While climate change persists, various initiatives are being taken to address the volatile situation, with nations transitioning to clean energy sources in order to diminish the global climate change menace. Concurrently, the Secretary-General of the United Nations (UN), António Guterres, has opined the same, claiming that renewable source is an effective strategy in tackling the global climate issues. He, therefore, encourages governments across the globe, as well as emerging nations like Nigeria, to promote renewable sources.
Guterres made this known in a video message delivered at the opening ceremony of the International Renewable Energy Agency (IRENA) 13th Assembly, an intergovernmental organization that aid countries in their quest to transition to sustainable energy sources. The event tagged World Energy Transition – The Global Stocktake was organized as part of the Abu Dhabi Sustainability Week, hosted by Masdar Clean Energy, Abu Dhabi’s renewable energy developer and a prominent developer and operator of utility-scale renewable energy.
Five-point energy strategy for a smooth renewable transition.
The UN Secretary-General has said that renewable energy sources have the potential to promote energy security, decrease the energy access gap, stabilize prices, and reduce price volatility. He said that 30% of renewables in global power generation needs to increase to 60% by 2030 and 90% by 2050. Guterres expresses concern that the world is still reliant on fossil fuels, and the 1.5-degree objective is rapidly receding as world leaders and stakeholders prepare for the first Global Stocktake at COP28 later this year in the UAE. In accordance with the established policy, Guterres said that the goal is to reach 2.8 degrees of global warming by the end of the century.
With the aim withering away, many things are at risk; the repercussions will be disastrous, and certain sections of our world will become uninhabitable, perhaps leading to mass death. However, the UN Secretary-General highlighted a five-point energy strategy for a smooth transition. Intellectual property restrictions must be addressed while also addressing essential renewable technologies as global public goods, such as energy storage. Consequently, it is essential to broaden and improve access to supply chains for raw materials and components for renewable technologies without compromising the quality of the environment. Indeed, this may pave the way for millions of environmentally friendly employment opportunities, particularly for women and young people in developing countries.
Renewable energy sources may be a potent agent of good change.
Policymakers should streamline processes, expedite permits for sustainable projects throughout the globe, and upgrade infrastructure such as power grids. Energy subsidies must transition away from fossil fuels and toward clean, inexpensive energy. Ultimately, annual governmental and corporate investments in renewables should be increased by a factor of three, reaching at least $4 trillion. He continued by saying that world leaders should work together to lower the initial cost of renewable energy sources, particularly in developing nations like Nigeria, and to guarantee that funding reaches those who need it most.
Furthermore, Guterres urged multilateral development banks to contribute by making significant investments in renewable energy infrastructure, assuming greater risks, and leveraging private finance, and he emphasized the importance of developed nations collaborating with credit agencies to increase the volume of green investments in developing nations. Francesco La Camera, Director-General of IRENA, commented on the current situation, saying that the agenda of this Assembly is framed around the idea that transitions to renewable energy sources may be a potent agent of good change. As a precursor to the 1st Global Stocktake, which will be completed at COP 28 in Dubai later this year, discussions will be held on how to synchronize global efforts around energy transition goals.
Leaders globally need to embrace renewable energy to tackle climate change.
La Camera said that the overlapping challenges call for coordinated global action based on multilateralism to emerge more robust and united in accomplishing our shared objectives. He added that the IRENA Assembly also offers a forum to promote a global energy agenda. Sultan Ahmed Al Jaber, the Chairman of Masdar and president of the COP 28 scheduled to hold in UAE later this year, emphasized the need for global leaders to embrace renewable energy to tackle climate change. He said that the UAE has made significant investments in renewable energy and intends to make further investments in the future. He claimed that these investments have produced substantial contributions outside of the oil business.