Governments of 118 countries have pledged to triple renewable energy generation capacity and double energy efficiency by 2030 as part of a push to cut the share of fossil fuels in the world’s energy production.
The signatories agreed to triple worldwide installed renewable energy generation capacity from the current installed capacity of about 3,400 GW to at least 11,000 GW by the end of the decade and to double the global average annual rate of energy efficiency improvements from around 2% to more than 4% every year until 2030. The Global Decarbonization Accelerator (GDA) initiative also calls for “the phase down of unabated coal power” and an end to the financing of new coal-fired power plants.
“This can and will help transition the world away from unabated coal,” said Sultan al-Jaber, the United Arab Emirates’ COP28 summit president.
The International Energy Agency has estimated that tripling of renewable energy generation capacity has the potential to reduce greenhouse gas emissions by about one billion tonnes every year.
Australian Energy Minister Chris Bowen said other major energy exporting countries including the United States, Canada and Norway have also committed to initiative, adding that “for emissions to go down around the world, a big international push is needed.”
“We know that renewables are the cleanest and cheapest form of energy, and that energy efficiency can also help drive down bills and emissions,” he said.
The pledge follows on from last month’s commitment by the Australian government to fast-track the federally supported expansion of domestic renewable energy capacity to 32 GW.
“Australia has the resources and the smarts to help supply the world with clean energy technologies to drive down those emissions while spurring new Australian industry,” Bowen said.
Greenpeace Australia Pacific head Shiva Gounden agreed Australia is well positioned to reap the economic benefits of the green energy transformation but warned without concurrent action to phase out coal and gas, this latest commitment is just dealing with one side of the equation.
“The Australian government continues to drag its heels on fossil fuels,” he said, noting that new data compiled by Greenpeace shows that if all the coal and gas projects currently undergoing federal approvals went ahead they would release a 22 billion tonne emissions bomb, severely undermining global efforts to limit warming to 1.5 degrees.
“The science is crystal clear that to keep 1.5 degrees alive, we must keep fossil fuels in the ground,” Gounden said.
Bowen and Assistant Minister Jenny McAllister are set to land in Dubai this week to attend the COP28 summit.
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Hi,
Can we look at this policy please?
It will accelerate the uptake of PV further!
Establishing V2G (Vehicle to Grid) would be the quickest and cheapest way to transition to renewables.
Most EVs have large battery capacity which is very handy for a long trip, but most never gets used.
Encouraging EVs to charge during off peak times, when renewables are predominant, then allow them to export their charge to the house or grid in peak, expensive, and non-renewable hours (eg 4pm to 11pm) will reduce the need for more gas powered electricity and utilise cheap solar power during the day.
This will also encourage more solar to come on line as there will be a day time market.
Benefits:
Cheaper peak power times.
Reduced electricity bills when less gas and coal are required at peak times.
More electricity consumption will then fund more renewables.
Less curtailing of energy intensive businesses such as aluminium smelters.
Smoothing out transmission gluts.
Less need for new transmission lines.
Virtual power station status.
Less coal and gas pollution.
Less need for gas and coal mining.
Less need to extend lives of old coal power stations.
No need to consider nuclear power stations.
Less global warming.
EV owners get paid for contributing, thus encouraging EV uptake.
Then less petrol cars, pollution and CO 2 emissions.
What is the cost to the government budget for all these benefits from V2G?
Almost nothing, but an app based inverter at each house.