increasing clean energy investments. #CleanEnergy #COP29 #IEA #EnergyTransition #ClimateAction #SustainableInvestment #NetZero #RenewableEnergy #EmergingEconomies #EnergyFinance #GreenInvestment #GlobalClimateGoals #EnergyLeaders #InvestmentStrategies #Decarbonization #SustainableFuture #CleanEnergyProjects

Boosting Clean Energy: COP29-IEA Dialogue in London - High-level COP29-IEA event in London addresses the urgent need to double global clean energy investments to $4 trillion annually by 2030. - Discussions focused on unlocking financing for clean energy projects, especially in emerging and developing economies, to achieve net zero emissions. - Over 50 energy, finance, and climate leaders, including prominent figures from the UN, African Union, and various governments, participated to strategize on increasing clean energy investments. #CleanEnergy #COP29 #IEA #EnergyTransition #ClimateAction #SustainableInvestment #NetZero #RenewableEnergy #EmergingEconomies #EnergyFinance #GreenInvestment #GlobalClimateGoals #EnergyLeaders #InvestmentStrategies #Decarbonization #SustainableFuture #CleanEnergyProjects

Ben Caldecott on Carbon Removal Budget idea: “Carbon dioxide removal (CDR) is a necessary complement to emissions reductions to achieve a state of global net zero emissions and stabilise future warming. Despite its utility, CDR remains poorly understood. Due to a range of constraints, CDR is a fundamentally finite resource, which we currently do not have enough of to achieve and go beyond global net zero. This has wide-ranging but underexplored implications for the technical and economic feasibility of our collective net zero transition. At the same time, both the opportunity and obligation to undertake CDR are not equally distributed amongst actors and geographies. As a result, there are ongoing questions as to how we can increase the supply of quality CDR whilst at the same time ensure equitable distribution of that same CDR, both within and between countries and non-state actors. To explore these phenomena, we introduce and define the concept of a Carbon Removal Budget (CRB), illustrate how it can apply to different contexts and scales, and distinguish it from the related but distinct concept of the carbon budget. We further estimate the global CRB, review its constraints and quality considerations and outline potential utilisation pathways and principles. We then examine the potential application of the CRB as a tool on which both public and private decision-makers can use to assess the feasibility of their nationally determined contributions and/or net-zero transition plans. In this manner, we illustrate how CRB forecasts can be used today to help build the net zero future of tomorrow.” https://lnkd.in/ePMsAfYR

The UN Environment Programme published yesterday the Emissions Gap Report 2024. The key messages are: 🔥 It is still technically possible to meet the 1.5°C goal, but only with a G20-led massive global mobilization to cut all greenhouse gas emissions, starting today. 🔥Continuation of current policies will lead to a catastrophic temperature rise of up to 3.1°C. 🔥Current commitments for 2030 are not being met; even if they are met, temperature rise would only be limited to 2.6-2.8°C. Concerning the next National Determined Contributions (NDCs) that governments will submit to the UNFCCC UN in 2025, report notes that they should reflect the latest science, demonstrate progress from previous NDCs and explain how they reflect the highest possible ambition and the principle of common but differentiated responsibilities and respective capabilities. The NDCs should include detailed implementation plans and consider sectoral benchmarks and all mitigation options and potentials relevant in national contexts. They should explain how the plans contribute to tripling renewable capacity deployment and doubling annual energy efficiency rates by 2030 and to transitioning away from fossil fuels. Additionally, they should describe mechanisms for review and #accountability. There is some work for governments’ external auditors ahead! Performance auditors often assess the cost-effective implementation of policies. The Emissions Gap Report presents, among other things, the annual mitigation potentials by 2030 and 2035 by sector, up to US$200/tCO2e, noting that about half of the mitigation potential can be achieved at relatively low costs. “The most cost-effective measures include those that reduce consumption and waste and enhance efficiency (across all sectors), solar PV and wind energy deployment, and reduced deforestation and ecosystem conversion, with modest cost developments expected in the near term.” https://lnkd.in/eyJURauJ

