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COP28 Boosts Renewable Energy with Ambitious Goals

Last updated on March 25, 2024 Carbon, CSR, News, Recycled energy
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The COP28 Conference, with its introduction of a green finance platform, climate investment funds, and a commitment from over 120 nations to triple global renewable energy capacity by 2030, has been hailed as a significant step forward in reducing global carbon emissions and advancing renewable energy development.

A Global Commitment to Renewable Energy

The COP28 Conference was marked by a pledge from nearly 120 countries to triple their renewable energy capacity and double the global average annual rate of energy efficiency improvements from approximately 2% to 4% per year by 2030.

This ambitious target was initially proposed by the European Union (EU) earlier this year, calling on the international community and individual countries to embrace it. The proposal was subsequently endorsed by the United States, the United Arab Emirates (the host of COP28), and the EU. It also received backing from the Group of Seven (G7) and the Group of 20 (G20), both influential international forums.

According to this commitment, the world is set to achieve 11,000 GW of renewable energy by 2030, with a projection of 7,800 GW to be realized in the next seven years. The International Renewable Energy Agency (IRENA) predicts that solar and wind energy will be the main drivers of this growth, expanding by five and four times, respectively, compared to 2022 levels, reaching 4,000 and 2,600 GW.

cop28Overview of the COP28 opening ceremony in Dubai, UAE (Photo: Vietnam News Agency)

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 totaling $250 billion by 2030.

cop28Sheikh 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.

The COP28 Conference has set new benchmarks in the global fight against climate change. The commitments made during the conference reflect a growing global consensus on the need for a swift transition to renewable energy. As we move forward, the decisions made at COP28 will play a crucial role in shaping the future of our planet. The world will be watching closely to see how these commitments are translated into action.

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