Crafting a Sustainable and Inclusive Energy Transition: Insights from COP28, IRENA, and GRA

Introduction

The urgency to address climate change has never been more pronounced. The 21st session of the Conference of the Parties (COP21) marked a pivotal moment in global climate action with the adoption of the Paris Agreement, setting the ambitious goal to limit global warming to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels. However, to achieve these targets, a radical transformation of our energy systems is crucial, necessitating an unprecedented acceleration in the deployment of renewable energy and improvements in energy efficiency. The COP28 convening, alongside insights from the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance (GRA), underscores the necessity of tripling renewable power capacity and doubling energy efficiency by 2030 as essential steps toward realizing the 1.5°C objective. This article delves into the rationale, strategies, and collaborative efforts needed to catalyze a sustainable and inclusive energy transition, drawing upon the collective wisdom and action plans proposed by COP28, IRENA, and GRA.

The Imperative for Accelerated Action

The current trajectory of global greenhouse gas emissions and energy consumption patterns starkly contrasts with the pathways outlined by the Paris Agreement. Notably, the first Global Stocktake of the Paris Agreement, set to be a focal point of COP28, provides a critical opportunity to assess our collective progress and recalibrate our strategies towards more ambitious climate action. The findings from IRENA and various reports published by GRA members highlight a concerning lag in the pace of transition, underscoring the need for immediate, radical collective action.

Tripling Renewable Power: A Paradigm Shift in Energy Generation

To align with the 1.5°C pathway, a significant augmentation in global renewable power generation capacity is paramount. Solar photovoltaic (PV) and wind energy, owing to their scalability and rapidly declining costs, are poised to play a central role in this expansion. Achieving a cumulative global installed renewable electricity generation capacity of over 11,000 GW by 2030, as outlined in IRENA’s 1.5°C Scenario, necessitates an average annual addition of approximately 1,000 GW of renewable energy capacity—a more than threefold increase from the installations in 2022. This ambitious target is not only technologically feasible but also economically advantageous, given the competitiveness of utility-scale solar PV and onshore wind as the most cost-effective sources of new electricity supply in many countries today.

Doubling Energy Efficiency: The Complementary Pillar of Transition

Concurrently, enhancing energy efficiency across all sectors is crucial for reducing global energy demand and emissions. Energy efficiency measures, encompassing a wide array of technologies and practices, offer the dual benefits of lowering energy costs for consumers and reducing reliance on fossil fuels. The drive towards doubling energy efficiency by 2030 encompasses a comprehensive mix of policies, including the adoption of stringent energy standards, fiscal incentives, and public campaigns aimed at fostering awareness and adoption of energy-saving practices.

Enablers of the Energy Transition

Achieving these ambitious targets requires addressing systemic barriers and fostering enabling environments for renewable energy and energy efficiency. Key enablers identified include:

1. **Infrastructure and System Operation:** Building the necessary infrastructure and investing in smart grids to accommodate a growing share of renewable energy is imperative. This also involves enhancing grid modernization, expansion, and ensuring supply-side flexibility alongside demand-side management.

2. **Policy and Regulation:** Governments must enact a comprehensive mix of policies to incentivize renewable energy deployment and energy efficiency improvements. This includes establishing clear targets, regulatory frameworks, and fiscal measures that support the transition to an energy-efficient economy and a renewables-based power system.

3. **Supply Chains, Skills, and Capacities:** Accelerating the energy transition necessitates building resilient supply chains for renewable energy technologies, prioritizing education, training, re-skilling, and up-skilling, and empowering women and underrepresented groups to participate in the energy sector.

4. **Public and Private Financing:** Mobilizing finance is critical for scaling renewable power capacity and enhancing energy efficiency. This entails increasing investment in renewable power generation, modernizing power grids, and ensuring access to low-cost financing, especially in developing countries.

5. **International Collaboration:** Strong international collaboration is required to facilitate knowledge sharing, capacity building, and collective action on governance, climate finance, and innovation. This includes fostering North-South and South-South dialogues and operationalizing just transition funds in emerging economies.

Conclusion

The call for a sustainable and inclusive energy transition is clear and unequivocal. As we approach COP28 and beyond, the collective commitment and action of global leaders, industry stakeholders, and civil societies are vital to achieving the ambitious targets of tripling renewable power and doubling energy efficiency by 2030. By embracing the insights and recommendations from COP28, IRENA, and GRA, we can chart a course toward a resilient, equitable, and carbon-neutral future, securing a livable planet for current and future generations.