🆕 In her latest op-ed, María Mendiluce, CEO of the We Mean Business Coalition, discusses the consensus achieved at COP28, stressing the crucial role of governments, businesses, and financial institutions in transition away from #fossilfuels. The article examines various facets of this transition, from economic to technological innovations. It emphasizes the potential of renewable energy solutions such as H2 Green Steel and Volvo Cars's recent shift away from diesel production. With this year’s #G7 host Italy in charge, there is the ‘opportunity to demonstrate leadership from the heart of Europe, by commitment to actions that will hasten the transition, such as consensus over fully decarbonizing power systems by 2035’. Addressing climate change requires a concerted effort and strategic alignment across sectors. 🔗 Find out how the private sector can demonstrate commitment to help speed up policymaking in Reuters here: https://lnkd.in/eGqiah8e #WMBC #FossilToClean #CorporateAction

𝐂𝐎𝐏29 𝐃𝐚𝐲 5 & 6 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬 Day 5 & 6 saw discussions around the themes of climate resilience, green energy, and modern solutions for technological and digital innovation. Here are some of the key takeaways from this weekend: 𝐃𝐚𝐲 5 𝐎𝐮𝐭𝐜𝐨𝐦𝐞𝐬 🔹Article 6 has been revised from 43 pages to 19, streamlining the process for finalizing international carbon trade rules and fostering a clearer consensus. Key issues, including the international registry and rule authorization have been addressed. 🔹The carbon crediting mechanism as stipulated by Article 6.4 has been officially renamed to the Paris Agreement Crediting Mechanism (PACM). 🔹Approval for the deployment of 1500 GW of global energy storage, as well as increasing global grid capacity by an additional 25 million km by 2030. 🔹Endorsement of renewable energy by increasing green hydrogen production from its annual target of 1 million tons per annum, through reducing its reliance on production from unabated fossil fuels by 96mt. 🔹Commitment to improving accessibility of green energy through the development of green energy zones and corridors, enabling communities to secure electricity transmission over long distances. 🔹Donar pledges have only secured $61m to the Adaption Fund at this year’s COP despite its annual goal of $300m. However, trends show that pledges have steadily decreased over the last 3 years seeing a significant drop from 2021’s $335m. 𝐎𝐯𝐞𝐫 𝐭𝐡𝐞 𝐖𝐞𝐞𝐤𝐞𝐧𝐝 🔹Developing countries have received most of their climate funding from international public banks in comparison to foreign governments, and the private sector. 🔹NCQG will seek to fund 20% of its public finance initiative through the main multilateral climate funds including – the Green Climate Fund (GCF), Loss and Damage Fund (FRLD), and the Global Environment Facility (GEF) 🔹A new financing goal is set to replace the current $100 billion annual target, with climate groups estimating a new target of over $1 trillion. 𝐃𝐢𝐬𝐜𝐮𝐬𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐏𝐫𝐨𝐠𝐫𝐞𝐬𝐬 Despite three new renewable energy initiatives introduced at Day 5 of COP29— including the Global Energy Storage and Grids Pledge, Green Energy Zones and Corridors, and the Hydrogen Declaration—an open letter signed by former UN Climate Chief Christina Figueres and former UN Secretary-General Ban Ki-Moon called for petrostates to be excluded from attending or hosting COPs. Former US Vice President Al Gore also agreed with the idea, calling it "absurd” and that stricter eligibility criteria needs to be developed for member and host nations. Read more on Article 6 : https://lnkd.in/diRpzKPx #COP29 #GreenEnergyZones #GlobalEnergyStorage #HydrogenDeclaration #Brundtland

