At the COP28 climate summit in Dubai, governments from 118 countries pledged to triple the world's renewable energy capacity by 2030 to lessen the world energy production's dependency on fossil fuels.
The vow, sponsored by key entities such as the European Union, the United States, and the United Arab Emirates, got backing from countries such as Brazil, Nigeria, Australia, Japan, Canada, Chile, and Barbados.
Despite their support for increasing renewable energy, China and India were noticeably absentees from adopting the broader pledge. The ambitious target is to phase out carbon-emitting fossil fuels from the global energy system by 2050, highlighting the importance of shifting away from unabated coal use.
Along with the focus on renewable energy, more than 20 governments signed a declaration to treble nuclear power capacity by 2050, with US climate envoy John Kerry underlining the importance of nuclear power in attaining net-zero emissions by 2050.
Various steps to decarbonize the energy sector, which accounts for 75% of global greenhouse gas emissions, were announced during COP28. These methods include increasing nuclear power, lowering methane emissions, and limiting private financing for coal generation.
While the commitment to phase out coal power gradually gained traction, environmental concerns remained. France led efforts to examine the climatic and financial risks of investing in new coal assets, with the goal of discouraging private financiers from backing such projects.
Furthermore, nearly 50 oil and gas corporations, including industry behemoth Exxon Mobil, have joined the Oil and Gas Decarbonization Charter. Environmental groups, however, have criticized the charter, claiming that it falls short of tackling the significant emissions caused by fuel sales.
On the front of methane emissions, the United States announced final rules aimed at reducing methane emissions from the oil and gas industry. Countries such as Turkmenistan and Kazakhstan committed to reducing methane emissions by 30% by 2030 as part of the Global Methane Pledge. At the same time, the World Bank unveiled an 18-month "blueprint for methane reduction," including 15 national projects aimed at reducing methane emissions from various activities.
The extensive efforts at COP28 demonstrate a global push toward cleaner energy choices, recognizing the need to address several aspects of the climate challenge. However, problems remain, such as achieving consensus among the almost 200 countries participating and overcoming financial barriers to implementing these ambitious plans.
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