Countries Promise Clean Energy Boost at COP28 on 2nd December

At the U.N. climate summit in Dubai, 118 countries have pledged to triple the world's renewable energy capacity by 2030 as part of efforts to reduce the share of fossil fuels in global energy production. Led by the European Union, United States, and the United Arab Emirates, the pledge aims to remove CO2-emitting fossil fuels from the energy system by 2050. The commitment was supported by countries such as Brazil, Nigeria, Australia, Japan, Canada, Chile, and Barbados, but China and India did not back the overall pledge. The initiative also includes phasing down unabated coal power and increasing global energy efficiency by 2030.

Additionally, over 20 nations signed a declaration to triple nuclear power capacity by 2050, with U.S. climate envoy John Kerry highlighting the importance of nuclear energy in achieving net-zero emissions. The aim is to scale up nuclear power to support the transition away from fossil fuels. France announced plans to request the OECD to assess climate and financial risks associated with investing in new coal assets, and coal users Kosovo and the Dominican Republic agreed to develop plans to phase out coal-fueled power.

Furthermore, the Oil and Gas Decarbonization Charter was signed by nearly 50 oil and gas companies, committing to cut operational emissions by 2050. However, environmental groups criticized the charter for failing to address the emissions caused by burning fossil fuels. The Biden administration also unveiled rules to tackle methane emissions in the U.S. oil and gas industry, while Turkmenistan and Kazakhstan joined the Global Methane Pledge to reduce methane emissions by 30% by 2030.

Overall, the pledges and initiatives announced at COP28 aim to accelerate the transition to clean energy, reduce greenhouse gas emissions, and combat climate change.

Source: reuters.com