𝐂𝐎𝐏29 𝐃𝐚𝐲 5 & 6 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬 Day 5 & 6 saw discussions around the themes of climate resilience, green energy, and modern solutions for technological and digital innovation. Here are some of the key takeaways from this weekend: 𝐃𝐚𝐲 5 𝐎𝐮𝐭𝐜𝐨𝐦𝐞𝐬 🔹Article 6 has been revised from 43 pages to 19, streamlining the process for finalizing international carbon trade rules and fostering a clearer consensus. Key issues, including the international registry and rule authorization have been addressed. 🔹The carbon crediting mechanism as stipulated by Article 6.4 has been officially renamed to the Paris Agreement Crediting Mechanism (PACM). 🔹Approval for the deployment of 1500 GW of global energy storage, as well as increasing global grid capacity by an additional 25 million km by 2030. 🔹Endorsement of renewable energy by increasing green hydrogen production from its annual target of 1 million tons per annum, through reducing its reliance on production from unabated fossil fuels by 96mt. 🔹Commitment to improving accessibility of green energy through the development of green energy zones and corridors, enabling communities to secure electricity transmission over long distances. 🔹Donar pledges have only secured $61m to the Adaption Fund at this year’s COP despite its annual goal of $300m. However, trends show that pledges have steadily decreased over the last 3 years seeing a significant drop from 2021’s $335m. 𝐎𝐯𝐞𝐫 𝐭𝐡𝐞 𝐖𝐞𝐞𝐤𝐞𝐧𝐝 🔹Developing countries have received most of their climate funding from international public banks in comparison to foreign governments, and the private sector. 🔹NCQG will seek to fund 20% of its public finance initiative through the main multilateral climate funds including – the Green Climate Fund (GCF), Loss and Damage Fund (FRLD), and the Global Environment Facility (GEF) 🔹A new financing goal is set to replace the current $100 billion annual target, with climate groups estimating a new target of over $1 trillion. 𝐃𝐢𝐬𝐜𝐮𝐬𝐬𝐢𝐨𝐧 𝐚𝐧𝐝 𝐏𝐫𝐨𝐠𝐫𝐞𝐬𝐬 Despite three new renewable energy initiatives introduced at Day 5 of COP29— including the Global Energy Storage and Grids Pledge, Green Energy Zones and Corridors, and the Hydrogen Declaration—an open letter signed by former UN Climate Chief Christina Figueres and former UN Secretary-General Ban Ki-Moon called for petrostates to be excluded from attending or hosting COPs. Former US Vice President Al Gore also agreed with the idea, calling it "absurd” and that stricter eligibility criteria needs to be developed for member and host nations. Read more on Article 6 : https://lnkd.in/diRpzKPx #COP29 #GreenEnergyZones #GlobalEnergyStorage #HydrogenDeclaration #Brundtland

From Taking Stock to Taking Action Executive Summary: The International Energy Agency (IEA) report, “From Taking Stock to Taking Action,” delves into the outcomes of the #COP28 #climateconference held in December 2023. This conference marked a pivotal moment, as 200 nations committed to ambitious energy transition goals. These include achieving net-zero emissions in the energy sector by 2050, transitioning away from #fossilfuels, tripling #globalrenewableenergy capacity by 2030, and doubling #energyefficiency improvement rates. Key Findings 1. Impact of Goals: The report assesses how fully implementing these commitments could transform the #globalenergylandscape and reduce #emissions. It highlights the need for countries to integrate these #goals into domestic #energypolicies to ensure effective action. 2. Risks of Partial Implementation: The analysis warns of the #risks associated with not fully achieving these objectives, emphasizing that any delays or failures could hinder global efforts to combat climate change. 3. Investment in Clean Energy: A significant focus is placed on the challenges surrounding clean #energyinvestment, crucial for the success of these goals. The report advocates for increased #financialsupport and strategic planning to overcome these obstacles. 4. National Emissions Targets: The IEA underscores the importance of the next round of national emissions targets under the #ParisAgreement, which will play a critical role in achieving the stated objectives. 5. Multilateral Cooperation: Finally, the report stresses the importance of continued international collaboration to foster the implementation of the COP28 goals, highlighting the shared responsibility among nations to drive progress. In conclusion, the IEA’s report serves as a call to action for #governments and #stakeholders to transform commitments into tangible actions that will pave the way for a #esustainableenergyfuture