Decarbonising Energy Transition Outlook and COP29 Initiatives
Key Ideas
- The UAE Consensus from December 2023 accelerates the transition away from fossil fuels and sets ambitious targets for renewable energy capacity by 2030.
- COP29 initiatives like Green Energy Zones, Energy Storage and Grids, and Hydrogen Action aim to promote sustainable investments, enhance infrastructure, and unlock the potential of clean hydrogen.
- The IEA's World Energy Outlook 2024 highlights the shift towards clean energy systems, with projections indicating a peak in demand for coal, oil, and gas by the end of the decade.
- Renewable energy costs are increasingly competitive, with 81% of additions in 2023 cheaper than fossil fuel alternatives, emphasizing the economic benefits of tripling renewable power by 2030.
As the world gears up for COP29, the UAE Consensus signed in December 2023 marks a significant step towards decarbonising energy systems. The Consensus calls for a shift away from fossil fuels and a tripling of renewable energy capacity by 2030. COP29 initiatives, such as Green Energy Zones, Energy Storage and Grids, and Hydrogen Action, aim to drive sustainable investments and promote clean energy solutions. The recent IEA's World Energy Outlook 2024 underscores the global shift towards clean energy, projecting a peak in demand for fossil fuels by the end of the decade. Renewable energy costs are becoming increasingly competitive, with a majority of new additions in 2023 proving cheaper than fossil fuel alternatives. The reports emphasize the need for greater investment in energy systems, especially in grids and storage, to support the rapid deployment of clean energy. While there is momentum behind clean energy transitions, the world is still far from aligning with net-zero goals. The Sustainable Innovation Forum will explore challenges and opportunities in sustainable development, focusing on public-private partnerships driving clean energy deployment and showcasing successful clean energy programs. Additionally, the role of hydrogen in the long-term energy transition is highlighted, especially in challenging sectors where electrification is difficult. However, the reliance on fossil fuels for hydrogen production remains a significant concern.
Topics
Production
Renewable Energy
Clean Energy
Investment
Energy Transition
Climate Action
Global Energy Market
COP29
Policy Settings
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